market prices." But the partnership rebounded strongly in 1975, rising 73.2 percent, bringing the overall record over 14 years to 19.8 percent (13.7 percent net) compounded annual returns versus 5 percent for the Dow.

After this difficult experience, Charlie followed Warren in concluding that he no longer wanted to manage funds directly for investors. (Warren had closed his own partnerships in 1969.) Instead, they resolved to build equity through stock ownership in a holding company. When Wheeler, Munger was liquidated, its stakeholders received shares in Blue Chip Stamps and Diversified Retailing. Later, these shares were converted into Berkshire Hathaway stock, which ended 1975 at $38. Today, each share is worth more than $85,000, making Charlie a member of the Forbes list of the 400 wealthiest individuals. While he doesn't mind the wealth, he regrets having his name on any such list. Despite his healthy self-image, Charlie would prefer to be anonymous.

The story of Berkshire Hathaway's extraordinary success under Warren and Charlie's leadership has been told many times elsewhere, so the details won't