In the early days, I thought there was a 90 percent chance that both SpaceX and Tesla would be worth zero. The key part here is that low expectations and accepting frequent losses increases the odds of sticking around long enough to make up for it. That applies to ordinary people like me and you, not just maniacs like Elon Musk. Charlie Munger: If you track every individual company, make sure you have very low expectations because that's how the world works.