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TIP494: The Worldly Wisdom of Charlie Munger
We Study Billionaires - The Investor’s Podcast Network
Acknowledge Mistakes Openly
Buffett and Munger, despite their success, openly admit their mistakes of omission in investment decisions. They regret not acting on opportunities like Google and Walmart, which they recognized as great businesses but didn't invest in. Munger believes in publicly acknowledging mistakes to learn from them and avoid repeating them. Their humility in admitting faults, even though their track record is exceptional, sets a valuable example of under-promising and over-delivering for shareholders.
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