Hey everybody this is Phil Town and this is Phil Town and welcome to the

Invested Podcast where we are learning to invest like Warren Buffett and Charlie Munger and we have a special treat today.

We do. We talked last time about how dad and I went to the Daily Journal annual meeting, which is Charlie Munger's annual meeting,

essentially, and we learned some cool stuff that we want to specifically talk about,

like what he said. Yeah, and I thought it would be really cool if we just

actually play for you the recording of Charlie and then we can talk about these things

so this is directly from Charlie Munger. You all set?

Yeah.

You can lead into this?

Yeah, somebody asked him a question saying that Charlie in a speech he gave recently had said that Warren Buffett was a

significantly better investor after age 65 than he was before and he just said

can you expand on that like basically like what should the rest of us be doing and

and this is pretty amazing considering that when Buffett first started investing for the first

15 years or so he was knocking out about a 36% annual rate of return and

that return went down steadily over time. Today he's averaged about 19% for 50 or 60 years average.

Yeah, not too bad.

Which is not too bad.

But I think what Charlie is saying is that when you get more and more money it gets

harder and harder to invest and find good deals because at the beginning when you're

just starting out like most everybody listening to this podcast you have thousands of small companies that aren't

well followed by analysts that you could get into with a little bit of money and they would

make a big difference in your portfolio if it went up quite a lot.

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