New Delhi: In an annual Letter addressed to him shareholders, warren buffett acknowledged the contributions of his late Business partner Charlie Munger In building the business, he has been called the “architect” of Berkshire Hathaway.
Buffett cautioned his shareholders against Wall Street experts, saying they should not pay attention to financial advisors who suggest they trade frequently.
Buffett said he always writes his letters with knowledgeable, long-term investors in mind, such as his sister Bertie, adding, “She is savvy – very savvy – and knows intuitively that the pundits should always be ignored.”
Recalling his early days of buying Berkshire, Buffett recounted how Munger had dissuaded him from buying such a business.
“Forget about buying another company like Warren, Berkshire,” the letter said.
“But now that you control Berkshire, add to it wonderful businesses you bought at reasonable prices, and quit buying reasonable businesses at wonderful prices”, in this, Buffett was quick to forget the lesson he learned from his “hero” Ben Graham. He is also known as the “Father of Value Investing”.
Read full text here