In the first Berkshire Hathaway meeting following the death of Charlie Munger, shareholders shared the best lessons they learned from the billionaire investor
The acerbic Munger had enough zingers to fill a lengthy reel to the delight of the tens of thousands of shareholders who piled into the CHI Health Center in Omaha, Nebraska on Saturday.On his outlook for the future: "If I can be optimistic when I'm nearly dead, surely the rest of you can handle a little inflation."Of course, Munger wasn't just a quick wit.
Munger was well known for waiting — not only when it came to building wealth, but for finding attractive investing opportunities. "When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever," Buffett wrote in his 1988 letter to shareholders.When citing Munger's most important lessons, multiple shareholders on the floor recalled a key early disagreement between Munger and Buffett.
"Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices,"
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