NEW DELHI: In an annual letter to his shareholders, Warren Buffett acknowledged the contributions of his late business partner Charlie Munger in building the company, calling him the “architect” of Berkshire Hathaway.
Buffet warned his shareholders about Wall Street experts and said they should not listen to financial advisers who recommend they trade frequently.
Buffett explained that he always writes his letters to knowledgeable, long-term investors like his sister Bertie, saying, “She is sensible – very sensible – and knows instinctively that experts should always be ignored.”
Buffet recalls his first days buying Berkshire and tells how Munger discouraged him from buying such a company.
“Warren, forget about ever buying another company like Berkshire,” the letter said.
“But now that you control Berkshire, add to that wonderful companies bought at fair prices and give up buying fair companies at wonderful prices,” it adds, further urging Buffet to unlearn the lessons which he learned from his “hero” Ben Graham, who is also known as the “Father of Value Investing”.
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Buffet warned his shareholders about Wall Street experts and said they should not listen to financial advisers who recommend they trade frequently.
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Buffett explained that he always writes his letters to knowledgeable, long-term investors like his sister Bertie, saying, “She is sensible – very sensible – and knows instinctively that experts should always be ignored.”
Buffet recalls his first days buying Berkshire and tells how Munger discouraged him from buying such a company.
“Warren, forget about ever buying another company like Berkshire,” the letter said.
“But now that you control Berkshire, add to that wonderful companies bought at fair prices and give up buying fair companies at wonderful prices,” it adds, further urging Buffet to unlearn the lessons which he learned from his “hero” Ben Graham, who is also known as the “Father of Value Investing”.
Read the full text here
End of article
