Warren Buffett recently released his 2023 letter to shareholders of Berkshire Hathaway. He started with a beautiful eulogy to his longtime partner, Charlie Munger, who passed away on 28th November 2023, just 33 days before his 100th birthday.

In his note, Warren, very humbly, called himself a “general contractor” to carry out the day-by-day construction of his vision of Charlie, whom he called the “architect” of present-day Berkshire. He wrote –

Charlie, in 1965, promptly advised me: “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. In other words, abandon everything you learned from your hero, Ben Graham. It works but only when practiced at small scale.” With much back-sliding I subsequently followed his instructions.

…Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never – never –reminded me of my mistake.

Throughout life, we cross paths with individuals who, often unexpectedly, alter the course of our journey. These could be mentors who ignite in us a passion we never knew existed, friends who challenge our perspectives, or even strangers whose words or actions resonate deeply, causing a shift in our worldview. Their impact might manifest in altering our career paths, influencing our personal development, or reshaping our beliefs and values.

The beauty of these interactions lies in their unpredictability and profound impact. It’s a reminder that every encounter holds the potential to significantly transform our life’s trajectory, encouraging us to remain open and receptive to new experiences and people.

For Buffett, Munger played the role of altering his life’s trajectory.

It’s very important to pause, reflect, and ask this question to yourself – Who is MY Munger?

I think it’s a very important question.

Anyway, I have prepared some notes on Buffett’s letter. Click here to read my notes. 

With respect,
– Vishal