Core Insights - The article highlights the profound partnership between Warren Buffett and Charlie Munger, emphasizing their shared values and mutual respect, which have contributed to Berkshire Hathaway's remarkable investment success over the past half-century with a compound annual growth rate of nearly 20% [2][6]. Summary by Sections - **Berkshire Hathaway's Annual Meeting**: The annual meeting held on May 3 in Omaha marked Buffett's 60th year with the company, where he reflected on various topics and announced Greg Abel as the future CEO [2]. - **Munger's Influence**: Buffett credited Munger as a crucial partner, stating that without him, he would be much poorer. Munger is described as the "architect" of their success, while Buffett sees himself as the "general contractor" [2][6]. - **Growth of Shareholder Participation**: The attendance at the annual meetings has grown significantly from just 6-8 attendees in 1970 to over 11,000 by 1999, showcasing the increasing interest in Berkshire Hathaway [5][6]. - **Q&A Sessions**: The meetings typically feature a brief discussion of company business followed by extensive Q&A sessions lasting up to 6 hours, where Munger often plays a critical role in challenging conventional thinking [6][9]. - **Munger's Perspective on Partnership**: Munger emphasizes the importance of being able to play different roles in a partnership, advocating for the need to learn from others and adapt to various situations [8][10]. - **Investment Philosophy**: Munger has influenced Buffett to move beyond Benjamin Graham's value investing principles, focusing on the intrinsic value of companies rather than just their price. Munger believes in paying a fair price for quality businesses [11][12]. - **Caution Towards Technology Investments**: Munger's past experiences in the technology sector have led him to be cautious about investing in that area, preferring to focus on businesses with proven value [14][16]. - **Munger's Life Principles**: Munger's approach to life and investing is guided by principles of hard work, living within one's means, and maintaining emotional control, which he learned from his grandfather [16].

重阳说 查理·芒格先生有一句广为流传的话："我这一生当中，未曾见过不读书就智慧满满的人。没有。一个都没有。沃伦（巴菲 特）的阅读量之大可能会让你感到吃惊。我和他一样。我的孩子们打趣我说，我就是一本长着两条腿的书。" 熟悉重阳的朋友们一定知道，阅读，一直是我们非常推崇的成长路径。 现在，我们希望和你一起，把阅读这件事坚持下去。 每一期专栏，我们依旧聊书，可能是书评、书单或者书摘。 每一期会有一个交流主题，希望你通过留言与我们互动。 我们精选优质好书，根据留言质量不定量送出。 世界莽莽，时间荒荒，阅读生出思考的力量，愿你感受到自己的思想有厚度且有方向，四通八达，尽情徜徉。 提示：本公众号所发布的内容仅供参考，不构成任何投资建议和销售要约。如您对重阳产品感兴趣，欢迎 扫码 咨询。 【好书】第283期：《芒格传（百年纪念版）》 【美】珍妮特•洛尔（Janet Lowe） 著 杨天南 译 中国人民大学出版社 推荐人 营销编辑段雯昕 2025年4月 互动话题： 结合本书 ，请谈谈芒格对你的影响。 留言时间：2024年5月8 日 - 2025年 5月14日 （鼓励原创，只要你的内容足够优秀，期期选中也有可能哦） 筛选及书籍 ...

芒格是与巴菲特智慧相当的人生合伙人，他们共同缔造了伯克希尔超半个世纪年复合增长率近20%的投资奇迹。他们年轻时相识，彼此欣赏，价值观高度一 致，巴菲特毫不讳言地说：没有芒格，我会比现在贫穷很多。我对他的感激无以言表。 以下摘自巴菲特亲笔作序，芒格唯一授权的传记《芒格传》（百年纪念版） 最初伯克希尔 - 哈撒韦的股东大会出席人数很少。 巴菲特曾开玩笑说："我们就当是开个董事会吧（实际上像是一个午餐会），让大家都来吧，凑个热闹。" 北京时间5月3日晚，伯克希尔哈撒韦一年一度的股东大会在美国奥马哈召开。2025年是巴菲特收购伯克希尔哈撒韦60周年，也是94岁"股神"巴菲特第60次全 程参与股东大会，他谈及贸易、美国财政、投资、人生感悟等多个话题，大会尾声，他宣布将在年末交棒，由伯克希尔哈撒韦副董事长格雷格·阿贝尔接任 CEO。 巴菲特开场即深情缅怀查理·芒格，称"没有查理就没有今天的伯克希尔"，他形容芒格是"建筑师"，而自己更像"总承包商"。巴菲特还放映了一个特别制作的 视频回顾芒格生前在股东大会上的精彩片段，现场多次掌声致敬。 比如，在会上，曾有一位股东抱怨说再也没有像可口可乐那样具有强大特许经营权的企业，这意味 ...

