'The Architect' Of Berkshire Hathaway: Read Warren Buffett's Emotional Annual Letter About Late Charlie Munger's Passing

In a touching tribute to his longtime friend and business partner, Warren Buffett, the renowned investor and CEO of Berkshire Hathaway Inc. BRK BRK, expressed deep gratitude for his longtime friend and partner, the late Charlie Munger, whom Buffett called the “architect” behind the success of the conglomerate in his annual letter to shareholders. 

Munger, who passed away on Nov. 28, just shy of his 100th birthday, played a pivotal role in shaping Berkshire’s trajectory over several decades, Buffett wrote.

Also See: Charlie Munger Shared These 3 Valuable Life Lessons Right Before He Died

Buffett likened their relationship to that of an older brother and a loving father, emphasizing Munger’s unwavering support and willingness to let Buffett take the reins, even in the face of mistakes. 

“In a way his relationship with me was part older brother, part loving father,” Buffett wrote in a heartfelt note.

Buffett reminisced about his first encounter with Munger in 1959, highlighting Munger’s later pivotal advice in 1965. 

Despite not having any personal investment in the small partnership managed by Buffett at the time, Munger selflessly offered strategic counsel, advising Buffett to focus on acquiring businesses at fair prices instead of chasing bargains.

Also Read: Charlie Munger Built A $300M Stock Portfolio For Daily Journal, But Small Publisher Worries It May Not Perform Well Now: ‘It’s Impossible To Ever Replace’

“Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades,” Buffett added.

Buffett acknowledged Munger’s role as the guiding force behind Berkshire’s success, referring to himself as the “general contractor” implementing Munger’s vision. 

“Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect,” Buffett said.

You can read the full letter below:

In addition to paying tribute to Charlie Munger, Buffett, offered sage advice to investors during his recent remarks by cautioning against heeding the advice of Wall Street pundits and financial advisors these days. 

See This: Activist Investor Threats Loom Over Berkshire Hathaway In Post-Buffett Era, Warns Board Member

Berkshire Hathaway registered a solid increase in fourth-quarter operating earnings, driven by strength in its insurance businesses, both in underwriting and investment income.The Omaha-based company’s quarterly operating earnings of $8.48 billion rose 28% from $6.63 billion in the year-ago quarter.

For the full year of 2023, operating earnings increased to $37.350 billion, up 21.06% from $30.853 billion in the prior year.

Read Next: Berkshire Hathaway’s Q4 Operating Earnings Surge 28%, Warren Buffett Pays Touching Tribute To Late Charlie Munger: ‘His Relationship With Me Was Part Older Brother, Part Loving Father’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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