There will always $100 bills, but less at times. There are always conflicts. Asset gathering can be more important than asset managing. There will always be opportunities to outperform. People still make the same mistakes.
Charlie has a company called the Daily Journal Company. I own 100 shares. I got their annual report, and in fiscal year 2009, they bought $15m of stock, and it is now worth $45m. They sat on cash for a long time, but opportunities come around. You have to be prepared to grab them. Definitely it is possible with moderate amounts of money. Charlie will be more pessimistic.
Munger: Take the high road, it is far less crowded.
Those who take the high road in Washington are seldom bothered with traffic.
Money management – it is easy to scale up. It would have been harder for me to work as a plant manager. I wouldn’t want to become superintendent right about the time they are going to give me a gold watch.
Source: Berkshire Hathaway Annual Meeting