“Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Slug it out one inch at a time, day by day. At the end of the day—if you live long enough—most people get what they deserve.”
Kaizen is the Japanese word for continuous improvement. This is the principle that Charlie Munger is espousing… small incremental improvements. This is not abandoning the search for breakthrough opportunities. These will be rare and include an element of luck or randomness. But we must also be gaining ground each and every day.