Warren Buffett, the billionaire investor, honored his late business partner Charlie Munger in his recent annual letter. Munger, who passed away in November last year, played a pivotal role in transforming Berkshire Hathaway Inc. from a textile maker to the conglomerate it is today. Buffett credited Munger as the 'architect' of the present Berkshire, highlighting their 60-year partnership where Munger's guidance shaped the company's success.

In the letter, Buffett recounted how Munger had advised him back in 1965 to shift the strategy of acquiring fair businesses at wonderful prices to adding wonderful businesses at fair prices to Berkshire's portfolio. Buffett acknowledged Munger's influence, admitting that he followed his instructions with some resistance but eventually saw the benefits of the new approach.

Benjamin Graham, renowned as 'the father of value investing,' had taught Warren Buffett at Columbia Business School, steering him towards a path that led to the growth of Berkshire Hathaway. Buffett humbly recognized Munger as the true visionary behind Berkshire's success, referring to himself as the 'general contractor' who implemented Munger's grand vision for the company.

The annual letter marked the first one since Munger's passing, shedding light on the deep bond shared by the two business moguls. Buffett expressed profound gratitude for Munger's guidance and mentorship, underscoring Munger's role as both an older brother and a loving father figure in their enduring partnership.

As Buffett continues to lead Berkshire Hathaway, Munger's legacy remains an integral part of the company's foundation, illustrating the lasting impact of a remarkable partnership that shaped one of the world's most successful conglomerates.