5 Simple Investment Rules from Warren Buffett’s Right-Hand Man

The value of humility

Even the most astute investors can be lulled into complacency or come to believe in their own infallibility. Munger believes that an indispensable component of successful long-term investing is humility. The ability and temperament to admit one’s ignorance about complex matters or that one was wrong in their predictions or analysis is necessary in order to learn from mistakes.