Buffett bid farewell to his godly partner: Without Charlie's inspiration, wisdom, and involvement, Berkshire could not have achieved its current status
王俊杰2017
发表于 2023-11-29 10:43:37
243
0
0
On November 28th local time, investment genius and Warren Buffett's golden partner Charlie Munger passed away at the age of 99.
"Without Charlie's inspiration, wisdom, and involvement, Berkshire could not have achieved its current position," said Warren Buffett, CEO and "stock god" of Berkshire, in a statement
Munger, known as the "walking encyclopedia", "behind the scenes think tank", "last secret weapon", and others, worked with Buffett to develop the philosophy of a long-term investment company. Their relationship can be traced back to 1959 and they are a pair of "divine combinations" in the investment world.
Buffett, who is regarded as a representative figure of Berkshire Hathaway, has always emphasized that the company is operated jointly by himself and Munger. Munger taught him Berkshire's key investment philosophy, which is to "buy excellent companies at a reasonable price," and described their relationship as "he is a designer, and I am the general contractor.".
For example, as early as 1972, Munger successfully convinced Buffett to agree to Berkshire's purchase of Sees Candies for $25 million, despite the candy manufacturer's annual pre tax revenue of only about $4 million at the time. Later on, Shisi Candy Company created a total sales revenue of over $2 billion for Berkshire.
In 2016, Buffett said, "Munger made me give up the idea of buying ordinary companies at very cheap prices, although doing so may bring some small profits; instead, I need to find some truly outstanding companies to buy them at a reasonable price."
According to statistics, Buffett frequently mentions Munger in his annual shareholder letters and expresses himself very intimately. As early as in his shareholder letter in 1982, Buffett wrote, "Charlie and I can replace each other when making business decisions. Distance is no obstacle to us: we always believe that making phone calls is more efficient than half a day of committee meetings."
In the shareholder letter of 1989, Buffett joked about their relationship like this: "Our Vice Chairman Charlie Munger has always emphasized the importance of studying mistakes over success in other aspects of business and life. His approach is to follow a spirit of 'I just want to know where I will die, so I will never go there.' You can quickly understand why we formed a great team: Charlie likes to study mistakes, and I have provided him with rich materials."
In his 1995 shareholder letter, Buffett mentioned Munger's significant impact on the company's operational strategy: "Here at Berkshire, we all adhere to Charlie's motto, 'Tell me only bad news, because good news will solve it on its own.' We also expect our manager to exhibit this behavior when reporting." In 2000, Buffett wrote, "Charlie is better at thinking about business economics and investment affairs than anyone I know, and over the years I have learned a lot by listening to his opinions."
Buffett also stated in his 2011 letter that he often tries to see the future ten or twenty years from now when making acquisitions, but Munger's foresight is stronger than his, and sometimes he does not agree with Buffett's views in acquisition discussions.
In a shareholder letter in 2014, Buffett also wrote about how the two handled their differences: "Charlie has a wide range of talents, amazing memory, and firm opinions, and I myself am not indecisive. We sometimes have different opinions. However, in 56 years of cooperation, we have never had an argument. When we have differences, Charlie usually ends the conversation like this: 'Warren, think carefully, you will agree with me because you are smart and I am right.'"
In his 2022 annual shareholder letter, Buffett once again spared no effort in praising his good partner: "Charlie and I think in similar ways. But what I need to explain on a whole page can be summarized in one sentence. Moreover, his version always has clearer reasoning and more clever - maybe someone will interject - expressions."
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
猜你喜欢
- Berkshire Hathaway sold approximately 24.7 million shares of Bank of America common stock between August 23 and August 27
- The ninth in the world? Berkshire Hathaway is about to join the trillion dollar market cap club
- Wall Street to Lujiazui Selected | Nvidia's performance is excellent, but its revenue outlook falls short of the most optimistic expectations. Its stock price fell after the market closed; Berkshire Hathaway's market value exceeds trillions and cont
- Sell off Bank of America again! Buffett wants to clear his position? Berkshire Hathaway rises for 5 consecutive days
- Warren Buffett's Berkshire Hathaway's market value has exceeded $1 trillion, and its cash reserves have soared to $276.9 billion
- Investment guru Buffett welcomes birthday celebration: Berkshire Hathaway once crossed the trillion dollar market value threshold
- Nike: Elliott Hill will serve as Global President and CEO of the group
- Buffett's deputy sells Berkshire Hathaway stocks
- Buffett's deputy, reducing holdings in Berkshire Hathaway, what signal?
- What signal did Berkshire Hathaway receive from Buffett's "big disciple" unexpectedly selling?
-
每经AI快讯,据亿航智能官微消息,公司EH216-S无人驾驶电动垂直起降航空器(eVTOL)获得巴西国家民航局颁发的试验飞行许可证书,并计划在巴西进行测试和试飞。关于EH216-S无人驾驶eVTOL在巴西的认证,中国民航局 ...
- 潇湘才子
- 14 小时前
- 支持
- 反对
- 回复
- 收藏
-
今年7月,美国三大海外“债主”所持美国国债齐刷刷缩水,其中日本美债持仓已降至去年10月以来最低。 根据美国财政部当地时间9月18日公布的国际资本流动报告(TIC),2024年7月,美国前三大海外“债主”日本 ...
- 520hacker
- 前天 20:44
- 支持
- 反对
- 回复
- 收藏
-
上证报中国证券网讯(记者俞立严)9月19日,蔚来全新品牌乐道的首款车型——乐道L60正式上市。新车定位家庭智能电动SUV,在采用BaaS电池租用服务后,L60的售价可低至14.99万元,电池租用月费最低为599元。乐道L6 ...
- anhao007
- 昨天 11:03
- 支持
- 反对
- 回复
- 收藏
-
每经记者袁园 日前,国务院印发的《关于加强监管防范风险推动保险业高质量发展的若干意见》提出,以新能源汽车商业保险为重点,深化车险综合改革。 “车险综改”从2015年就已经开始逐步推进了,经过 ...
- moshulong
- 昨天 21:50
- 支持
- 反对
- 回复
- 收藏