Core Insights - Warren Buffett, the legendary value investor, is set to retire by the end of this year, marking the end of an era for Berkshire Hathaway [1][6][12] - Buffett's recent stock sell-offs and cash reserves indicate a cautious approach amidst market volatility, with Berkshire holding a record $347.7 billion in cash and equivalents [3][4][9] - Buffett emphasizes the importance of adapting to market changes and not being swayed by emotional reactions to market fluctuations [9][10] Group 1: Retirement Announcement - Buffett's retirement announcement at the shareholder meeting surprised many, including his successor Greg Abel, who will take over decision-making authority [6][7] - Buffett has expressed confidence in Abel's management style, which is more hands-on compared to his own [7][8] - The transition is expected to maintain Berkshire's investment philosophy, with Abel prepared to deploy the company's substantial cash reserves when opportunities arise [7][8] Group 2: Investment Strategy - Buffett's investment strategy has evolved over decades, transitioning from tangible assets to intangible assets and now focusing on companies with network effects, exemplified by his investment in Apple [10][11] - Despite recent stock sales, Buffett's preference remains for owning good businesses rather than holding cash equivalents [9][10] - The significant reduction in Berkshire's holdings in major stocks like Apple and American Bank reflects a strategic response to high valuations in the market [8][9] Group 3: Market Perspective - Buffett has criticized the use of tariffs as a trade weapon, suggesting it disrupts global markets and is a significant error [3][4] - He remains unfazed by recent market volatility, comparing it to historical downturns that did not fundamentally affect Berkshire's operations [3][4] - The company has been net selling stocks for ten consecutive quarters, indicating a strategic repositioning in response to market conditions [3][4]

Core Viewpoint - Warren Buffett continues to demonstrate his investment prowess, achieving a record cash holding of $334.2 billion by the end of 2024, up from $325.2 billion at the end of the third quarter [2] - The significant cash increase is attributed to operational cash flow and a reduction in stock holdings, particularly a 67% decrease in Apple shares, from 905 million to 300 million [2] - Buffett's investment strategy is often misunderstood as strictly buy-and-hold; however, he exhibits flexibility and adaptability in response to market conditions [2] Group 1: Investment Strategy Evolution - Buffett's investment philosophy has evolved through three distinct phases, reflecting changes in industry trends and business models [3] - The first phase, "cigar butt" investing, focused on buying undervalued companies with significant tangible assets during the Great Depression [4][5] - The second phase marked a shift towards investing in companies with strong brands and intangible assets, exemplified by the successful investment in See's Candies [7][10] - The third phase involves capitalizing on network effects and exponential growth in new economy companies, highlighted by Buffett's investment in Apple [13][18] Group 2: Key Investments - The investment in See's Candies in 1972 was pivotal, showcasing the transition from tangible to intangible asset investment, yielding an impressive internal rate of return of 32% [8][10] - Buffett's investment in Coca-Cola began in 1988, where he recognized the brand's long-term value despite paying a premium based on traditional valuation metrics [9][10] - The investment in Apple, initiated in 2016, was based on its strong market position and brand loyalty, leading to over $100 billion in investment gains by 2022 [13][16] Group 3: Market Dynamics - The shift from tangible to intangible assets reflects broader economic changes, with companies increasingly investing in intellectual property rather than physical assets [11][12] - The emergence of network effects in the new economy allows companies like Apple to maintain competitive advantages and achieve sustained growth [17][18] - Buffett's ability to adapt his investment approach to these evolving market conditions underscores the importance of continuous learning and flexibility in investment strategies [19]