Mr. Buffett on Saturday dedicated a special section of his annual letter to shareholders to Mr. Munger, who died in November at age 99.
Buffett, 93, said his longtime business partner is a key driving force behind his more than $900 billion conglomerate, based in Omaha, Nebraska.
“Charlie was the “architect'' of Berkshire today, and I served as the “general contractor,'' executing his vision day-to-day,” Buffett wrote.
Jim Shanahan, an Edward Jones analyst who covers Berkshire, said it was a “deep compliment” from perhaps the world's most respected investor.
“Mr. Buffett was full of praise for Charlie Munger's Berkshire success and his personal success,” he said. “Without his wisdom and guidance, Mr. Buffett would not have achieved the level of success he has.”
Mr. Munger's death robs Mr. Buffett of a close friend of more than 60 years, the last 45 years as Berkshire's vice chairman.
Although the two grew up at the same time in Omaha, Buffett didn't meet Munger until 1959.
Under their leadership, Berkshire became the owner of dozens of businesses, including Geico Insurance and BNSF Railway, and a holder of more than $350 billion in equity, led by Apple.
Munger was known for his common-sense, witty, and sometimes caustic aphorisms.
“Envy is a really stupid sin, because it's the only sin you can never enjoy,” he said in 2003.
But he also became known as the person who changed Buffett's attitude toward investing.
Buffett credits Munger with convincing him to buy “a great company at a fair price, rather than a fair company at a great price.” Buffett refers to the latter as a “cigar butt” because there may still be some smoke left in his company's business.
Calling him Berkshire's “architect” alludes to Munger's passion for architecture, including the design of buildings.
Buffett also recalled that Munger was relatively humble, saying that Munger allowed himself to “bow and receive praise” even as he fulfilled his role as a big brother and loving father. .
One of the places Mr. Munger took the stage was Berkshire's annual meeting, where he and Mr. Buffett sat in front of tens of thousands of shareholders, and millions more online, to answer shareholder questions. answered, often summarizing each other's thoughts.
With Munger's death, Buffett is likely to be joined only by Vice Chairman Greg Abel and Vice Chairman Ajit Jain, who will eventually become CEO, at the company's annual meeting on May 4. It means that.
James Armstrong, head of Henry H. Armstrong Associates in Pittsburgh and owner of Berkshire stock for more than 35 years, said Mr. Buffett's letter was a fitting epitaph for Mr. Munger and reflected what he meant to Berkshire. I told you what I meant.
“Charlie was a huge influence,” he said. “The people may not have understood it, but now they do.”
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Published: February 25, 2024, 1:36 AM IST
