{"id":28823,"date":"2024-02-25T13:09:45","date_gmt":"2024-02-25T07:39:45","guid":{"rendered":"https:\/\/farratanews.online\/berkshire-hathways-warren-buffett-pays-tribute-to-charlie-munger\/"},"modified":"2024-02-25T13:09:45","modified_gmt":"2024-02-25T07:39:45","slug":"berkshire-hathways-warren-buffett-pays-tribute-to-charlie-munger","status":"publish","type":"post","link":"https:\/\/farratanews.online\/berkshire-hathways-warren-buffett-pays-tribute-to-charlie-munger\/","title":{"rendered":"Berkshire Hathway’s Warren Buffett pays tribute to Charlie Munger"},"content":{"rendered":"

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Howard Buffett explains how his childhood experiences influenced him to become a philanthropist.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Berkshire Hathaway’s CEO Warren Buffett remembered Charlie Munger, the conglomerate’s former vice chairman, as the “architect” of the company and as a formidable partner in his first annual letter to shareholders since Munger\u2019s death.<\/p>\n

“Charlie was the \u2018architect\u2019 of the present Berkshire, and I acted as the \u2018general contractor\u2019 to carry out the day-by-day construction of his vision,” Buffet wrote in the letter to shareholders.<\/p>\n

Buffett said that his relationship with his longtime business partner was “part older brother, part loving father.”<\/p>\n

“Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way, his relationship with me was part older brother, part loving father,” Buffett wrote. “Even when he knew he was right, he gave me the reins, and when I blundered he never \u2013 never \u2013 reminded me of my mistake.”<\/p>\n

CHARLIE MUNGER, FRIEND AND BUSINESS PARTNER OF WARREN BUFFETT, DEAD AT 99<\/strong><\/p>\n

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\"Charlie<\/source><\/source><\/source><\/source><\/picture><\/div>\n
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Berkshire Hathaway’s CEO Warren Buffett, left, remembered Charlie Munger as the “architect” of the multi-billion-dollar company.<\/span> (JOHANNES EISELE\/AFP via Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n

“In the physical world, great buildings are linked to their architect while those who had poured the concrete or installed the windows are soon forgotten. Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect,” he added.<\/p>\n

In the letter to shareholders, Buffett urged investors to largely ignore bottom line figures but rather focus on Berkshire’s operating earnings that exclude investments.<\/p>\n

FIRST PARAMOUNT, NOW APPLE. WARREN BUFFETT’S BERKSHIRE SELLS SHARES OF TECH GIANT<\/strong><\/p>\n

“The primary difference between the mandated figures and the ones Berkshire prefers is that we exclude unrealized capital gains or losses that at times can exceed $5 billion a day,” Buffett wrote. “Ironically, our preference was pretty much the rule until 2018, when the “improvement” was mandated. Galileo\u2019s experience, several centuries ago, should have taught us not to mess with mandates from on high. But, at Berkshire, we can be stubborn.”<\/p>\n

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FILE PHOTO: Berkshire Hathaway shareholders walk by a video screen at the company’s annual meeting in Omaha May 4, 2013. <\/span> (REUTERS\/Rick Wilking\/File Photo \/ Reuters Photos)<\/span><\/p>\n<\/div>\n<\/div>\n

Buffett also tempered expectations for Berkshire’s stock price, saying the company’s huge size left “no possibility of eye-popping performance.”<\/p>\n

“There remain only a handful of companies in this country capable of truly moving the needle at Berkshire, and they have been endlessly picked over by us and by others,” Buffett wrote. “Some we can value; some we can’t.”<\/p>\n

The 93-year-old billionaire also assured investors that Vice Chairman Greg Abel, his successor, was “in all respects ready to be CEO of Berkshire tomorrow.”<\/p>\n

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Charlie Munger, vice chairman of Berkshire Hathaway Inc., speaks during the Daily Journal Corp. shareholder meeting in Los Angeles.<\/span> (Patrick T. Fallon\/Bloomberg via Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n

Buffett’s heartfelt tribute to Munger came after his business partner and friend died in November at age 99.<\/p>\n

“Berkshire Hathaway could not have been built to its present status without Charlie\u2019s inspiration, wisdom and participation,” Buffett said in a statement at the time of his passing.<\/p>\n

GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/u><\/strong><\/p>\n

In addition to being Berkshire’s vice chairman, Munger was a real estate attorney, chairman and publisher of the Daily Journal Corp., a member of the Costco board, a philanthropist and an architect.<\/p>\n

Fox News Digital’s Stepheny Price contributed to this report.<\/i><\/p>\n<\/div>\n[ad_2]\n","protected":false},"excerpt":{"rendered":"

[ad_1] Howard Buffett explains how his childhood experiences influenced him to become a philanthropist. Berkshire Hathaway’s CEO Warren Buffett remembered Charlie Munger, the conglomerate’s former vice chairman, as the “architect” of the company and as a formidable partner in his first annual letter to shareholders since Munger\u2019s death. “Charlie was the \u2018architect\u2019 of the present …<\/p>\n","protected":false},"author":1,"featured_media":28825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/28823"}],"collection":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/comments?post=28823"}],"version-history":[{"count":0,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/28823\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media\/28825"}],"wp:attachment":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media?parent=28823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/categories?post=28823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/tags?post=28823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}