The Secret to Warren Buffett and Charlie Munger's Success

Speaking at an investor's conference in Sydney, Australia earlier this month, Charlie Munger gave away the big secret to his and longtime-partner Warren Buffett's success in the stock market. If you understand this, you can be a successful investor, just like these two titans.

"We're better than most people at knowing what we know and what we don't know," he said.

Ok, maybe it's not a huge secret. Buffett has stressed the importance of understanding and operating within one's "circle of competence" for years. But Munger insists neither he nor Buffett are any smarter or more diligent than the average investor. They've just made the best use of their particular skills and avoided going into areas where they're weak.

Source Fool.com