Munger and Li struck up a conversation about stocks and were still talking a few hours later. It was the beginning of a partnership that would last 20 years. “He was a very intelligent, self-confident young man,” says Munger, who is 99 and still vice-chair of Berkshire.
Berkshire’s compound annual gain was 19.8% from 1965 through 2022, compared with 9.9% for the S&P 500. That’s an overall total return of 3,787,464% vs. 24,708% for the benchmark. Many Berkshire shareholders were made millionaires by Buffett’s shrewd moves and patient value philosophy over the years.