Last November marked the end of an era as Charlie Munger, the most faithful ally of Warren Buffet, passed away at the age of 99. Together, they were the most successful couple in business history, running a business conglomerate for six decades. At the recent annual shareholder meeting in Omaha, Buffet paid tribute to his late friend and partner, describing Munger as the architect of their success.
During the meeting, Buffet discussed various topics including renewable energy, artificial intelligence, and their investments in companies like Apple, American Express, and Coca-Cola. Munger’s witty sense of humor was fondly remembered by attendees, many of whom celebrated his memorable quotes and contributions to their partnership.
The meeting served as a reminder of the close relationship between Buffet and Munger, who started their journey working together at a grocery store owned by Buffet’s grandfather in their teenage years. Buffet praised Munger’s honesty and wisdom, acknowledging that his guidance was invaluable in their business endeavors.
In addition to remembering Munger, Buffet also addressed questions about Berkshire Hathaway’s recent financial decisions, including the reduction of their stake in Apple. Despite this move, Buffet expressed confidence in Apple’s long-term prospects, citing potential concerns about rising taxes as a reason for the change in their investment strategy.
Buffet’s risk-averse approach to investing was evident as he discussed the challenges of finding attractive opportunities in the current market landscape. He expressed concerns about the risks associated with emerging technologies like artificial intelligence and emphasized the importance of making informed and cautious investment decisions.
As Buffet reflected on his partnership with Munger and the future of Berkshire Hathaway, attendees were reminded of the legacy they have built together. While changes may be on the horizon, Buffet’s commitment to prudent and thoughtful investments remains unwavering, ensuring that their success story continues for years to come.