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ETF Specialist

Timeless Investment Lessons from Warren Buffett's Business Partner, Charlie Munger

A look at the worldview and investment philosophy of one of the great investors of our time. Plus, five ETFs that we believe have many of the characteristics that Munger (and Buffett) look for.

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With  Berkshire Hathaway's (BRK.A) annual meeting--the Woodstock of Capitalism--set for Saturday, May 4, many investors are preparing to flock to Omaha once again to hear pearls of wisdom both from Berkshire's chairman Warren Buffett and vice chairman Charlie Munger.

It's virtually impossible to overstate the influence that Munger, who recently turned 89 years old, has had on Buffett and on Buffett's investing discipline. Buffett regularly labels Munger as his "partner" at Berkshire, and fills the firm's annual shareholder letters with phrases like, "Charlie and I believe..." In fact, in Berkshire's 2012 letter, Buffett makes reference to their long and fruitful working relationship, noting that "more than 50 years ago, Charlie told me that it was far better to buy a wonderful business at a fair price than to buy a fair business at a wonderful price." That insight has guided Buffett over the years and helped him become more comfortable with paying up for outstanding businesses with economic moats, or sustainable competitive advantages.

Robert Goldsborough does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.