Charlie Munger, vice chairman of Berkshire Hathaway and longtime business partner of Berkshire Chairman and CEO Warren Buffett, spoke about the qualities he looks for in potential candidates during a meeting Feb. 14, according to the Observer.
Mr. Munger, who serves as chairman of the Daily Journal Corp., attended its annual shareholder meeting Feb. 14. He spent two hours taking questions from the audience about topics ranging from advice on health and longevity to his philosophy on hiring.
With regard to hiring, Mr. Munger referenced his oft-stated principle of hiring smart individuals who under-state their intelligence, rather than someone who may be smarter, but believes himself to be more intelligent than he is.
"You must be thinking about Elon Musk," Mr. Munger joked to the audience, according to the Observer. "Of course I want the guy who understands his limitations instead of the guy who doesn't. On the other hand, I've learned something terribly important in life. … Never underestimate the man who overestimates himself. These weird guys who overestimate themselves occasionally knock it right out of the park."
He also commented on an audience question asking why Mr. Buffett is significantly more wealthy than Mr. Munger is if the two of them have been business partners for so long.
"Well, [Mr. Buffett] got an earlier start. He probably is a little smarter. He works harder," Mr. Munger said. "Why was Albert Einstein poorer than I was?"
To access the full report, click here.