Over the years, generations of investors, chief executives and journalists have wondered why Mr Munger has stayed happily in the background for almost half a century as Mr Buffett forged a reputation as the world's greatest stock-picker.
Working 1,500 miles apart – Mr Buffett remains in his hometown of
While Mr Buffett's mentor, the economist Benjamin Graham, is considered the father of value investing, it is Mr Munger who is credited with helping Mr Buffett evolve beyond buying stocks for no other reason than that they were cheap.
"That worked fine in the period after the 1930s," Mr Munger says. "I don't think it works nearly as well now. Too many people are doing it."
Many of Berkshire's holdings, from longtime investments such as Coca-Cola and Wells Fargo to last year's purchase of General Electric's preferred shares, are blue-chip companies considered the best at what they do.
The strategy sounds simple enough, but Mr Munger says few investors practise it. "You can't believe the way that conventional wisdom invests money," he explains. "They tend to rush into whatever fad has worked lately. In my opinion, a lot of them are going to get creamed."
There are no regular meetings at
"The legally required meetings for corporate governance, we do those," Mr Munger says. "Everything else is ad hoc."