Warren Buffett, reflecting on the passing of his longtime business partner Charlie Munger in November last year, acknowledged Munger’s pivotal role in shaping Berkshire Hathaway Inc. into the conglomerate it is today. In his annual letter, Buffett described Munger as the ‘architect’ of present-day Berkshire, with himself as the ‘general contractor’ responsible for executing Munger’s vision over their 60-year partnership.
Despite Munger’s significant contributions, he remained humble, allowing Buffett to take the limelight. Warren Buffett likened their relationship to that of an older brother and a loving father, highlighting Munger’s guidance and wisdom.
Also Read : SEBI Cracks Down on Zee Business Experts! You Won’t Believe What They Did..
Recalling a pivotal moment in 1965, Warren Buffett recounted Munger advising him to shift focus from buying companies akin to Berkshire’s origins to acquiring exceptional businesses at reasonable prices. This departure from Benjamin Graham’s value investing principles, which Buffett had previously adhered to, marked a strategic shift that ultimately propelled Berkshire’s success.
Acknowledging Munger’s influence, Warren Buffett emphasized that while he led the day-to-day operations, Munger’s visionary guidance was fundamental to Berkshire’s evolution. In doing so, Buffett honored Munger’s legacy as the true architect of Berkshire’s greatness.