Berkshire Hathaway vice chairman Charlie Munger once delivered a blunt warning to a young investor hoping to achieve financial freedom through the stock market. During a Daily Journal shareholder meeting, a 30-year-old attendee asked Munger how someone his age could build wealth through investing. Munger’s response challenged one of the most common assumptions about personal finance. For much of the 20th century, investors benefited from strong long-term stock market returns that made it easier to build wealth through disciplined investing. But Munger warned that the future may look very different. He suggested that expecting consistent 10% annual returns from index funds may not be realistic as markets become larger, more competitive and more efficient. Key insights from Munger’s comments: • Strong historical returns shaped investor expectations • Future market returns may be lower than many assume • Beating the market has become increasingly difficult • Chasing high returns ca...