NEW DELHI: In an annual
letter
addressed to his
shareholders
,
Warren Buffett
acknowledged the contributions of his late
business
partner
Charlie Munger
in building the business, calling him the “architect” of Berkshire Hathaway.
Warning his shareholders against Wall Street experts, Buffet said not to pay heed to those financial advisers who suggest them to trade often.
Buffett stated that he always writes his letters with knowledgeable, long-term investors such as his sister Bertie in mind saying, “She is sensible – very sensible – instinctively knowing that pundits should always be ignored.”
Reminscing his initial days of buying Berkshire, Buffet recounts how Munger had wraned him against buying such a business.
“Warren, forget about ever buying another company like Berkshire”, the letter says.
“But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices”, it adds, further asking Buffet to unlearn the lessons learnt from his “hero” Ben Graham, who is also known as “the father of value investing.”
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