Warren Buffett, one of the world’s wealthiest individuals, fondly remembered his close associate and business partner of six decades, Charlie Munger, who passed away in November of last year. In his annual letter, Buffett reflected on Munger’s pivotal role in shaping Berkshire Hathaway Inc. into the conglomerate it is today.
Buffett described Munger as the “architect” of the present Berkshire, emphasizing Munger’s visionary contributions in transforming the company from its origins as a textile maker. He likened his own role to that of a “general contractor,” executing Munger’s vision on a day-to-day basis. Despite Munger’s significant influence, Buffett noted Munger’s humility, as he often allowed Buffett to take the limelight and receive recognition.
Recalling a pivotal moment in their partnership, Buffett shared Munger’s advice from 1965: to focus on acquiring wonderful businesses at fair prices rather than seeking out undervalued companies. This advice marked a departure from the teachings of their shared mentor, Benjamin Graham, often regarded as the “father of value investing.” Buffett acknowledged that, despite initial resistance, he eventually followed Munger’s counsel, leading to the growth and success of Berkshire Hathaway.
Throughout the letter, Buffett emphasized Munger’s lasting impact on Berkshire Hathaway, underscoring Munger’s role as the true architect of the company’s success. Despite Buffett’s leadership, he credited Munger with the company’s achievements, highlighting their enduring partnership and mutual respect.
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In paying tribute to Munger, Buffett celebrated not only their professional collaboration but also the personal bond they shared, describing their relationship as part older brother, part loving father. Munger’s wisdom and guidance continue to shape Buffett’s approach to investing and business management, ensuring that his legacy endures within Berkshire Hathaway and beyond.
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