“Find a place where you find a seamless web of deserved trust,” he said. “Figure out who you admire and why and go and tell them.”

The conversation later moved on to a discussion of business ethics.

“You have a duty to your moral self to get financially prosperous and to spend cautiously,” Munger said. “That is not something you do just because you want to get rich. You do it because you want to protect your moral self.”

Munger spoke about issues with the work ethic and conduct of corporate America, specifically addressing the greed of some company executives.

“What I don’t like is a man that owns a billion dollars worth in stocks in a company where he is in total control and has his colleagues award or awards himself another $40 million a year.”

Munger compared the duty of a business executive to “act as an exemplar” with that of a U.S. military officer to “act as an officer and a gentleman.” He said he sees his friend and business partner Buffett as a reflection of these values.

Munger commended Buffett’s good sense and morals. “He is a moral man and he never does anything the least bit stupid,” he said.

In his final remarks to the crowd, Munger advised, “You have to be able to recognize your own errors and change your mind.”