Charlie Munger

The answer to that is no, we wouldn't. We had everybody that has an unusually good result. Almost everything has three things. They're very intelligent, they've 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 two of the answers of good luck?

The answer to that is no, we wouldn't. We had everybody that has an unusually good result. Almost everything has three things. They're very intelligent, they've 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 two of the answers of good luck?

The answer is you can start early and keep trying a long time, and maybe you'll get one or two. If you were starting again today, do you think insurance would still be the vehicle? It depends on your temperament. Insurance would be ideal for a certain kind of a temperament. And it takes a very patient person to get rich in insurance. It takes forever to get anything in.

The answer is you can start early and keep trying a long time, and maybe you'll get one or two. If you were starting again today, do you think insurance would still be the vehicle? It depends on your temperament. Insurance would be ideal for a certain kind of a temperament. And it takes a very patient person to get rich in insurance. It takes forever to get anything in.

It takes forever to push anybody aside. It's very hard to make money.

It takes forever to push anybody aside. It's very hard to make money.

Think of all the crumbums of the world that drink too much and then file big claims with the insurance company when the place gets on fire or something. Why would you want to pay your share of their stupidity?

Think of all the crumbums of the world that drink too much and then file big claims with the insurance company when the place gets on fire or something. Why would you want to pay your share of their stupidity?

Whatever he's learned is that Everybody needs some significant participation in the 12 companies that do better than everybody else. And you need two or three of them at least. And if you have that mindset, Apple is the logical candidate to be on the list for which you're gonna select your companies. And it's not very hard to come up with the idea that it may be okay

Whatever he's learned is that Everybody needs some significant participation in the 12 companies that do better than everybody else. And you need two or three of them at least. And if you have that mindset, Apple is the logical candidate to be on the list for which you're gonna select your companies. And it's not very hard to come up with the idea that it may be okay

We didn't put hundreds of billions, we put tens of billions into it.

We didn't put hundreds of billions, we put tens of billions into it.

We couldn't find anything else.

We couldn't find anything else.

Yeah, it got cheap. It got to be about 10 times or anything more.

Yeah, it got cheap. It got to be about 10 times or anything more.

Yeah, that's exactly the way it works.

Yeah, that's exactly the way it works.

No, no. The low hanging fruit for the idiot is it's not gone, but it's very small.

No, no. The low hanging fruit for the idiot is it's not gone, but it's very small.