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
258
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
- BNSF Railway Company, a subsidiary of Berkshire Hathaway, has reached a 5-year agreement with SMART-MD to increase salaries by 3.5% annually
- Berkshire Hathaway issues yen bonds, raising $1.9 billion
- Retired veteran urgently rehired, will Hill's return as Nike's global CEO today revive the brand with three arrows?
- AI angers Buffett, Berkshire Hathaway solemnly declares: Old men do not recommend investment products, do not get involved in elections
- Rare! Berkshire Hathaway's urgent statement concerns Buffett
- Berkshire Hathaway's Q3 net profit was $26.251 billion, compared to a net loss of $12.767 billion in the same period last year
- Buffett's net sales of stocks for the eighth consecutive quarter, Berkshire Hathaway's cash reserves hit a new high
- 325.2 billion US dollars in cash! Berkshire Hathaway's cash reserves set a record. Why Buffett is throwing away apples and Bank of America
- Berkshire Hathaway's cash reserves hit a historic high: What signal did Buffett send?
- Berkshire Hathaway's US stock rose nearly 3% before trading
-
自美国大选结果出炉、美国前总统特朗普宣布胜选以来,作为其本次竞选的“大金主”、特斯拉首席执行官埃隆·马斯克也赢麻了。 截至上周五美股收盘,特斯拉股价单日暴涨8.19%,总市值也重新站稳1万亿美元关口 ...
- chpuu
- 前天 10:56
- 支持
- 反对
- 回复
- 收藏
-
本报讯 (记者李豪悦)11月12日,腾讯音乐娱乐集团(以下简称“腾讯音乐”)宣布其截至2024年9月30日止第三季度的未经审计财务业绩。 2024年第三季度,腾讯音乐娱乐集团业绩表现稳健,总收入为70.2亿元,同 ...
- 覃志辉
- 昨天 20:07
- 支持
- 反对
- 回复
- 收藏
-
波音公司当地时间11月11日表示,该公司负责商用飞机品质的高级副总裁伊丽莎白·伦德(Elizabeth Lund)将于12月退休。伦德在波音公司工作了33年,在1月5日阿拉斯加航空公司一架新的737 MAX 9飞机在空中舱门脱落 ...
- charles1121
- 昨天 13:15
- 支持
- 反对
- 回复
- 收藏
-
近日,福特纵横户外主题乐园于“孔孟之乡、运河之都”——中国济宁正式揭牌。该公园是继福特在北美成功打造了六座“Bronco Nation”福特烈马公园后,全球第七座、北美以外唯一、也是中国首座户外主题乐园。 ...
- fly520
- 前天 13:27
- 支持
- 反对
- 回复
- 收藏