Warren Buffett and Charlie Munger's epic success is down to 3 key things, Howard Marks says

• Warren Buffett and Charlie Munger's success is down to three simple things, Howard Marks says.
• The pair have made lots of solid bets, found some big winners, and had few big losers, Marks says.
• Buffett has noted the outsized impact of his best decisions, and said it's vital to avoid losses.

Berkshire Hathaway stock has skyrocketed by over 4,300,o00%, or about 20% a year, since Warren Buffett took over as CEO in 1965. Buffett and his business partner, Charlie Munger, have achieved that phenomenal gain for three clear reasons, Howard Marks says.