While success takes hard work and persistence, luck also plays a major role, says Warren Buffett's longtime business partner Charlie Munger.
In a conversation at the University of Michigan Ross School of Business, the 93-year-old billionaire and vice chairman of Berkshire Hathaway advises students on how to become successful.
While you can be the most deserving and intelligent person, "there's also a factor of luck that comes into this thing," he says.
"It's amazing how if you just get up every morning and keep plugging and have some discipline and keep learning," Munger adds, "it's incredible how it works out okay."
Yet he advises against setting goals for yourself that are too high, like becoming a billionaire or becoming the future president, because the odds are highly against you.
"Much better to aim low," suggests the billionaire, who notes that his wealth was accidental. "I did not intend to get rich. I wanted to get independent. I just overshot."
Notably, his work with Berkshire Hathaway came about through a chance meeting. Although Munger had worked at a grocery store owned by Buffett's grandfather when he was young, he never met Buffett until many years later.
Munger briefly returned to Omaha, Nebraska after the death of his father. During that trip, he was introduced to Buffett through mutual friends. They hit it off instantly and Buffett soon persuaded Munger to leave his law career and pursue investing, which he did.