Post-Buffett Future for Berkshire in Focus
It was inevitable that Munger’s absence would loom large over the meeting, where he held court on stage alongside Buffett for decades, entertaining crowds with his witticisms and — at times scathing — quips.
On the sidelines of Saturday’s event, investors were clear there will never be another Buffett or Munger. However competent their successors, the pair brought an authenticity and charisma that would be hard to replace.
Munger Tributes
On Saturday, Buffett extolled Munger’s love of learning, his ability to navigate a path out of failures, his investing acumen and wisdom. He’s never seen someone peaking at 99, Buffett said.
“He went everywhere with his mind, and therefore he was not only interested in the world at 99, but the world was interested in him,” Buffett said. At one point, Buffett mistakenly referred to Berkshire vice chairman Greg Abel as “Charlie” as he directed a question to him.
As succession repeatedly came up, Buffett kept invoking leadership changes at Apple, one of his favorite companies — even though he sold some of its shares in the first quarter. He noted the strong leadership of Chief Executive Officer Tim Cook, who took over for Steve Jobs.
Read More: 6 Lessons From Charles Munger on Investing, Business
Munger died in November just months shy of his 100th birthday, prompting an outpouring of tributes praising his depth of knowledge, witticisms and investing acumen. A lawyer by training, Munger helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term.
“I think he gave us all permission to tell the honest truth when we can,” John Rogers, who is co-chief executive officer at Ariel Investments, said at the Gabelli event. “And that’s the thing I think I take away from Charlie the most.”
Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.
“I think Charlie would be the first to say that if Berkshire was harmed by his departure, they weren’t doing their jobs,” Adam Mead, who wrote “The Complete Financial History of Berkshire Hathaway,” said.
(Photo: Bobbleheads of Charlie Munger, left, and Warren Buffett; credit: Dan Brouillette/Bloomberg)
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