Posted 2/24/2024, 2:51:00 PM
Buffett lauds Munger's legacy, defends Berkshire's long-term bets, and decries market speculation
- Warren Buffett paid tribute to the late Charlie Munger, praising him as the "architect" of Berkshire Hathaway
- Buffett touted Berkshire's large stakes in Coca-Cola, American Express, Occidental Petroleum, and five Japanese trading houses as examples of long-term bets
- He acknowledged Berkshire has become so large there are few acquisition opportunities big enough to significantly accelerate growth
- Buffett criticized stock market speculators and gamblers who trade "hot stocks" like "lottery tickets"
- He dismissed market forecasters and joked about Omaha mysteriously producing a streak of talented investors like himself, Munger, and others