Collection: Charlie Munger - #97 'Why I Quit Practicing Law?'



[Transcript]

INTERVIEWER 00:00

And you didn't – Once, you started to get into investment. Your legal training, your mathematical background, your experiences...


CHARLIE MUNGER 00:09

Well –


INTERVIEWER 00:11

What came to be resident for you?


CHARLIE MUNGER 00:17

Well, what happened was there were things i didn't like about law practice. And – But I had an army of children to support and no family money or anything to start with. So I had to make my way in life for this army of children. And I had to – it was going to be a little difficult and there are things about law practice i saw were quite limiting.


And what happened was my pitifully small earnings as a young man, I kept underspending them. And I kept investing fairly boldly and fairly smartly. And at the end of my first 13 years of law practice, I had more liquid investments that I made in all those years of law practice, pre-tax. I'd done that in my spare time with these little tiny sums.


So it was natural for me, partly prompted by Warren Buffett's success, to think i should just start working for myself instead of for other people.


INTERVIEWER 01:26

So another connection –


CHARLIE MUNGER 01:27

In my spare time, I thought, well, what will happen if I do it full time?


(Source: https://youtu.be/WaDU1J91hY8)

 

[YAPSS Takeaway]