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Charlie Munger, vice chairman at Berkshire Hathaway and Warren Buffett's longtime business partner, addressed Wednesday shareholders of the Los Angeles-based Daily Journal.
Munger, who turned 96 last month, also answered questions from Daily Journal shareholders. Investors of all stripes look forward to Munger's annual address at the publisher's headquarters for the investment wisdom he shares.
Munger is considered, alongside Buffett, to be one of the best investors and business thinkers in history. Before joining Buffett at Berkshire, Munger's investment partnership had average annual returns of 20% between 1962 and 1975. The S&P 500 averaged an annual return of just 5% in that time.