If you go into a career that's tough you are not going to do very well. Find something where you have special advantages. There were things about law that I didn't like but I had to support my family. I spent less than I earned and invested. That enabled me to work for myself.

"I did not make my fortune on the cutting age of technology. I damn near lost all my money in an early investment in a instrument company. Magnetic tape came along and we didn't plan for that. Technology is a killer as well an an opportunity." Charlie Munger

"Some people try to get on the cutting edge of change. Other people do some of that, but mostly avoid big technology changes that that may hurt their investment. Everyone uses technology, but it helps to have some part of the business that technology can't change as easily." CM

"I try to avoid being stupid. I'm not trying to succeed in my too hard pile. The single most important thing is to know where you are competent and where you aren't. The human mind tries to make you believe you are smarter than you are. Rub your nose in your mistakes."

"Changes are almost always good for some investors and bad for others. I'm a director or Costco and their online sales to up over 80%. Is it good for good for other retailers? No. But it is good for Costco. The last thing I would want to do as a retailer is compete with Costco."

"I have not made my fortune, such as it is, by making macro economic predictions. We just try to swim with the tide, such as it is." Munger

"I'm a big fan of knowing the big ideas in all the disciplines and the using them routinely in judgments. I don't believe in constantly consulting with experts in investment decisions. Life is more fun if you do that. Academia isn't very good at the multidisciplinary work."

"If you are studying finance you have a lot of weird things to account for right now. What has happened is astounding. Nobody knows when bubbles are going to blow up. The Chinese story over the last 30 years is one of the most remarkable in the economic history of the world. "

"Great investors are almost born to be great investors. Obviously, you have to know a lot. Partly success comes from temperament and the ability to be patient yet aggressive. Not many people have that. It also requires self-awareness about their competency. Its hard to teach."

"What helps everyone is to get involved in something where it doesn't take much effort to succeed. Get a big tailwind.

If you pursue any career with enough fanaticism, including investing, you can learn how to be good at it. Starting early actually investing really helps." CM

Who would guess that we would be having events like this on video?"

Done.

I need to bounce from this twitter thread because I have a board meeting that is about to start. What I typed here was from memory. The video and a transcript will be available.

Never stop learning!

P.s., "It's been a frenzy of activity in the investment field. Almost everybody smart is sucked into finance by the money. I don't welcome it at all. I don't think we want the whole world trying to get rich outsmarting the rest of the world in marketable securities." C. Munger

"Over the long term, the companies behave more like what you see in biology than they do in anything else. In biology, all of the individuals die and so do all of the species. It's just a question of time [for any business]." Charlie Munger

"What Buffett and I did is we bought things that were promising. Sometimes we had a tailwind from the economy and sometimes we had a headwind/ Either way we just kept swimming. That's our system."

Charlie Munger why he and Warren don't rely on making macroeconomic predictions