Berkshire Hathaway kicked off its annual meeting with a heartfelt tribute to the late Charlie Munger, Warren Buffett's longtime partner and vice chairman. Munger, a renowned investor and financial mind, passed away last year at 99.

Munger's Wit and Wisdom Endure

The tens of thousands of shareholders gathered at the CHI Health Center in Omaha were treated to a video montage showcasing Munger's signature sharp wit. From his now-famous quote about speculative internet stocks ("If you mix raisins with turds, they're still turds") to his optimistic outlook for the future ("If I can be optimistic when I'm nearly dead, surely the rest of you can handle a little inflation"), Munger's humor and insight resonated with the crowd.

Beyond the One-Liners: Munger's Enduring Lessons for Investors

Munger wasn't just a master of zingers; he was a respected financial thinker whose wisdom continues to guide investors worldwide. Here are some key takeaways from shareholders about Munger's lasting impact:

The Power of Patience: Patience emerged as a common theme. Shareholders like Luis Lozano (Cancun, Mexico) and Dean Miller (Monticello, Minnesota) emphasized the importance of waiting for the right investments and holding for the long term. Munger himself famously advocated for "no-brainers" and the ability to wait for attractive opportunities.

Quality Over Value: Several shareholders, including Jerone Gillespie (Maryland), highlighted Munger's influence on Buffett's investment philosophy. While Buffett initially focused on value investing (buying companies at a discount), Munger encouraged him to prioritize acquiring excellent businesses at fair prices. This strategy has proven highly successful for Berkshire Hathaway.

Avoiding Mistakes: Munger also stressed the importance of avoiding major investment mistakes. Shareholders like Mary Ankenbrand (Omaha) recalled Munger's strong stance against cryptocurrency, famously calling it "dementia" and advising against investing in "turds." For Munger, intrinsic value remained paramount.