Warren Buffett Pays Touching Tribute to Late Partner Charlie Munger
In a heartfelt tribute to his longtime friend and business partner, Warren Buffett, the CEO of Berkshire Hathaway Inc., expressed deep gratitude for the late Charlie Munger, whom Buffett credited as the “architect” behind the success of the conglomerate in his annual letter to shareholders.
Munger, who passed away just shy of his 100th birthday, played a pivotal role in shaping Berkshire’s trajectory over several decades, according to Buffett. The relationship between Buffett and Munger was likened to that of an older brother and a loving father, with Munger providing unwavering support and strategic guidance to Buffett throughout their partnership.
Buffett reminisced about his first encounter with Munger in 1959, highlighting the pivotal advice Munger gave in 1965. Despite not having any personal investment in Buffett’s small partnership at the time, Munger selflessly offered counsel, advising Buffett to focus on acquiring businesses at fair prices instead of chasing bargains.
Buffett acknowledged Munger’s role as the guiding force behind Berkshire’s success, referring to himself as the “general contractor” implementing Munger’s vision. “Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect,” Buffett said.
In addition to paying tribute to Charlie Munger, Buffett offered sage advice to investors, cautioning against heeding the advice of Wall Street pundits and financial advisors. Berkshire Hathaway registered a solid increase in fourth-quarter operating earnings, driven by strength in its insurance businesses, both in underwriting and investment income.
The legacy of Charlie Munger lives on in the success of Berkshire Hathaway, and his impact on Warren Buffett and the business world will be remembered for years to come.
