Charlie Munger, a titan of the investment world, passed away on 28th November ‘23, just 33 days short of what would have been a monumental milestone - his 100th birthday.
In February ‘24, Berkshire Hathaway’s annual letter to shareholders, a document eagerly anticipated by investors for its wisdom and valuable teachings, was published, and Warren Buffett paid tribute to his long-time friend and right-hand man, Charlie Munger. He lauded Munger as the ‘architect’ of Berkshire Hathaway while describing himself as the ‘general contractor’ tasked with executing Munger’s visionary blueprint.
Outlined in the annual letter, Buffett stated that in 1965, Charlie Munger advised him that acquiring Berkshire was a misstep, emphasizing the strategy of purchasing outstanding businesses at fair prices rather than mediocre businesses at attractive prices. After joining Berkshire, together with Buffett, he made Berkshire a world-class conglomerate and helped imbibe his investment strategy, which has yielded rich results.
Charlie Munger is frequently viewed as being overshadowed by Warren Buffett, largely because of Buffett’s prominent public presence and his position at Berkshire Hathaway. However, Buffett has consistently emphasized Munger’s critical contribution to the company’s success. Although Buffett might be the more well-known figure, Munger’s influence and legacy in the investment realm are extensively recognized and celebrated.
Charlie’s immense success in the investment world provides profound insights, but along with it, how he overcame personal setbacks is insightful and a powerful reminder that his journey was not one without ups and downs. He navigated personal blows with grit, determination and resilience. Thus, reflecting on his life lessons is highly important.
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Denne historien er fra March, 2024-utgaven av Beyond Market.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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