智通財經APP獲悉，2月24日晚間，伯克希爾哈撒韋公司發佈2023財年年報，以及巴菲特的年度股東信。與往年不同的是，巴菲特的老搭檔查理·芒格於去年11月去世。所以今年的年報，特別以一封巴菲特懷念老友的信開頭。
巴菲特親筆信原文如下：
查理·芒格——伯克希爾·哈撒韋的建築師
查理·芒格於11月28日去世，距離他的百歲生日僅33天。
儘管他生於內布拉斯加州奧馬哈並在那裏長大，但他生命中80%的時間居住在其他地方。因此，直到1959年，當他35歲的時候，我才第一次遇見他。到了1962年，他決定應該開始從事資金管理(行業)。
三年後，他告訴了我——這是一件非常正確的事情——我買入伯克希爾的決定是愚蠢的。但是，他向我保證，既然我已經採取了行動，他會告訴我如何糾正我的錯誤。
在接下來的敘述中，請記住，查理和他的家人沒有在我當時管理的小型投資合夥企業中投資一分錢，而我正是用這些資金購買了伯克希爾。而且，我們當時都沒有想到查理會擁有伯克希爾的股份。
然而，查理在1965年立即勸告我：“沃倫，忘掉再去買像伯克希爾這樣的其他公司吧。但既然你現在控制了伯克希爾，就去增加那些以公平價格購買的出色企業，放棄以出色價格購買一般企業的做法。換句話說，拋棄你從你的英雄本·格雷厄姆那裏學到的一切。這個方法有效，但只有在小規模操作時纔行。”我在多次回頭之後，終於遵循了他的指導。
許多年後，查理成爲我在運營伯克希爾時的合夥人，並且在我陷入老習慣時一再將我拉回理智。直到他去世，他一直擔任這個角色，我們與那些早期與我們一起投資的人一道，最終的成就遠遠超過了查理和我曾經設想過的可能。
實際上，查理是現在伯克希爾的“建築師”，而我扮演着“總承包商”的角色，日復一日地實現他的願景。
查理從未試圖爲他作爲創造者的角色而獲取功勞，而是讓我來接受掌聲和榮譽。在某種意義上，他與我之間的關係既像哥哥又像慈愛的父親。即使當他知道自己是對的時候，他也把控制權交給了我，當我(最終意識到)犯錯時，他從未——從來沒有——重複唸叨我犯的錯。
在物質世界中，偉大的建築物與其建築師聯繫在一起，而那些澆築混凝土或安裝窗戶的人很快就被遺忘了。伯克希爾已經成長爲一家偉大的公司。儘管我長期以來一直負責施工隊，但查理應永遠被認爲是建築師。
英文原文如下：
Charlie Munger — The Architect of Berkshire Hathaway
Charlie Munger died on November 28, just 33 days before his 100th birthday.
Though born and raised in Omaha, he spent 80% of his life domiciled elsewhere. Consequently, it was not until 1959 when he was 35 that I first met him. In 1962, he decided that he should take up money management.
Three years later he told me — correctly! — that I had made a dumb decision in buying control of Berkshire. But, he assured me, since I had already made the move, he would tell me how to correct my mistake.
In what I next relate, bear in mind that Charlie and his family did not have a dime invested in the small investing partnership that I was then managing and whose money I had used for the Berkshire purchase. Moreover, neither of us expected that Charlie would ever own a share of Berkshire stock.
Nevertheless, 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.
Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never — never — reminded me of my mistake.
In the physical world, great buildings are linked to their architect while those who had poured the concrete or installed the windows are soon forgotten. Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.