Charlie Munger Shaped Warren Buffett—And Helped Make Berkshire's Stock a Winner Too

In 1988, 10 years after Charlie Munger came aboard Berkshire Hathaway, Warren Buffett told Fortune magazine he had been "shaped tremendously by Charlie." If only he knew what was ahead. For the last three decades, Berkshire has been one of the U.S. stock market's most reliable performers. How reliable? The company's lower-priced Class B shares have finished in negative territory in only six of the last 26 years. Even companies like Apple, Walmart and Coca-Cola have seen more annual pullbacks. As Buffett tells it, Munger taught him to buy wonderful...