Charlie Munger explains Warren Buffett’s extreme success
Right at the beginning of it, Charlie explains the factors that he believes explain Buffett’s success as an investor:
Question: What makes Warren’s mind unique?
Munger: Well, there’s a big correlation between success in life and an early start. And Warren had a passion for doing well competitively, in getting money, as a little tiny child. And he just kept it.
Now, you add [to that] a very high IQ and a lot of energy.
And he got a flying start. He was an old Graham-Newman (a) follower, and he made a lot of money buying thinly-traded securities, that were incredibly cheap, statistically. And with small amounts of money — which is what he [was] working with — he could find enough of those to earn pretty high returns on capital year after year after year.
Category Towards Greatness
Tags Charlie Munger · Warren Buffett · Career
Source Charles Munger Interview - Becoming Warren Buffett