Warren Buffett, known as the Oracle of Omaha, probably wouldn’t be the most famous investor of the 20th and 21st centuries if he didn’t have Charlie Munger by his side. The business philosopher, who has died aged 99, was also a mentor to Li Lu, nicknamed China’s ‘Warren Buffett’, who, in tribute to Munger, called him the Confucius of our time.
“Rational people do not risk what they have and need for something they do not have and do not need” – this is one of the many statements of Warren Buffett, which well reflects his approach to investing. Both he and Charlie Munger, who had been Buffett’s partner at Berkshire Hathaway since 1978 and whose private wealth was estimated at more than $2.5 billion. – they have been playing by the rules for decades, proving that common sense works best in business in the long run. Both men’s most famous rule number one is: “Never lose money.” Rule number 2: “Never forget rule number 1.”
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
