Munger: We’ve learned how to outsmart people who are clearly smarter than we are.
Buffett: Temperament is more important than IQ. You need reasonable intelligence, but you absolutely have to have the right temperament. Otherwise, something will snap you.
Munger: The other big secret is that we’re good at lifelong learning. Warren is better in his 70s and 80s, in many ways, than he was when he was younger. If you keep learning all the time, you have a wonderful advantage.
Buffett: And we have a wonderful group of friends, from whom we can learn a lot.