If you want to invest like Charlie Munger, you’re late to the party. The investor’s genius in spotting what’s become known as the “quality factor”—buying good companies—made a ton of money for him and business partner Warren Buffett. Nearly 50 years on, it might not be such a great time to copy his strategy.

For those who missed the late Munger’s brilliance, he’s the one who persuaded the billionaire Buffett to shift Berkshire Hathaway’s focus from “cigar butt” value stocks—bad companies that no one else wants, and so are cheap—to buying “wonderful businesses at fair prices.”