I preferred not to lose rather than to gain a lot:
While many investors obsess over big profits, Munger insisted that the secret was:
"Avoid stupid mistakes"
For him, not losing money and not doing silly things was more important than seeking spectacular returns.

Buffett used to buy cheap but mediocre companies.
Munger convinced him to change the focus to:
"Wonderful companies at reasonable prices"
Without Munger, Berkshire Hathaway probably wouldn't be what it is today.