Warren Buffett writes letter to shareholders; credits partner Charlie Munger as 'architect' of business – Times of India
NEW DELHI: In an annual letter addressed to his shareholders, Warren Buffett acknowledged the contributions of his late business partner Charlie Munger in building the business, calling him the “architect” of Berkshire Hathaway.
Warning his shareholders against Wall Street experts, Buffet said not to pay heed to those financial advisers who suggest them to trade often.
Buffett stated that he always writes his letters with knowledgeable, long-term investors such as his sister Bertie in mind saying, “She is sensible – very sensible – instinctively knowing that pundits should always be ignored.”
Reminscing his initial days of buying Berkshire, Buffet recounts how Munger had wraned him against buying such a business.
“Warren, forget about ever buying another company like Berkshire”, the letter says.
“But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices”, it adds, further asking Buffet to unlearn the lessons learnt from his “hero” Ben Graham, who is also known as “the father of value investing.”
Read full text here
Warning his shareholders against Wall Street experts, Buffet said not to pay heed to those financial advisers who suggest them to trade often.
Buffett stated that he always writes his letters with knowledgeable, long-term investors such as his sister Bertie in mind saying, “She is sensible – very sensible – instinctively knowing that pundits should always be ignored.”
Reminscing his initial days of buying Berkshire, Buffet recounts how Munger had wraned him against buying such a business.
“Warren, forget about ever buying another company like Berkshire”, the letter says.
“But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices”, it adds, further asking Buffet to unlearn the lessons learnt from his “hero” Ben Graham, who is also known as “the father of value investing.”
Read full text here
