June 13, 2024

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Warren Buffett calls out stock-market gamblers and honors the late Charlie Munger in his annual letter

2 min read

Warren Buffett, CEO of Berkshire Hathaway, and former vice chairman Charlie Munger.JOHANNES EISELE/AFP via Getty Images

  • Warren Buffett hailed Charlie Munger as the “architect” of Berkshire Hathaway in his annual letter.

  • The investor also called out stock-market gamblers who buy “hot stocks” and “lottery tickets.”

  • Buffett dismissed forecasters, warned Berkshire’s scale is a challenge, and nodded to the AI frenzy.

Warren Buffett paid tribute to Charlie Munger, touted four of Berkshire Hathaway’s biggest bets, and voiced frustration in his annual letter to shareholders published on Saturday.

The famed investor and Berkshire CEO also called out stock-market gamblers and speculators, dismissed Wall Street forecasters, and even nodded to the AI craze while championing his hometown of Omaha, Nebraska.

Munger, Buffett’s business partner and Berkshire’s vice chairman for over four decades, died in November at 99. He shaped Berkshire into a world-beating conglomerate and helped Buffett evolve from bargain hunting to buying businesses at fair prices.

“Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect,” Buffett said in his letter, describing himself as the “general contractor” who realized Munger’s vision.

Echoing last year’s letter, the centibillionaire hailed Berkshire’s large stakes in Coca-Cola and American Express, which it hasn’t touched in over two decades, as emblematic of his company’s long-term investing style.

Buffett also praised Occidental Petroleum, which he’s built a nearly 28% stake in from scratch within the last two years. He trumpeted the oil-and-gas explorer and producer for supporting US energy independence and pioneering carbon-capture methods.

He also shouted out Berkshire’s roughly 9% stakes in five Japanese trading houses, which he started amassing back in July 2019. He celebrated their restraint in compensating executives, their discipline in paying dividends, and their long-term,…

2024-02-24 17:51:38

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