Some Buffett-sized Food For Thought
With a combined age of 196 and a combined wealth of close to $85 billion, it’s definitely worth listening to anything Warren Buffett and Charlie Munger have to say.
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:
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You won’t get them all. You will miss out on great opportunities. That’s fine.
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You can’t plan out a roadmap. Just staying curious is the best way to find great opportunities.
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Avoiding catastrophes 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.
I’ll leave it to the man himself:
