And then he met Warren Buffett, and the rest is history.
As vice chairman of Berkshire Hathaway, Munger is Buffett's right-hand man. He has an estimated net worth of $1.51 billion.
Like Buffett, Munger is incredibly sharp in his wit and investing wisdom. You might even argue that his words are more blunt and unfiltered than Buffett's.
We compiled a list of Munger's most insightful quotes about investing, business, and life.
Invest in a business that any fool can run.
"Invest in a business any fool can run, because someday a fool will. If it won't stand a little mismanagement, it's not much of a business. We're not looking for mismanagement, even if we can withstand it."
Source: Berkshire Hathaway 2009 meeting via Buffett FAQ
There's only one way to the top: hard work.
"Obviously if you want to get good at something which is competitive, you have to think about it and practice a lot. You have to keep learning because [the] world keeps changing and competitors keep learning. You have to go to bed wiser than you got up. As you try to master what you are trying to do — people who do that almost never fail utterly. Very few have ever failed with that approach. You may rise slowly, but you are sure to rise."
Source: Berkshire Hathaway 2010 meeting via Buffett FAQ
Overestimating your intelligence could be a major pitfall.
"If you think your IQ is 160 but it's 150, you're a disaster. It's much better to have a 130 IQ and think it's 120."
Source: Berkshire Hathaway 2009 meeting via The Daily Beast
See the rest of the story at Business Insider