It was inevitable that Munger’s absence would loom massive over the assembly, the place he held court docket on stage alongside Buffett for many years, entertaining crowds together with his witticisms and — at occasions scathing — quips.
On the sidelines of Saturday’s occasion, buyers had been clear there’ll by no means be one other Buffett or Munger. Nonetheless competent their successors, the pair introduced an authenticity and charisma that may be onerous to interchange.
Munger Tributes
On Saturday, Buffett extolled Munger’s love of studying, his means to navigate a path out of failures, his investing acumen and knowledge. He’s by no means seen somebody peaking at 99, Buffett mentioned.
“He went all over the place together with his thoughts, and due to this fact he was not solely on the planet at 99, however the world was fascinated about him,” Buffett mentioned. At one level, Buffett mistakenly referred to Berkshire vice chairman Greg Abel as “Charlie” as he directed a query to him.
As succession repeatedly got here up, Buffett stored invoking management modifications at Apple, one among his favourite corporations — although he bought a few of its shares within the first quarter. He famous the sturdy management of Chief Govt Officer Tim Cook dinner, who took over for Steve Jobs.
Learn Extra: 6 Classes From Charles Munger on Investing, Enterprise
Munger died in November simply months shy of his a hundredth birthday, prompting an outpouring of tributes praising his depth of data, witticisms and investing acumen. A lawyer by coaching, Munger helped Buffett, who was seven years his junior, craft a philosophy of investing in corporations for the long run.
“I believe he gave us all permission to inform the sincere fact once we can,” John Rogers, who’s co-chief government officer at Ariel Investments, mentioned on the Gabelli occasion. “And that’s the factor I believe I take away from Charlie probably the most.”
Below their administration, Berkshire averaged an annual achieve of 20% from 1965 via 2022 — roughly twice the tempo of the S&P 500 Index. A long time of compounded returns made the pair billionaires and people heroes to adoring buyers.
“I believe Charlie could be the primary to say that if Berkshire was harmed by his departure, they weren’t doing their jobs,” Adam Mead, who wrote “The Full Monetary Historical past of Berkshire Hathaway,” mentioned.
(Picture: Bobbleheads of Charlie Munger, left, and Warren Buffett; credit score: Dan Brouillette/Bloomberg)