It was inevitable that Munger’s absence would loom massive over the assembly, the place he held court docket on stage alongside Buffett for many years, entertaining crowds along with his witticisms and — at occasions scathing — quips.
On the sidelines of Saturday’s occasion, buyers had been clear there’ll by no means be one other Buffett or Munger. Nevertheless competent their successors, the pair introduced an authenticity and charisma that will be laborious to switch.
Munger Tributes
On Saturday, Buffett extolled Munger’s love of studying, his capacity to navigate a path out of failures, his investing acumen and knowledge. He’s by no means seen somebody peaking at 99, Buffett mentioned.
“He went in all places along with his thoughts, and subsequently he was not solely on the planet at 99, however the world was excited by him,” Buffett mentioned. At one level, Buffett mistakenly referred to Berkshire vice chairman Greg Abel as “Charlie” as he directed a query to him.
As succession repeatedly got here up, Buffett stored invoking management modifications at Apple, considered one of his favourite firms — despite the fact that he bought a few of its shares within the first quarter. He famous the robust management of Chief Government Officer Tim Prepare dinner, who took over for Steve Jobs.
Learn Extra: 6 Classes From Charles Munger on Investing, Enterprise
Munger died in November simply months shy of his a hundredth birthday, prompting an outpouring of tributes praising his depth of data, witticisms and investing acumen. A lawyer by coaching, Munger helped Buffett, who was seven years his junior, craft a philosophy of investing in firms for the long run.
“I feel he gave us all permission to inform the sincere fact after we can,” John Rogers, who’s co-chief government officer at Ariel Investments, mentioned on the Gabelli occasion. “And that’s the factor I feel I take away from Charlie probably the most.”
Below their administration, Berkshire averaged an annual acquire of 20% from 1965 via 2022 — roughly twice the tempo of the S&P 500 Index. Many years of compounded returns made the pair billionaires and folks heroes to adoring buyers.
“I feel Charlie could be the primary to say that if Berkshire was harmed by his departure, they weren’t doing their jobs,” Adam Mead, who wrote “The Full Monetary Historical past of Berkshire Hathaway,” mentioned.
(Picture: Bobbleheads of Charlie Munger, left, and Warren Buffett; credit score: Dan Brouillette/Bloomberg)
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