A Conversation with Charlie Munger (Vice Chairman of Berkshire Hathaway)

[nessence]

Last line is great:

"If you take out the 20 best transactions, our record is a joke," he admitted. "The 20 best transactions occurred over some 40 years — that's one every two years. And we work at it all the time. Life is not just bathing you in unlimited opportunities, even if you work at being able to find them and seize them."

[sayemm]

I liked that too, as well as: "The trick, he noted, is to find the few big opportunities that come along in life and attack them with a vengeance."

Buffett and Munger are very fond of making Kelly bets in life: http://en.wikipedia.org/wiki/Kelly_criterion