Source: Red and Green

“Stock god” Warren Buffett has been in the investment industry for decades. In a blink of an eye, this super investor is already a long-lived elderly person. Today is Buffett's 93rd birthday, and he has received the best gift — Berkshire Hathaway just recently achieved its highest quarterly operating profit in history, and the trading price of Class A shares reached another record high.

Since 1965, Buffett has bought Berkshire Hathaway, increasing the company's stock price by about 28,000 times. Although Buffett has donated dollar shares to the Gates Foundation and four other foundations every year since 2006, Buffett still owns 15% of the company's worth of shares.

As to why Buffett has achieved such great success, it is certainly impossible to bypass one person; he is Charlie Munger.When mountains and rivers meet their friends, the two are like “Boya” and “Sub Period.” They feel sorry for each other. They have carried through ups and downs for decades, and have made each other successful.How did the two meet and get to know each other, and why is their friendship so strong for so long?

1. When the two met

The friendship between the two dates back decades. In 1957, Warren Buffett was managing a very small asset in Omaha, about $300,000. In his dealings with Dr. Edwin Davis's family, he heard the name Charlie Munger. Buffett recalled, “Edwin Davis is the best doctor in town. His wife's name is Dorothy Davis. I know them, and they know my whole family. One day I went to their apartment and explained to them how I managed my money. Mrs. Davis was a very savvy person, and Dr. Davis didn't pay attention to me at the time. After I said that, they discussed it for a while — then agreed to invest $100,000.I asked Dr. Davis, 'You didn't listen carefully just now, why are you still willing to invest in me? ' He answered, 'You remind me of Charlie Munger. ' I said I don't know who Charlie Munger is, but I love this guy already.”

Two years after Buffett first heard the name Charlie Munger, they finally met. In 1959, Munger returned to Omaha to help deal with the affairs of his father after his death. The Davis family arranged a dinner for them.When they first met, Buffett and Munger both deeply felt they were in tune with each other. “As soon as we met, we felt we were a perfect match for each other.” Buffett said.

Although Munger went to the dinner with conservative ideas, he was impressed by Buffett's charisma. “Admittedly, almost the first time I saw Buffett, I felt like he was an extraordinary person.” Munger recalled. He immediately began to learn about the industry and the way it works from Buffett, and Buffett's answers captivated him deeply.

Originally, Munger didn't expect much from this meeting; he thought it was just a normal social occasion. However, he soon realized that his judgment was grossly wrong. In the private room at the Omaha Club, they shared interesting facts about working at Grandpa Buffett's grocery store and complained about the old man's meanness.Munger asked Buffett about his current job and business operations, and Buffett began to enthusiastically introduce his investment business and the investment philosophy of Benjamin Graham that he adopted.Munger was quickly drawn in. Although he has been working in the law business for more than ten years and earns only tens of thousands of dollars a year, he is still far from the goal of “taking charge of his own destiny like Robinson,” which he had always dreamed of.

Although Buffett's investment terms are obscure and difficult to understand for the average person, Munger can understand them right away. Buffett felt that he had finally met a friend, so the more he talked, the more excited he became. Munger couldn't help but ask Buffett, “Do you think I could do the same thing in California?” Buffett stared at Munger for a moment, then answered in the affirmative, “Yes! I'm pretty sure you can!”

The next night, Dick Holland, another friend they both know, invited them to dinner. Buffett, who was only 29 at the time, and Munger, 35, had another in-depth conversation. Munger is passionate about his topic, and he even uses his other hand to stop others from interrupting their conversation while drinking a drink.

Although Buffy is originally based in Omaha and Munger in Los Angeles, that hasn't stopped them from maintaining close ties. They talk on the phone every day, and each call lasts an hour or two. Additionally, they also write letters, sometimes as long as 9 pages long.

Buffett even made a special flight to Los Angeles to visit Munger. The children in Munger's family were all impressed by this, and they knew this was a very important guest. Although dinner was carefully prepared, Buffett didn't pay much attention to healthy meals; he just concentrated on drinking Cola and eating ice cream.

