Warren Buffett, CEO of Berkshire Hathaway, has paid tribute to his long-time business partner Charlie Munger in his annual letter to shareholders. Munger, who passed away in November at the age of 99, was remembered as the “architect” of the multi-billion-dollar company. In the letter, Buffett described their relationship as “part older brother, part loving father.” Despite Munger being the visionary behind Berkshire Hathaway, he never sought credit for his role, allowing Buffett to take the accolades. Buffett emphasized that Munger should forever be credited with being the architect of the company.
Berkshire Hathaway’s CEO Warren Buffett, left, remembered Charlie Munger as the “architect” of the multi-billion-dollar company.
In his letter, Buffett urged investors to focus on Berkshire’s operating earnings rather than bottom-line figures. He highlighted the exclusion of unrealized capital gains or losses, which can exceed $5 billion a day, from the mandated figures. Buffett expressed his preference for the previous rule and stated, “At Berkshire, we can be stubborn.” He also acknowledged the lack of eye-p