Charlie Munger settled into his seat in front of the crowd at the University of Southern California.
It was 1994 and Munger had spent the last 20
years working alongside Warren Buffett as the two men grew Berkshire
Hathaway into a billion-dollar corporation.
Today, Munger was delivering a talk to the USC Business School entitled, “A Lesson on Elementary Worldly Wisdom.”
About halfway through his presentation, hidden
among many fantastic lessons, Munger discussed a strategy that Warren
Buffett had used with great success throughout his career.
Here it is: