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:
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“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