This year's annual meeting of Berkshire Hathaway shareholders kicked off with a video tribute to Berkshire vice chairman and Warren Buffett right-hand man Charlie Munger, who passed away last year at age 99.
Buying great companies, rather than great valuesWhen citing Munger's most important lessons, multiple shareholders on the floor recalled a key early disagreement between Munger and Buffett.
"I learned that it's better to buy good businesses at fair prices than pretty bad businesses at really great prices," said Jerone Gillespie of Maryland.
"I think that's the same thing that Warren Buffett said was one of the most important lessons that he learned from him."
But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices," Buffett recalls Munger telling him in 1965.
Persons:
Berkshire Hathaway, Warren Buffett, Charlie Munger, Munger, they're, I'm, Luis Lozano, Dean Miller, —, We're, Buffett, Jerone Gillespie, Gillespie, Benjamin Graham, Warren, Ben Graham, cryptocurrency
Organizations:
Berkshire, CHI
Locations:
Omaha , Nebraska, Munger, Cancun , Mexico, Monticello , Minnesota, Jerone Gillespie of Maryland, Berkshire