Munger placed his oil bet in 1962, after meeting a businessman named Al Marshall during a husband-and-wife golf tournament. At the third hole, Marshall outlined his plan to bid in a local oil-royalty auction. Munger responded, in characteristically blunt fashion,"You're doing it all wrong."
"I'm still getting $2,000 to $3,000 a month from that," Marshall told author Janet Lowe for her book,"Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger." Munger, a billionaire investor and Berkshire's 99-year-old vice chairman, relayed the story himself during Daily Journal's shareholder meeting in 2016.
"50 years later we were getting $100,000 a year on that investment," Munger continued."The trouble with that story is that it only happened once."