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Charlie Munger liked to say that many of life's big wins come from a few small habits repeated over decades, and he once boiled those habits down to a simple daily routine.
In a 2017 interview at the University of Michigan Ross School of Business, Munger stated, "It's amazing how if you just get up every morning and keep plugging and have some discipline and keep learning. It's amazing how it works out okay."
The longtime Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) vice chairman and Warren Buffett’s right-hand man treated that as a working plan and not just a motivational line for speeches and interviews.
Munger's formula centers on three reinforcing rules which are to show up and work hard, maintain discipline when others get distracted and keep learning so judgment steadily improves. Some of those "Munger-isms," especially his insistence on becoming a relentless "learning machine" and letting discipline and time do the compounding, are often reiterated through several of his public talks and interviews on success.
He also warned against turning that philosophy into grandiose dreams. Munger told the Michigan audience that setting out to become a billionaire or president is a bad bet because "the odds are too much against you," calling it "much better to aim low." He said his own fortune was incidental, adding, "I did not intend to get rich. I wanted to get independent. I just overshot."
Munger stressed that effort and prudence are necessary but not sufficient. "You can be very deserving and very intelligent, and very disciplined," he said, yet results still hinge on "a factor of luck." His partnership with Buffett illustrated the point. The duo first met years after working at Buffett's grandfather's grocery store, when mutual friends introduced them in Omaha and Buffett later persuaded Munger to leave law for investing.
At Berkshire's 2023 shareholder meeting, Munger added to his list of basic rules to follow for success and said people are "almost certain to succeed" if they consume less than they accumulate, invest, keep learning and stay disciplined — a longer list, built on the same three habits he said can compound into a life that "works out okay."
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Posted In: BRK