2. People who share the same path feel sorry for each other

Buffett once summarized “Suggestions for Choosing a Partner”:

Choose someone who is smarter than you; choose someone who won't show off his smarts in front of you; choose someone who won't get mad at you when you make a big mistake; choose someone who is generous and will invest their money and work hard for you without getting paid; choose someone who can travel with you along the long road and bring you continuous happiness.

There are very few things where friendship and business can be perfectly combined. Two people, on the other hand, are a perfect combination of them. Their friendship and collaboration has spanned more than half a century, creating amazing wealth while maintaining a close relationship.

They are Buffett and Munger.

Despite the obvious differences in appearance and personality, Buffett and Munger's ideas are highly compatible and complement each other.Munger's careful consideration and rigor enabled Buffett's investment philosophy to a deeper level, while Buffett's insight and wisdom were also better implemented under Munger's influence.

When the two don't agree, Munger said that Buffett would win. If the two sides hold their own opinions, he is willing to leave the decision to Buffett. “People like me are very assertive and won't act very submissive even in front of Buffett, even though he is more capable and more focused than me.” This sentence explains a lot about the relationship between the two of them. Munger is stubborn, yet he is willing to give in after Buffett.

And Munger's influence on Buffett is also very obvious.Buffett said, “Benjamin Graham once taught me to only buy cheap stocks, and Charlie made me change that approach.”

Shareholders once asked Munger, “Mr. Buffett used to only buy stocks that were far below the value of assets. You influenced Mr. Buffett and made him realize the value of a company with franchise rights. How did you realize the value of a franchise? Does this have anything to do with your own business experience?”

Munger replied, “Warren said that because he's a professional investor, he's a better business manager; because he's a business manager, he's a better investor. I agree very much with Warren's statement.

Running a business and investing in stocks complement each other. Shares are a type of document used to trade, but stocks represent ownership of a business. If a person has rich business experience, it will certainly be helpful for him to invest.

Similarly, a person works as a sales manager in a company, and his main job is to sell products and solve customer problems. If he has rich investment experience and knows many other companies, he can better carry out sales work. Because he has investment experience, this sales manager can understand customer needs more deeply and help customers solve problems more efficiently.

Indeed, people with both business experience and investment experience can invest better. Because we have a dual background in business and investment, whether it's managing a business or investing in stocks, Warren and I are all more comfortable.”

The two worked perfectly together for so long that even Munger was impressed. By the time Buffett left, Berkshire's supreme leader should have been less intelligent than Warren. “Oh my God, after 40 years of giving me Warren Buffett, how can I be a worse bastard than him?” This is Munger's speech at a shareholders' meeting.

The acquaintance and cooperation between Buffett and Munger not only enabled Buffett to find a confidant and partner, but also allowed Munger to find his own world in the investment field. Since then, the names of Buffett and Munger have become investment legends where wisdom and opportunity intersect. Together, they have created an admirable investment legend.

3. What do Buffett and Munger have in common

Buffett and Munger think each other is the smartest person they know. They are willing to listen carefully to each other's thoughts and respect each other's opinions.

Honesty and honesty are their common traits. Together, they make honest and honest friends and resist those who are dishonest and dishonest.

They share a sense of humour, appreciate each other's humour and playfulness, and every joke resonates with their hearts.

In terms of investment philosophy, they both believe in value investing, agree to focus on matters within their ability, and have extraordinary patience. Although there was a slight difference in risk tolerance, there was no conceptual disagreement. This provided a solid foundation for their many years of collaboration.

They all stick to their duties. Although he is full of confidence and already enjoys an “amazing” reputation in the investment community, he always strives to promote Munger, regard him as a critical partner, and affirms Munger's contributions to himself and Berkshire in any public setting. Today, Munger is widely admired for his wisdom, and Buffett's admiration for him is self-evident. Although emotionally they are friends, and they have a superior relationship in terms of position, ideologically, Buffett treated Munger as a teacher.

