I’ve posted iterations of these quotes from the Daily Journal Annual Meeting, but they are worth repeating yet again because I really think they show the shift Munger made not just in his investment focus, but also how he adjusted his activities to fit how he wanted to spend his time, which I think is especially evident in the comment “I was thinking about things I didn’t want to think about.” The excerpts below were taken from Shane Parrish's Notes.
Munger on his investing shift over time:
Kind of like Warren, when I was young I scrambled around doing anything that would work. I could get tiny little obscure companies who were too cheap because they were on the pink sheets and all kinds of things. As I got more money, I decided I didn't like all that scratching around. I was thinking about things I didn't want to think about.
I said I want to be in this to kind of admire the people who are running the business. I can admire the business, and I think it is well-placed and going to do well. I drifted into this good people, good company field in my old age. I've found it much more comfortable and my returns haven’t gone down that much. It is remarkable.
Munger on how he reads books:
I'm very selective. I, sometimes, skim. I, sometimes, read one chapter and I sometimes read the damn thing twice. It's been my experience in life [that] if you just keep thinking and reading, you don't have to work.