Could today’s investors ever hope to achieve the legendary success of Warren Buffett and Charlie Munger? In one of his final interviews, Munger himself answered that question. His reasoning offers a valuable lesson for anyone seeking financial success.
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Munger, the renowned investor and vice chairman of Berkshire Hathaway, passed away in November 2023 at the age of 99. In one of his final interviews, he appeared on the “Acquired” podcast with David Rosenthal and Ben Gilbert. Even at his remarkable age, Munger remained sharp and insightful, providing a valuable perspective on his extraordinary career.
During the interview, Munger reflected on the difficulty of achieving an impressive track record in investing. When asked whether he and Warren Buffett could build something as successful as Berkshire Hathaway if they were both 30 years old today, Munger answered thoughtfully:
“The answer to that is no, we wouldn’t. We had … everybody who had unusually good results. Almost everything has three things: They’re very intelligent, they worked very hard, and they were very lucky. It takes all three to get them on this list of the super-successful. How can you arrange to have just […] good luck? You can start early and keep trying for a long time, and maybe you’ll get one or two.”
He also reflected on specific investments and the lessons learned throughout his career. He praised the virtues of companies like Costco, highlighting their consistent value and customer loyalty as key factors in their long-term success.
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Munger’s comments highlight the reality that replicating the success of figures like himself and Buffett is not straightforward. Many successful individuals today downplay the challenges, suggesting that their achievements can be easily duplicated. However, Munger’s words serve as a sobering reminder of the combination of intelligence, hard work, and luck required to achieve such heights.
It’s clear the landscape of opportunities and competition has evolved significantly since he and Buffett began their journey. Today’s market dynamics, technological advancements, and regulatory environment create different hurdles and prospects. Therefore, while the core principles of investing remain relevant, the path to extraordinary success requires adapting to contemporary realities and, as Munger emphasized, an element of luck that cannot be overlooked.
A financial advisor can provide tailored strategies and expertise, potentially increasing your chances of success in a complex financial landscape. While Buffett and Munger’s level of wealth isn’t the norm, an advisor can help you navigate toward your financial goals. As Munger advises, “Start early and keep trying,” but maybe consider doing so with expert assistance.
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This article Charlie Munger Was Asked If He And Warren Buffett Could Be As Successful Starting Over At 30 Years Old Today — He Said: ‘No’ But Here’s Why originally appeared on Benzinga.com
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