Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2017 Edition) on picking money-making stocks.This is an entirely free service. No payments are to be made.
With about 79,000 funds managed worldwide, it's not likely investors will never run out of fund managers to read. But Berkshire Hathaway's annual reports are still atop everyone's reading list.
But why is it that no one has come close to Buffett's success? Buffett's quirky partner, Charlie Munger, tried to explain it the 50th annual report.
Munger believes focus and devotion are at the heart of everything Buffett does...and that without that focus, Berkshire wouldn't be the entity it is today. Buffett's focus not only helped his firm's investment returns, but Munger believes the outstanding performance of the Berkshire's CEOs is due to Buffett's focus on their key qualities. Munger writes: