Charlie Munger Played the cards he was dealt, but if you ask him, he didn’t play well enough.
In November 2023, the Berkshire Hathaway vice chairman and billionaire gave an interview to CNBC, reviewing a century of life, business and missed opportunities. This was his last interview before his death at the age of 99. The special aired two days after his death on November 28.
Despite having a storied investing career and working with Warren BuffettMunger admitted that he had regrets. “I’m not too happy,” he said. “If I was smarter and faster, I could do better.”
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This quote comes in a story about knowing your limits. As a kid in Omaha, Nebraska, Munger said he learned to avoid competing in areas where he lacked talent, especially mechanical ones. “So I decided to stay away from those industries where I would be competing against people like Eddie Davis Jr. and Eddie Davis Sr. to their strengths. “
This strategy helped shape his famous “circle of competence” framework—but even so, he wondered how much more he could achieve.
When CNBC host Munger said: “Well, no, but I probably have trillions of dollars, not billions.” Becky Quick retort and imply that he succeeded in everything. “Yes, I do think about it. I think about it. Yes, I think about it, I almost missed out on something because I wasn’t smart enough or hardworking enough.”
When asked directly what he would change if he could relive the past 100 years, Munger didn’t hesitate.
“Well, of course, I’m going to go back and do some. Knowing what’s going to happen now, it’s a no-brainer to go back and do it,” he told CNBC. “I knew I was going to be the richest man on earth.”
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What did he miss? This wasn’t a fatal mistake—it was a matter of timing and motivation. “Well, I’m going to start early for one thing,” he said in the interview. “And I’ll get back together longer. And I’ll get back together better.”
“Of course, if I live to be 100, I will be richer,” he added. “And I’m constantly aware of the fact that I basically screwed up. I could have done better, easily could have done better, given the cards I was dealt.”
This combination of self-awareness and brutal honesty defines Munger’s worldview. His advice is simple, but by no means sugarcoated: Know your weaknesses, avoid stupidity, and start early.
Although Munger later suspected that he missed an opportunity to double his wealth, he never regretted one thing: living simply.
Quick noted that he has spent 70 years in the same house. “You could have moved and spent more money,” she said.
“I know. But Warren lived in his house for about 60 years. We’re similar,” Munger replied. “But look, we’re all smart enough to see that our wealthy friends build these really nice houses. I would say that in almost every case they make people less happy, not happier.”
“In other words, having a basic home does help you,” he continued. “Having a really nice house that can entertain 100 people at the same time. It’s a very expensive thing. And it doesn’t do you much good.”
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He advocates eliminating the unnecessary—whether it’s flashy purchases, emotional distractions, or high-risk investments. When Quick asked him what his secret was, he responded candidly: “I avoid the standard ways of failure.”
“You taught me the wrong way to play poker and I’m going to avoid it,” Munger said. “You teach me the wrong way to do other things and I’ll avoid it.”
This cautious, thoughtful, unfazed mentality may not have made him the richest man on earth. But it does make him one of the most respected men. In his eyes, the room for improvement never disappears.
Financial regret does not require a trillion-dollar hypothesis. Even Munger—with decades of compound interest experience, discipline, and Buffett on speed dial—looks back and wishes he had started earlier, compounded harder, and done more with the cards he was given.
The rest of us can’t travel back 100 years or replay history with a cheat sheet. But we do have to make plans. If you are facing your own financial questions, please consult a trusted financial advisor. You can’t predict every twist or twist, but you can avoid the obvious pitfalls and maybe get closer to inner peace than regret.
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This article Charlie Munger says if he could go back 100 years and start over, he’d be a billionaire, not just a billionaire — ‘I basically screwed it up’ originally appeared on Benzinga.com
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