2013: How have Buffett and Munger changed over the last 50 years?

AUDIENCE MEMBER: My name is Dexter Ang (PH). I’m from Stafford, Virginia.

I’m 30 years old, and I’m wondering what my life will be like in a few years, let alone 50 years from now.

My question for both Mr. Buffett and Mr. Munger is: how do you think you’ve changed over the last 50 years?

And if you could communicate to yourself 50 years ago, what would you tell them, one piece of advice, business or personal, and how would you do it in a way where your former self would actually heed it? (Laughter)

WARREN BUFFETT: Charlie, I’ll let you answer that. (Laughter)

Incidentally, I’ll trade you places, so don’t worry about your future.

CHARLIE MUNGER: Yeah, we’re basically so old-fashioned that we’re boringly trite.

We think you ought to keep plugging along and stay rational and stay energetic and just all the old virtues still work, and—

WARREN BUFFETT: But find what turns you on.

CHARLIE MUNGER: You’ve got to work where you’re turned on.

I don’t know about Warren, but I have never succeeded to any great extent in something I didn’t like doing.

WARREN BUFFETT: Charlie and I both started in the same grocery store, and neither one of us are in the grocery business. (Laughs)

CHARLIE MUNGER: We were not going to be promoted, either, and even though you had the family name.

WARREN BUFFETT: Yeah. (Laughter)

My grandfather was right, too. (Laughs)

It’s really — I mean, if you’re lucky, and Charlie and I were lucky in this respect. We — well, we were lucky to be in this country to start with — but we found things we like to do very early in life, and then we, you know, we pushed very hard in doing those things, but we were enjoying it while we did it.

We have had so much fun running Berkshire, I mean, it’s almost sinful.

But, we were lucky to — you know, my dad happened to be in a business that he didn’t find very interesting but I found very interesting.

And so when I would go down on Saturday, there were a lot of books to read, and, you know, it just flowed from a very early age. And Charlie found — he found —

CHARLIE MUNGER: We found a way to atone by your — for your — sins in having so much fun. You’re giving all the money back.

WARREN BUFFETT: Yeah, but you give it all back whether you want to or not, in the end.

CHARLIE MUNGER: That’s true, too. (Laughter)