Sunday, March 1, 2015
The Wisdom Of Warren Buffet And Charlie Munger
Warren Buffet celebrated the 50th anniversary of Berkshire Hathaway by describing what he has learned from his mistakes and successes, and from his experiences on the boards of numerous large corporations. His colleague, and partner Charles Munger, also provided a description of the critical factors that have contributed to the outstanding performance of Berkshire Hathaway over the last fifty years. Anyone who is interested in business or investing can learn more from the two letters they provided than any other source that I have encountered in my experience as a professor and a business consultant. A deep understanding of the wisdom that they have provided in two short letters is superior to what is covered in most MBA programs. They redefine the concept of shareholder value, and they help us to understand the mistakes that CEO's make when they pay too much attention to the advice that they receive from Wall Street or from their CFO.