When someone asked investing legend Charlie Munger if there was any particular accomplishment he was proud of, his answer probably wasn't what they expected. Speaking at the Daily Journal Corp. annual meeting in 2019, the then-vice chairman of Berkshire Hathaway (BRK.B) told shareholders flatly: "I don't have a single accomplishment in life that I'm all that proud of."
Right Place, Right Time
Munger's reasoning cut straight to the heart of how he viewed success. Most of what he'd achieved, he explained, came from circumstance rather than any particular genius on his part. "I'm not particularly proud of success that came from being born in the right place at the right time," he said. "I'm pleased but not proud."
His life goal? Pretty modest by billionaire standards. "I set out to try and have more uncommon sense than most — a pretty limited objective — and I'm pleased that I did as well as I did in that game and if I had to do all over again I think it would be a lot harder."
The Anti-Pride Philosophy
Munger argued that taking pride in outcomes that depend heavily on luck, timing, and social conditions misses the point entirely. Instead, he pushed investors and executives toward humility. This thinking aligned perfectly with his "worldly wisdom" philosophy, which emphasized rational discipline, building broad mental models, and what he called "consistently not being stupid" over trying to look brilliant.
The wealth Munger and Warren Buffett built at Berkshire came from compounding small advantages, living below their means, and avoiding permanent mistakes. Their core lessons revolved around consuming less than you earn, investing carefully, learning continuously, and maintaining strict emotional discipline.