OMAHA, Neb.—Warren Buffett credited his longtime partner—the late Charlie Munger—with being the architect of the Berkshire Hathaway conglomerate he has received the credit for leading and warned shareholders in his annual letter Saturday not to listen to Wall Street pundits or financial advisers who urge them to trade often.
Mr. Buffett said he always writes his letter with smart, long-term investors like his sister Bertie in mind and tries to tell them what he thinks they would like to know about Berkshire.
