From Piddly Start to $100 Billion: The Munger and Buffett Formula! | Final Interview with CNBC 2023 【C:C.M 328】

[Transcript]

CHARLIE MUNGER: I did not anticipate when Warren and I were starting with our little, piddly start that we’d ever get to $100 million, much less several hundred billion. It was an amazing occurrence.

BECKY QUICK: What happened that you didn’t anticipate? What led to that success that you had?

CHARLIE MUNGER: Well, we got a little less crazy than most people and a little less stupid than most people. And that really helped us.

Then in addition, we were given this much longer time to run than most people, because something kept us alive into our 90s. And that gave us a long track from our little, piddling start all the way to the 90s. Those are the two things that really happened.

And, of course, we wised up over time. We got into better and better companies. We understood more and more of the bad things that could happen. You know how easy they could creep in. And we avoided them even more assiduously when we were older than we did when we were young. And it all worked.

Source: https://youtu.be/H5Oom5Rjp_Y?si=ZEkkZkAN6WyOWcl9

[YAPSS Takeaway]