“That isn’t because I fear the competition or anything like that — Warren has always been very open about what he’s learned, and I share that ethos,” he said.

His desire to get rich was so he could be independent, he explained, and do other things he was interested in, such as giving these types of talks on business and human biases. Munger felt that natural and conditioned responses could be the reason why people make certain business decisions.

Based off of studies from sociologists, psychologists and other researchers, Munger noted 24 psychological tendencies that he’s aware of when making business and career decisions.

Recently, investment firm Tiny Capital and animation studio Thinko created an animated, abridged version of this speech: