The ‘Berkshire System’: Life Advice From a Shareholder Letter

Warren Buffett’s track record at Berkshire has been so remarkable that even Buffett himself, if he were young again, couldn’t repeat it. At least that’s what Charlie Munger believes.

Ordinarily, a casualty insurance business is a producer of mediocre results, even when very well managed. Berkshire’s better outcome was so astoundingly large that I believe that Buffett would now fail to recreate it if he returned to a small base while retaining his smarts and regaining his youth.

Munger mused about this topic in 2014, when, in celebration of Buffett’s fiftieth anniversary at Berkshire, he and Buffett published a lengthy 42-page annual letter.

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Πηγή: neckar.substack.com