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Oh boy do I have a special treat for you guys. Legendary investor Charlie Munger just gave a rare, sit down interview. This is the first new Charlie interview I have seen in years. You’re going to want to stick around to the end of this video because Munger covers how you should be investing if you want to become incredibly rich. Let’s get into it.

Charlie Munger is a billionaire and on the Forbes list of the world’s wealthiest people. Naturally, one would assume that Charlie’s personal stock portfolio consists of dozens of different stocks. However, this couldn’t be further from the truth. Munger’s personal stock portfolio consists of just 3 stocks: Berkshire, Costco, and the Daily Journal Corporation.

Contrary to popular belief, you don’t need to be able to come up with a new investment idea every week in order to invest successfully. Instead, Munger says that the key to being a great investor is having the patience and the ability to identify when a truly great opportunity presents itself. If you're lucky, you may just get a handful of these types of opportunities during your life. That is why it’s so important to be able to identify one when it does come along.

Use Munger and his investment in the retailer Costco as an example. Munger has been a large shareholder of Costco for decades, having been on the board of directors since 1997. In the Spring of 1997, Costco stock was trading at roughly $14 per share. Now, each share of the company is worth nearly $600 as of the making of this video. Quite the impressive return!

When Munger first invested in Costco, the business was a fraction of the size it is currently. Costco had just opened its first location a little over a decade ago and had yet to build out its national footprint. However, Munger was still able to identify how great an opportunity Costco stock was because of the strength of the company’s moat. A moat refers to a business’s ability to maintain a competitive advantage over its competitors in order to protect its long term profits and market share. Costco’s moat is based on its ability to sell products to consumers at lower prices than other retailers. The entire business model of Costco is built around driving costs down as far as possible and passing those savings on to customers in the form of lower prices.


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