The annual meeting of Berkshire Hathaway shareholders commenced with a tribute to the late Charlie Munger, vice chairman of Berkshire Hathaway and Warren Buffett's right-hand man. Munger, known for his sharp wit, captured the hearts of tens of thousands of shareholders gathered at the CHI Health Center in Omaha, Nebraska on Saturday.

During the meeting, Munger's humorous remarks resonated with the audience. Speaking on speculative internet stocks, he quipped, "If you mix raisins with turds, they're still turds." Munger's optimism for the future despite his age also drew laughter when he said, "If I can be optimistic when I'm nearly dead, surely the rest of you can handle a little inflation."

However, Munger's influence extended beyond his quick wit. Regarded as one of the greatest financial minds, investors from around the world looked up to him for valuable insights. In an interview with shareholders, the most significant lesson they learned from Munger became apparent — patience.

Luis Lozano from Cancun, Mexico summed it up with a single word: patience. Dean Miller from Monticello, Minnesota elaborated, emphasizing the importance of time in the market. "And then not taking a quick gain, and then hold out for longer for a better gain. Mostly patience for the long haul," he shared.

Munger's ability to wait patiently for attractive investment opportunities was widely recognized. In 2002, he emphasized, "We wait for no-brainers. We're not trying to do the difficult things. And we have the patience to wait."

Munger and Buffett shared the belief that holding onto outstanding businesses with exceptional management was the key to success in investing. In his 1988 letter to shareholders, Buffett wrote, "Our favorite holding period is forever."

Multiple shareholders at the meeting recalled a significant disagreement between Munger and Buffett as a pivotal lesson from Munger. Jerone Gillespie from Maryland echoed Buffett's sentiment, stating, "It's better to buy good businesses at fair prices than pretty bad businesses at really great prices." Munger's advice urged Buffett to shift his strategy and acquire great businesses at fair prices instead.

Munger's aversion to investments without intrinsic value, including cryptocurrencies, left a lasting impression on Berkshire shareholders. Mary Ankenbrand from Omaha highlighted Munger's advice, "Never to invest in bitcoin." Munger's colorful commentary on cryptocurrency reflected his skepticism, describing it as "dementia" and likening it to trading turds.

Munger's investment philosophy centered on avoiding major mistakes. He believed that any investment without identifiable intrinsic value was likely to be a losing proposition. "It's stupid because it's very likely to go to zero," Munger asserted during the meeting.

The wisdom and teachings of Charlie Munger continue to resonate with shareholders at Berkshire Hathaway. His lessons on patience, value investing, and discerning intrinsic value have left an indelible mark on the investment community.