8 key points from Warren Buffett's 2023 annual letter

Munger’s advice to Buffett in 1965

“Add (sic) wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices. Abandon everything you learned from your hero, Ben Graham.”

What kind of companies Berkshire invests in

“We particularly favour the rare enterprise that can deploy additional capital at high returns in the future.”

How tech can still trigger panic

“Speed of communication and wonders of technology facilitate instant worldwide paralysis. Such instant panics won’t happen often – but they will happen.”

Relying on luck

“For whatever reasons, markets now exhibit far more casino-like behaviour than they did when I was young. The casino now resides in many homes and daily tempts the occupants.”

Buffett’s investment ethos

“The lesson from Coke and AMEX? When you find a truly wonderful business, stick with it. Patience pays, and one wonderful business can offset many mediocre decisions.”

Playing it safe is smart

“One investment rule at Berkshire has not and will not change: Never risk permanent loss of capital.”

Importance of Charlie Munger to Berkshire Hathaway

“Great buildings are linked to their architect. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.”

On his relationship with Charlie Munger

“In a way, his relationship with me was part older brother, part loving father. When I blundered he never – never –reminded me of my mistake.”

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