Munger's side, on the other hand, has never had any credit or pride. Faced with Buffett's praise, he argued that Buffett is extremely smart, and even without my help, he would sooner or later understand the truth of investing. Even if there has never been a person like Charlie Munger in the world, Buffett's performance will still be as beautiful as it is now.

4. The rational wisdom behind Buffett's success

In the investment field, Charlie Munger has become a well-known figure with his deep insight and unique ideas. His decades-long collaboration with Warren Buffett has achieved brilliant results. Munger's thoughts and wisdom provided important support for Buffett's success.

Munger once said, “I think the ideas of the great enlighteners who thought I was Warren's great enlightener had some mythical elements. He doesn't need any enlightenment. Frankly speaking, I think I'm a bit unworthy of my name. Warren did have a time when he worked under Benjamin Graham and earned so much money. It's really hard to break out of such a successful experience. But if there had never been a person named Charlie Munger in the world, Buffett's performance would still be as beautiful as it is now. It's hard for people to believe his performance is getting better year by year. This isn't going to last forever, but Warren's horizons have certainly improved. This is very rare:The vast majority of people have stagnated until the last few years, but Warren is still improving.”

• Achieve Berkshire's collaboration and wisdom

Munger's collaboration with Buffett left a deep imprint on Berkshire Hathaway's performance. Munger's contribution to Buffett's success cannot be underestimated.Their partnership is not only a successful investment decision, but also built on shared values and trust.

• The importance of reason and patience

Buffett once praised Munger as a “rational” person. This rationality has become particularly important in the investment field. Munger's rational mind enables him to quickly and accurately analyze all kinds of deals and find suitable opportunities from them. However, Munger also believes that to be successful in investing, you need to have a very patient quality.He is convinced that patience is an important part of building wisdom, not just the pursuit of short-term profit.

• Buffett's “The inside and the inside are the same”

Munger once said, “In private, Buffett is just like in public — cheerful, pleasant, and very candid. He doesn't conceal himself; he is a person on the same page.” Munger emphasized that Buffett's sincerity and frankness were critical to success.Buffett's sincerity has earned him trust in business, and trust is the key to long-term success.

• Pursue continuous learning and progress

Munger said, “I haven't found anyone who can do this anytime soon. As an investor, Warren Buffett is far better than when I first met him, and so am I. If we stagnate at some stage and are content with the knowledge we already have, our performance will be much worse than we are now. So the trick is to keep learning, and I don't think people who don't enjoy the learning process can keep learning.”

Munger emphasized the importance of continuous learning. He believes that Buffett's success lies in his learning spirit, and that Buffett spent a great deal of time reading and communicating. The breadth and depth of learning provided them with more selectivity and more accurate judgment in investment decisions.Munger's love for learning has enabled him to continue to grow in the investment field. He emphasized that for investors, learning is not just a task, but a continuous lifestyle.

• A bamang that complements each other

Charlie Munger's wisdom played a key role in Buffett's success. His rational thinking makes investment decisions more accurate, while his patience helps him persist in finding long-term value. At the same time, continuous learning has enabled them to maintain a deep understanding of the market and continuously refresh their knowledge reserves. This cooperative model incorporates rationality, patience, and learning into investment decisions, and has created long-term success for them.

In Munger and Buffett's collaboration, we have seen rational wisdom, patient decision-making, and the pursuit of continuous learning. These qualities are not only the key to successful investment, but also an important rule for pursuing excellence in life.

5. Mutual achievement is a beautiful thing

Munger is 99 years old, and so is Buffett. It's been 64 years since they met in 1959; it's been 61 years since they started a collaborative project in 1962; and 45 years since they officially became colleagues in 1978.

They are both still active on the Berkshire stage. Looking at each other, their eyes are full of deep affection. Their career and friendship have become an enduring legend.If you live in the world, you should have an exciting career, and have close friends who have gone through the mountains. Coincidentally, being able to have the best friend, create the best career, and achieve each other's achievements is inherently a happy and beautiful thing.

edit/lambor