Charlie Munger

Charles T. Munger trained as a lawyer — he co-founded the law firm Munger, Tolles & Olson in 1962, where he practised as a real-estate attorney, before giving up law to manage investments full time. He served as Vice Chairman of Berkshire Hathaway from 1978 until his death in 2023, and separately chaired Wesco Financial Corporation from 1984 to 2011, writing Wesco’s annual shareholder letters himself. Those letters are where most of the sayings now called “Mungerisms” were first put in print, this one among them.