In his own words · Opportunity

“The most extreme mistakes in Berkshire's history have been mistakes of omission. We saw it, but didn't act on it. They're huge mistakes — we've lost billions. And we keep doing it.”

— Charlie Munger · Berkshire Hathaway annual meeting, 2001 (notes via tilsonfunds.com); reproduced in 'Poor Charlie's Almanack' and quoted by Bevelin · 2001

Verified. Sourced to Berkshire Hathaway annual meeting, 2001 (notes via tilsonfunds.com); reproduced in 'Poor Charlie's Almanack' and quoted by Bevelin · 2001.

On Berkshire's biggest errors — the things it saw but didn't buy.

Where he said it

More Munger on Opportunity

“The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't. It's just that simple.”

A Lesson on Elementary, Worldly Wisdom (1994 USC Marshall talk), Poor Charlie's Almanack · 1994 · where he said it ↗

“You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is mispriced. That's value investing.”

A Lesson on Elementary, Worldly Wisdom (1994 USC Marshall talk), Poor Charlie's Almanack · 1994 · where he said it ↗

“A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables.”

A Lesson on Elementary, Worldly Wisdom (1994 USC Marshall talk), Poor Charlie's Almanack · 1994 · as recalled · where he said it ↗

“Capitalism should expect to get a few big winners by accident.”

Acquired podcast, October 2023 · 2023 · as recalled · where he said it ↗

All opportunity quotes