Does Charlie Munger participate in writing Berkshire Hathaway's shareholder letters? What are the stylistic differences compared to Warren Buffett?

Charlie Munger and Berkshire Shareholder Letters

Hey, that's an interesting question! I follow Buffett and Munger—that legendary duo—pretty closely myself. Let me share some insights casually, like we're just chatting.

Did Munger Co-Write the Shareholder Letters?

Actually, Berkshire Hathaway’s annual shareholder letters are primarily written by Warren Buffett alone. Since the 1970s, he’s personally crafted these letters, covering company performance, investment philosophy, and more—all in a warm, personal-letter style. Charlie Munger, as Buffett’s right-hand man and Vice Chairman, certainly contributed ideas and participated in discussions, but he wasn’t the one directly drafting the letters. Munger’s role was more behind the scenes: offering advice, reviewing content, or having his quotes referenced by Buffett.

Occasionally, though, Munger wrote separately. For example, some Berkshire annual reports included standalone "appendices" or letters from him, where he’d share his perspectives. But overall, the core shareholder letters remain unmistakably Buffett’s. In recent years, you’ll notice Buffett frequently crediting Munger’s wisdom with phrases like "Charlie says…" So, while Munger influenced the letters indirectly, he wasn’t the primary author.

How Do Their Writing Styles Differ?

Buffett and Munger’s styles are distinct—like listening to two people converse: one warm and witty, the other blunt and direct. Here’s a quick breakdown:

Buffett’s Style: Super down-to-earth, like a friend chatting with you over coffee. He simplifies complex ideas with humor and anecdotes. For instance, he might say, "Investing is like waiting for the right pitch in baseball"—making his letters approachable and engaging. Though lengthy, they’re never dull, aiming to educate everyday shareholders (like you and me) while weaving in life lessons.
Munger’s Style: Munger reads like a sharp philosopher—direct, incisive, and occasionally abrasive. He avoids fluff, favoring concepts like "multidisciplinary thinking" and drawing from psychology, history, and more to dissect problems. His writing is concise and profound but less "warm." For example, he might bluntly critique investment mistakes: "This was idiotic," without sugarcoating. Reading him feels like attending a masterclass—you’ll need to engage your brain.

In short: Buffett is a master storyteller; Munger is a wise mentor who sharpens your thinking. Their complementary styles are key to Berkshire’s success. If you’re curious, I’d recommend reading their original letters (English or translated versions are online)—comparing them yourself makes it clear. Feel free to ask more!