Warren Buffett took over Berkshire Hathaway in 1965, and Charlie Munger was giving him advice from very early on, long before he became vice-chairman in 1978.
Thanks to the two of them, Berkshire Hathaway manages over a trillion dollars in assets, and both became billionaires. Buffett built a larger public profile, but both are legends in the investing world.
Both of them were also known for “value investing.” They’d buy underpriced assets they understood extremely well that also had a big competitive advantage and were likely to be profitable for a long time.
This is not a sexy way to invest, and they missed a few opportunities because of that, but their philosophy was wildly successful over the long term, and investors paid close attention. Their Berkshire Hathaway Annual Shareholders meetings were called “Woodstock for capitalists,” and they drew as many as 40,000 people who came to hear Buffett and Munger talk and answer questions for hours.
Philosophically, there are a few things I d…
