The story of Warren Buffett, the "Oracle of Omaha" and legendary billionaire investor after Berkshire Hathaway, is virtually universally known.
" You handle reliable people and you do what to do. And all these simple rules work so well to make your life better. And they are so trite, Munger said.
And how old was he when he figured out these "simple rules"? He replied, "About seven."
Munger explained that even at the tender age could see that some "older people were small bonkers". He said the ability to recognize that "always helped me because there is so much irrationality in the world."
Munger added that he was thinking of the "causes and prevention" of irrationality "long." As a result, he found that "staying cheerful" has helped him in life "because it's a wise thing to do."