Warren Buffett is one of the greatest and most famous investors of all time. Perhaps lesser known is Buffett's right-hand man, Charlie Munger. That's unfortunate because Munger is an incredible investor in his own right and, like Buffett, has a knack for simplistically distilling profound truths for anyone who also aspires to become a great investor.

Buffett and Munger are top directors at Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B). This year at the company's annual meeting, Munger briefly told the story of when he made a $1,000 investment in 1962 that still pays him $70,000 in annual royalties today. A sense of awe seemed to sweep the crowd after he revealed this investment.

This story might have surprised shareholders of Berkshire Hathaway. But it wouldn't have taken a shareholder of the Daily Journal (NASDAQ: DJCO) by surprise at all. In 2016, Munger went into more detail regarding this $1,000 investment at Daily Journal's annual shareholder meeting. And it has major implications for all investors today.

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Source Fool.com