When Warren Buffett began investing more than 60 years ago, he tended to buy mediocre businesses at mediocre prices.
Buffett's adviser: Charlie Munger, who is now 89 years old and Berkshire Hathaway's vice-chairman. Munger convinced Buffett, 83, to learn to "make silk purses out of silk." And that philosophy has turned out to be a key to the two men's extraordinary investing success.
"Forget the sow's ears," says Buffett, who applies the "silk purse" credo to all his relationships in life.>
The world's greatest investing duo talk about how they've helped each other exceed at investing--and life.
Warren Buffett and his lifelong investing partner Charlie Munger are rarely interviewed together except in front of 30,000-plus shareholders at the Berkshire Hathaway (BRKA) annual meeting in Omaha each spring.
So, my recent sit-down with the two investing legends was a special event.
The new issue of Fortune features Buffett, 83, and Munger, 89 and other super-successful MOREPatricia Sellers - Oct 31, 2013 11:50 AM ET
Warren Buffett likens the impasse in Washington to nuclear war. Out of this crisis, Americans should learn a great lesson, he says.Patricia Sellers - Oct 4, 2013 11:34 AM ET
"When I call Charlie with an idea, and he says, 'That is really a dumb idea,' that means we should put 100% of our net worth into it. If he says, 'That is the dumbest thing I've ever heard,' then you should put 50% of your net worth into it. Only if he says, 'I'm going to have you committed,' does it mean he really doesn't like the idea."
--Berkshire Hathaway MOREJessica Shambora, Writer-Reporter - Apr 13, 2009 7:33 PM ET
|Where should you put your money now?|
|Boost for trade as global deal struck|
|Someone bought a $100,000 Tesla with Bitcoins|
|Five key numbers behind the jobs recovery|
|2 million Facebook, Gmail and Twitter passwords stolen in massive hack|