Food For Thought: Charlie Munger Style
With a combined age of 188 and a combined wealth of more than $100 billion, it’s always worth listening to some timeless lessons from Warren Buffett and Charlie Munger.
In the following video, recorded at the 2007 annual Berkshire Hathaway shareholders meeting, the dynamic duo answers a young investor's question about where to find the best opportunities over the next 50 -100 years (this guy was definitely thinking long-term). Buffett gives the attendee a generous answer which covers a few important points like:
You won’t get them all. You will miss out on great opportunities. That’s fine.
You can’t plan out a roadmap. Just staying curious is the best way to find great opportunities.
Avoiding catastrophe is almost as important as finding great winners. Not making mistakes can be the most important factor in success.
Munger’s response, however, in quintessentially Munger-esque fashion, was much shorter and yet incredibly insightful for investors of all ages too, especially given the market’s current volatility.
I’ll leave it to the man himself: