Two decades ago, Charlie Munger visited The University of Southern California’s Graduate School of Business Administration. There, he gave his speech “Wordly Wisdom as It Relates to Investment Management and Business.” This talk proved fruitful when, on Professor Babcock’s final examination for USC business students, he asked members of the class to discuss the most important thing they learned about investments that had not been mentioned on the test.
A student in Professor Babcock’s class replied:
“I thought that the interview with Munger was brilliant! It really grabbed my attention when he challenged the reader to make only 20 investments over a lifetime. It changes your perception of an investment when what is at stake becomes more like marriage and less like dating. Perhaps with that article in mind I’ll claw a little deeper to make sure my investments are good ones.”
Upon receiving this response, Professor Babcock immediately forwarded the student’s answer to Munger himself. Not a bad way to change lives, eh?