Charlie Munger and Warren Buffett on the keys to success

Munger: It's so simple: You spend less than you earn and invest shrewdly and avoid toxic people and toxic activities and try and keep learning all your life, etc., etc.  And do a lot of deferred gratification because you prefer life that way.  And if you do all those things, you are almost certain to succeed.  And if you don't, you're going to need a lot of luck, a lot of luck.  And you don't want to need a lot of luck; you want to go into a game where you're very likely to win without having any unusual luck.

Buffett: I'd add one more thought, though: You need to know how people can manipulate other people and you need to resist the temptation to do it yourself.

Munger: Oh yes!  The toxic people who are trying to fool you or lie to you, who aren't reliable in meeting their commitments, the great lesson of life is get them the hell out of your life.

Buffett: Yep.

Munger: And do it fast!

~ Charlie Munger and Warren Buffett, 2023 Berkshire Hathaway annual meeting, May 6, 2023

(video posted by Vitaliy Katsenelson, see here)