Warren Buffett’s recent shareholder letter has sparked discussion around the investment genius of his long-time partner, Charlie Munger. As Munger recently turned 99, Buffett took the opportunity to reflect on their successful partnership and the invaluable lessons he has learned from Munger over the years. Given that Buffett himself wrote the letter, it is particularly important to pay attention to his observations about Munger’s investment strategies and philosophy.
In his recent shareholder letter, Buffett writes, “Nothing beats having a great partner. Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, is always more clearly reasoned and also more artfully – some might add bluntly – stated.”
Here are several notable takeaways from the shareholder letter.
“The World Is Full Of Foolish Gamblers, And They Will Not Do As Well As The Patient Investor.”
Investing demands discipline, patience, and a long-term perspective, as opposed to the recklessness and short-sightedness of a foolish gambler who is driven by greed and emotions. On the other hand, the patient investor recognizes the value of long-term growth and is willing to wait for his/her investments to pay off.
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