During his recent interview with Becky Quick, Charles Munger explained how he never anticipated getting to $100 Billion from his piddly start with Warren Buffett. Here’s an excerpt from the interview:
Munger: I did not really think that we’d ever have one. It would… in the… so many hundreds of billions in Berkshire. I did not anticipate that. 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.
Host: What happened, that you didn’t anticipate? What led to that success?
Munger: Well, we got a little less crazy than most people, and a little less stupid than most people… and that really helped us.
In addition, we were given a much longer time to run than most people, because something kept us alive into our 90s.
And it 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 and we understood more and more of the bad things that could happen, how easy they could creep in, and we avoided them even more, when we were old than we did when we were young, and it all worked.
You can watch the entire discussion here:
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