Charlie Munger, Warren Buffett’s #2, credits his success to knowing a little about a lot
Behind every lauded genius, there tends to be a No. 2: A Pippen to Michael, a Woz to Jobs, and, dare we say, a Munger to Buffett.
For 40 years, Charlie Munger has served behind the scenes as Warren Buffett’s most trusted business partner.
He’s played a pivotal role in managing Berkshire Hathaway’s $178B stock market portfolio (Q3 of last year), advising him to invest in electric vehicle powerhouse BYD back in 2008, and many others.
While Munger has worked tirelessly over his 70-year career, there is one thing (or, technically many things) he contributes to his success.
Knowing a little about everything
According to Munger, his theory on work ethic, AKA ‘expert-generalism’ goes somewhat against the ever-popular 10,000 hour rule.
According to Quartz, rather than “lasering” in only on investment theory, his strategy is to study “widely and deeply” in many fields that he could one day apply as an investor.
Bill Gates once said, “[Munger] is truly the broadest thinker I’ve ever encountered… Our longest correspondence was a detailed discussion on the mating habits of naked mole rats and what humans might learn from them.”
You can be an expert-generalist too
Orit Gadiesh, the Bain & Co. chairman who coined the term, describes expert-generalism as “the ability and curiosity to master and collect expertise in many different disciplines.”