Warren Buffett Right-Hand Man Charlie Munger Credited Billion-Dollar Success to ‘Avoiding Traps’ — What Did He Mean?

Warren Buffet’s right-hand man, Berkshire Hathaway vice chairman and billionaire investor Charlie Munger died on Nov. 28 at the age of 99.

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Given Munger’s net worth stood at $2.6 billion, according to Business Insider citing Forbes rankings, one might wonder what his secret to reaching such success was.

Yet, according to Munger, there is none-barring being frugal and “avoiding traps.”

“I don’t know the secret,” Munger told CNBC in an interview last month, initially meant to air on his 100th birthday in January.

“I avoided the standard ways of failing, because my game in life was always to avoid all standard ways of failing,” Munger told CNBC. “You teach me the wrong way to play poker and I will avoid it. You teach me the wrong way to do something else, I will avoid it. And, of course, I’ve avoided a lot, because I’m so cautious.”

Munger spent his life “avoiding traps,” — for instance living in the same modest home for 70 years.

“In practically every case, [fancy houses] make the person less happy, not happier,” he told CNBC.

Munger was known for its frugal ways and a good example of this is found in Buffett’s 1989 letter to shareholders.

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In that letter, Buffett explained that the company sold the corporate jet it had purchased for $850,000 and bought another used jet for $6.7 million, saying that Munger disapproved of the idea.

“His idea of traveling in style is an air-conditioned bus, a luxury he steps up to only when bargain fares are in effect,” Buffett wrote. “Naming the plane has not been easy. I initially suggested “The Charles T. Munger.” Charlie countered with “The Aberration.” We finally settled on “The Indefensible.”

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This article originally appeared on GOBankingRates.com: Warren Buffett Right-Hand Man Charlie Munger Credited Billion-Dollar Success to ‘Avoiding Traps’ — What Did He Mean?

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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