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:
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 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: