In his recent Caltech webinar, Charles Munger was asked, what are the traits of being a great investor? Here’s his response:
Charlie: Obviously you have to know a lot. But partly it’s temperament. Partly it’s deferred gratification. You got to be willing to wait. Good investing requires a weird combination of patience and aggression and not many people have it. It also…requires a big amount of self-awareness and how much you know, and how much you don’t know.
You have to know the edge of your own competency. And a lot of brilliant people are no good at knowing the edge of their own competency. They think they’re way smarter than they are. And of course, that that’s dangerous and it causes trouble.
You can read the entire transcript here:
Charlie Munger: Full Transcript of Caltech Zoom Talk, Dec. 2020 (Latticework Investing)
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