今天伯克希尔官网发布了最新年度巴菲特致股东信，和往常不一样的地方是，在信的开头，巴菲特撰写了他对查理·芒格的纪念叙文，这里先发布出来以飨书友。致股东信内容很长，本号正在翻译校对，后陆续更新。

2023年11月28日，在100生日还有33天的时候，查理·芒格永远离开了我们。

奥马哈，是查理生于斯长于斯的故土，但他一生八成以上的时间都是在他乡度过的。1959年在奥马哈我第一次见到查理，3年后他决定从事投资工作。

没错，也就是在那时，查理告诉我：收购伯克希尔是一个愚蠢的决定。既然木已成舟，他笃定他会帮找到如何纠正这个错误的方案。

这里需要提醒的是，当时查理和他的家人还不是我掌管合伙企业的投资人，（我就是通过这个合伙企业收购了伯克希尔），我们一毛钱关系都没有。让我做梦都没想到的是，后来查理居然成了伯克希尔的股东。

尽管如此，看到伯克希尔的泥潭困境，他还是及时点醒了我——

沃伦，记住，不要再投资伯克希尔这样的公司了。吃一堑长一智，以后要以合理的价格投资优质的公司，而不是以诱人的价格投资平庸的业务。换而言之，现在要忘记你原来的经验——本杰明·格雷厄姆传统的思路有效，但有局限，尤其是在资金规模变大以后。

此后，每当老毛病复发，我的耳边就响起了查理的声音，因此少走了很多弯路。

多年以后，查理成了我操盘伯克希尔的拍档，直到离世，查理一直是让我更加理性的角色。正因为如此，我们和那些早期一起投资的人都过上了无比幸福的生活，这个结果是我和查理做梦都没有想到的。

事实是，查理是伯克希尔发展的设计师，我是总承包的角色，每天工作实现他的构想。尽管居功至伟，但查理从未以创造者的姿态邀功争名，相反，面对褒奖他总躬身相让。在某种意义上，对我而言，查理是半父半兄。很多时候他知道自己是对的，他会给我具体的原则；但面对我的错误，他却从不揭人伤疤。

现实中，伟大的建筑总是与伟大的建筑设计师联系在一起，那些浇筑混凝土、安装门窗的工人很难留在人们的记忆中。

现在伯克希尔已经成为一家伟大的公司。在伯克希尔的事业大厦，我是长期负责施工的队长；查理则是应该永远被铭记的建筑设计师。

原文如下：

Charlie Munger – The Architect of Berkshire Hathaway

Charlie Munger died on November 28, just 33 days before his 100th birthday.

Though born and raised in Omaha, he spent 80% of his life domiciled elsewhere. Consequently, it was not until 1959 when he was 35 that I first met him. In 1962, he decided that he should take up money management.

Three years later he told me – correctly! – that I had made a dumb decision in buying control of Berkshire.But, he assured me, since I had already made the move, he would tell me how to correct my mistake.

In what I next relate, bear in mind that Charlie and his family did not have a dime invested in the small investing partnership that I was then managing and whose money I had used for the Berkshire purchase. Moreover, neither of us expected that Charlie would ever own a share of Berkshire stock.

Nevertheless, Charlie, in 1965, promptly advised me: “Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices. In other words, abandon everything you learned from your hero, Ben Graham. It works but only when practiced at small scale.” With much back-sliding I subsequently followed his instructions.

Many years later, Charlie became my partner in running Berkshire and, repeatedly, jerked me back to sanity when my old habits surfaced. Until his death, he continued in this role and together we, along with those who early on invested with us, ended up far better off than Charlie and I had ever dreamed possible.

In reality, Charlie was the “architect” of the present Berkshire, and I acted as the “general contractor” to carry out the day-by-day construction of his vision.

Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never – never –reminded me of my mistake.

In the physical world, great buildings are linked to their architect while those who had poured the concrete or installed the windows are soon forgotten. Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.

特别提醒：本文为投资逻辑分享，不构成投资建议。

价值投资理念、知识经验学习与交流平台，投资风险教育平台。

发现价值，践行价值。书会长期开展独立投研活动，定期发布原创研究报告，组织线下分享活动。

“行稳致远”,秉持“专业、谨慎、诚信”的精神，努力与会员和客户共同实现长期价值稳步成长。