I’m excited to share this previously unreleased 2022 conversation between Charlie Munger and Todd Combs.

As with any Munger talk, the subjects are both deep and wide. I’ve pulled out the ideas that most resonated with me. You’ll learn how Munger recognized people worth betting on, chose problems worth solving, and turned a long attention span into an unfair advantage.

I also unpack one of Berkshire’s most under appreciated (and unnoticed) strengths: positioning themselves to master their circumstances rather than be mastered by them.

A special thank you to the Singleton Foundation, Todd Combs, and William Thorndike for giving me the permission to share this with you. You can find a link to the full transcript here.

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Chapters:

(00:00) Introduction

(01:46) How Charlie Munger Thought About Exceptional People

(03:00) Tom Murphy and Radical Delegation

(03:25) The Wooden Lesson

(05:22) Temperament Over IQ

(06:50) The Dormitory Lesson

(09:21) From Cigar Butts to Great Businesses

(10:20) The 20-Punch Card

(11:41) Booms, Busts, and Autocatalysis

(13:18) Sowing vs. Reaping: The 1974–75 Crash

(14:10) Positioning

(15:55) Rockefeller’s Lucky Break

(17:21) Size Doesn’t Matter

(18:34) The Operating System for Life

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