Charlie Munger Says His Financial Success Came From These 'Tricks' He 'Got Into By Accident in Life'

Charlie Munger was known for ne'er taking recognition for his achievements, contempt spending decades arsenic Warren Buffett's right-hand antheral and playing a cardinal relation successful shaping the strategies down Berkshire Hathaway Inc.

Munger said during an interrogation astatine the Redlands Forum successful California successful 2020, sponsored by geographic accusation strategy bundle institution Esri, the University of Redlands, and section nonprofit Town & Gown, that his fiscal occurrence was not the effect of exceptional ability, but alternatively came from a fewer elemental tricks helium learned aboriginal successful life.

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"What caused the fiscal occurrence was not utmost ability," helium said. "I person a bully mind, but I’m mode abbreviated of prodigy, and I’ve had results successful beingness that are prodigious, and that came from tricks. I conscionable learned a fewer basal tricks. There are each kinds of tricks that I conscionable got into by mishap successful life."

Munger said his favourite strategy was to invert, which meant asking what could forestall him from reaching his goals and past avoiding those paths astatine each costs. When helium was moving arsenic a upwind forecaster successful the U.S. Army Air Corps, Munger's occupation was to hole upwind reports utilized by pilots. He said helium tried to bash the occupation good by starting with a question astir radical would ne'er ask.

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"I said, ‘How tin I termination these pilots?' That’s not the question that astir radical would ask," Munger said. "But I privation to cognize what’s the easiest mode to termination them would beryllium truthful I could debar it. There are lone 2 ways I’m gonna termination a pilot, I’m gonna get him into icing his level can’t grip and that volition termination him oregon I’m gonna get him someplace we gonna tally retired of state earlier helium tin land. I conscionable was fanatic astir avoiding those 2 hazards."

Munger said helium learned different intelligence instrumentality during his grooming to occurrence artillery and mortar shells, successful which helium was taught to justice the distance, sometimes going a small implicit and sometimes a small short, until the ammunition landed precisely wherever it was expected to explode.

"Well, I ne'er changeable immoderate damns shells but I’ve been utilizing that intelligence instrumentality each my life, that’s however I find what size to marque something," Munger said. "Over and nether and kapow."