This clip was part of Charlie Munger’s interview with Caltech on 14 December 2020 as he accepted the university’s highest honour, the 2020 Distinguished Alumnus.

Charlie Munger has an approximate net worth of $1.8B and serves as vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner.

He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation. Munger was born in Omaha, Nebraska.

As a teenager he worked at Buffett & Son, a grocery store owned by Warren Buffett's grandfather.

In college and the Army he developed "an important skill": card playing. “What you have to learn is to fold early when the odds are against you, or if you have a big edge, back it heavily because you don't get a big edge often. Opportunity comes, but it doesn't come often, so seize it when it does come.”

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