Video Link: https://youtu.be/KTROeMPyJag
In this episode, Charlie Munger was asked how would he describe what he do because there are a lot of people who want to emulate what he has done.
In this episode, you’ll learn:
Why you shouldn't flit around various careers or businesses?
To check out all Collection: Charlie Munger <click here>
ANDY SERWER 00:00
So how did you figure out – a lot of people look at your life and, you know, would want to emulate what you've done. Is that something that people can do? Look at someone like yourself and see your path? I mean, you were in real estate, law, then investing. What do you even consider yourself? A businessman? How would you describe what you do?
CHARLIE MUNGER 00:22
Well, I don't consider myself a – I think my way of thinking will work for anybody. I'm trying to be very rational and disciplined. So I think that much. But to flit around various careers and going into the other fellow's professional territory and trying to outdo him, and do all kinds of things like that, I think will not work for most people.
And so I always tell – I'm always being visited by young men who say, I'm practicing law and I don't like it. I'd rather be a billionaire. How can I do it? And I tell him, well, I'll tell you a story. A young man goes to see Mozart. And he says, Mozart, and I want to start composing symphonies. And Mozart said, how old are you? And the guy says, 22. And he says you're too young to do symphonies. And the guy says, yes, but you were 10 years old when you were composing symphonies. And Mozart says, yes, but I wasn't running around asking other people how to do it.
ANDY SERWER 01:23
CHARLIE MUNGER 01:24
So I think this flitting around business is something not everybody should try.
ANDY SERWER 01:29
Yeah, I think the same –
CHARLIE MUNGER 01:30
I think if I tried it again, it might not work as well.
ANDY SERWER 01:33
You said just figure out how to –
CHARLIE MUNGER 01:35
I may have been quite lucky.
ANDY SERWER 01:36
– do something and do it. Why were – you were lucky?
CHARLIE MUNGER 01:38
Yeah. Yeah, I think I had some luck, yes.
ANDY SERWER 01:42
Well, but I think there's more to it than that. I mean, where were you lucky?
CHARLIE MUNGER 01:45
Yeah, it's a combination of luck and skill. That's what all good records are.