During an interview earlier this year at the University of Redlands, famed investor and Berkshire Hathaway vice chairman Charlie Munger shared insights about the markets and education. This according to an article in the Redlands Bulldog Blog.

The article said, “Munger is known for relying on ‘elementary, worldly wisdom’ when it comes to making business and finance decisions, and he prioritizes strong business ethics.”

Here are some takeaways from Munger’s comments:

• A liberal arts education “teaches you the basic math of life,” Munger said, adding, “The habit of figuring something out for yourself is an important thing to develop.”
• Fluctuations in the stock market, says Munger, are a “consequence of adult life,” adding that “we’ve drifted into far too much hatred” which will set a difficult stage for future generations.
• When asked about his career path, Munger responded, “it just happened. A lot of it was what I was born into, and a lot of it was proper training—it wasn’t any extreme ability. One thing I’ve learned it to always inquire. Always ask questions and look at the vulnerabilities of a situation in order to figure out how to solve it.”