'The architect of Berkshire Hathaway': Warren Buffett's tribute to Charlie Munger in annual letter

Talking about his first meeting with Munger in 1965, Buffett recounted how he was told by Munger who had been into money management for just three years that Buffett had made a mistake in buying control of Berkshire, but assured him that since the move had already been made, "he would tell me how to correct my mistake."

At that time, Buffett adds, Munger had no money invested in Berkshire, and "no one ever imagined he would hold shares". Nevertheless, Buffett said that Munger advised him to forget about ever buying another company like Berkshire, but now that he did own the company, he should add to it "wonderful businesses purchased at fair prices and give up buying fair businesses".

Further, Munger asked to him to "abandon" everything he had learnt from his hero Ben Graham. "It works but only when practiced at a small scale."

Buffett credited Munger with convincing him to buy "wonderful companies at fair prices instead of fair companies at wonderful prices" -- the latter of which Buffett has referred to as "cigar butts" because their businesses might still contain puffs of smoke.

The Berkshire Hathaway CEO also recalled Munger's relative modesty, saying Munger was okay with letting him "take the bows and receive the accolades" while serving more as an older brother or loving father.

"Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way, his relationship with me was part older brother, part loving father," Buffett wrote. "Even when he knew he was right, he gave me the reins, and when I blundered he never – never – reminded me of my mistake."

Munger "should forever be credited with being the architect" for the company, Buffet said.

Munger's death means Buffett will likely share the stage at this year's May 4 annual meeting only with Vice Chairman Greg Abel, who is slated to eventually become chief executive, and Vice Chairman Ajit Jain.