Charlie Munger and Warren Buffett were at the top of their game at this year’s 50th anniversary Berkshire Hathaway shareholder meeting. And during the question-and-answer session, the dynamic duo of investing had some incredibly powerful things that they said to the audience. We would like to share five more of our favorite quotes from the Oracle of Omaha and his second-in-command.
Here we go:
- On recognizing the glass is half-full – when asked about insurance premiums for older adults, and more importantly it was a complaint saying that the elderly had to pay more for insurance even when they are healthy, Munger replied: “you find you’re not deteriorating as fast as your contemporaries. You may be paying an unfair price for your auto insurance, but it’s a good trade-off.” Anyone in their right mind would prefer to stay healthy if they had to choose between that and paying lower premiums.
- On picking a spouse – Munger said: “Look for someone with low expectations.”
- About being liked – the investing pair were asked a question by a young boy in regards to how they get people to like them. Munger replied, “Get rich and generous.” And then Warren Buffett added, “People see all sorts of virtue when you’re writing a check.”
- About philanthropy – when Buffett was asked about pledging 99% of his wealth to donations, he replied, “there’s no Forbes 400 in the graveyard.” He also added that his equity holdings have “no utility to me, but have enormous utility around the world.” Buffett then said that his ultimate goal was to figure out how he could do the most good. This is a sentiment that everyone can appreciate.
- About how to succeed – “we’ve now watched a lot of other people get started. The ones who follow [Benjamin] Graham have done pretty well.” And then Munger continued, “Avoid being a perfect idiot.”