Berkshire Hathaway CEO Warren Buffett shared a moving tribute to his fallen friend and right-hand man Charlie Munger in his annual shareholder letter over the weekend. The Oracle of Omaha lauded Munger as the “architect” of Berkshire’s success, eulogizing the “abominable no-man” by discussing some of his favorite whipping posts—including his comparison of the modern stock market to a casino.
“For whatever reasons, markets now exhibit far more casino-like behavior than they did when I was young,” Buffett wrote, adding that “though the stock market is massively larger than it was in our early years, today’s active participants are neither more emotionally stable nor better taught than when I was in school.”
