Charlie Munger he played the hand he was dealt, but if you ask him, he didn’t play it well enough.
In what became his final interview before he died at age 99, the billionaire vice chairman of Berkshire Hathaway spoke to CNBC in November 2023, reflecting on a century of life, business and missed opportunities. The special was broadcast two days after his death, on November 28.
Despite a legendary investment career and a long partnership with Warren BuffettMunger admitted he had regrets. “I’m not really that pleased,” he said. “I could have done a lot better if I had been a little smarter, a little faster.”
Don’t miss:
That line came during a story about knowing one’s limits. Growing up in Omaha, Nebraska, Munger said he learned to avoid competing in areas where he lacked natural ability, especially anything mechanical. “So I decided to stay the hell away from businesses where I would be competing with people like Eddie Davis Jr. and Eddie Davis Sr. in their strong suit.”
This strategy helped shape his famous “circle of competence” framework—but even then, he wondered how much he could have achieved.
“Well, no, but it might have been trillions instead of billions,” Munger said when the CNBC host Becky Quick he backed off and suggested that he succeeded in everything. “Yeah, I’m thinking about it. I’m thinking about it. Yeah, I’m thinking about it, about what I almost missed because I’m not smart enough or hardworking enough.”
When asked directly what he would change if he could relive the last 100 years, Munger didn’t hesitate.
“Well, I would go back and do it, of course. It would be easy to go back and do it knowing what’s going to happen now,” he told CNBC. “I know I’d be the richest man on Earth.”
Trending: designed for investors with strong market convictions, REX Shares creates ETFs for income, leverage and tactical positioning – explore the range.
What did he miss? It wasn’t a fatal mistake – it was a matter of timing and momentum. “Well, I would have started earlier for one thing,” he said in the interview. “And I would have composed more. And I would have composed better.”
“And of course I would be — I would be richer if I lived to be 100,” he added. “And I’m constantly aware of the facts I’ve messed up. Given the hand I’ve been dealt, I could have done a lot better, quite easily done a lot better.”
That mix of self-awareness and brutal honesty defined much of Munger’s worldview. His advice was simple but never veiled: know your weaknesses, avoid stupidity and start early.
While Munger second-guessed his missed opportunities to multiply his wealth, there was one thing he never regretted: living simply.
Quick noted that he spent 70 years in the same house. “You could move and spend more,” she said.
“I know. But Warren has lived in his house for about 60 years. We’re alike,” Munger replied. “But you see, we’re both smart enough that we’ve watched our friends who’ve gotten rich building these really fancy houses. And I’d say in virtually every case, they make the person less happy, not happier.”
“In other words, having a home base really helps,” he continued. “Having a really fancy house, it’s good for entertaining 100 people at once. It’s a very expensive thing to do. And it doesn’t do you much good.”
See also: No wonder Jeff Bezos owns more than $250 million in art – this alternative asset has outperformed the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors get started.
He believed in eliminating unnecessary things – be it flashy purchases, emotional distractions or risky investments. When Quick asked him what his secret was, he answered bluntly: “I avoided the standard ways to fail.”
“You’re teaching me the wrong way to play poker and I’m going to avoid it,” Munger said. “You teach me how to do something else, I’ll avoid it.”
That mindset—cautious, deliberate, unfazed by hype—may not have made him the richest man on Earth. But it made him one of the most respected. And in his eyes, the room for improvement never disappeared.
Financial regrets don’t require a trillion dollars. Even Munger—with decades of compounding, discipline, and Buffett on speed dial—looked back and wished he had started earlier, composed harder, and done more with the hand he was dealt.
The rest of us don’t get to time travel 100 years or replay history with a cheat sheet. But we get to the plan. If you’re struggling with your own money questions, talk to a trusted financial advisor. You can’t predict every zig or zag, but you can avoid the obvious pitfalls and maybe get a little closer to peace of mind than regret.
Read on: Earn as you roll: Deloitte’s No. 1 software company, up 32,481%, opens its $0.50/share round to accredited investors.
Image: Shutterstock
UNLOCKED: 5 NEW TRANSLATIONS PER WEEK. Click now to get top trading ideas dailyplus unlimited access to state-of-the-art tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga:
This article Charlie Munger Said If He Could Go Back 100 Years and Start All Over He’d Be a Trillionaire, Not Just a Billionaire — “I’ve Basically Goofed” originally appeared on Benzinga.com
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
