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The Architect
The upward trend in the markets returned this past week as the S&P 500 rose 1.66% and the Nasdaq rose 1.4%. It was a week when all eyes were on Nvidia as it reported its earnings. After a strong report after the close on Wednesday, the Nasdaq was up almost 3% on Thursday.
It was also a week spent anticipating Berkshire Hathaway’s results, which were published on Saturday, along with Warren Buffett’s letter to shareholders.
Berkshire Hathaway’s long-term success was something no one could have predicted when Mr. Buffett’s investment partnership took control in the mid-1960s. And the partnership of Warren Buffett and Charlie Munger might be the greatest business partnership of all time. Mr. Buffett gave Mr. Munger plenty of credit in his letter:
Charlie, in 1965, promptly advised me: “Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices. In other words, abandon everything you learned from your hero, Ben Graham. It works but only when practiced at small scale.” With much back-sliding I subsequently followed his instructions.
Many years later, Charlie became my partner in running Berkshire and, repeatedly, jerked me back to sanity when my old habits surfaced. Until his death, he continued in this role and together we, along with those who early on invested with us, ended up far better off than Charlie and I had ever dreamed possible.
In reality, Charlie was the “architect” of the present Berkshire, and I acted as the “general contractor” to carry out the day-by-day construction of his vision.
The greatest successes—in any business or other organization—often have multiple factors that work in their favor. They often have big-picture principles that guide actions and culture, and talented people execute and uphold those principles.
While Berkshire famously had no master plan other than doing what looked sensible each and every day, they had a core architecture—buy good businesses, treat people fairly and honestly—that is sound for just about anyone to emulate if they are trying to build something that lasts for decades.
“We don’t have a master plan. Charlie and I do not sit around and strategize or talk about the future of various industries or do anything of that sort. It just doesn’t happen. We don’t have any reports. We don’t have any staff. We don’t have any of that. We try to survey the whole financial field. We try to look at what comes in and look for things we understand, where we think they have a durable, competitive advantage, where we like the management, and where the price is sensible.” —Warren Buffett (2001)
“Therein lies a lesson in life. I think most lives work best when you simply react intelligently to the opportunities and difficulties you encounter, and just take the results as they fall. Some people think that by master planning, you will solve everything, but what I find is that the master plan gets a life of its own, and people believe it because they previously decided on that then, and they make all kinds of mistakes.” —Charlie Munger (2013)
Tweets of the Week
In Case You Missed it…
Warren Buffett’s 2023 Letter to Berkshire Shareholders
Chris Bloomstran’s 2023 Letter to Clients
Playing the Odds w/ Super-Investor Bruce Berkowitz (RWH041) (video)
Retail investors are 'five years too late' with Nvidia, says Lux Capital's Josh Wolfe (video)
Morgan Housel – Selfish Writing, Fiction vs. Nonfiction, Methods for Connecting Ideas (video)
The Business Brew Podcast: Will Thomson On Lithium, Copper, And More
A Bit of Optimism Podcast: Supercommunicators with journalist Charles Duhigg
Live Nation CEO talks posting record revenue in Q4
Live Nation Entertainment Reports Full Year and Fourth Quarter 2023 Results
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