"Warren is peculiar, and I'm peculiar," says Mr Munger, who is also Berkshire's vice-chairman. "We've got our own peculiar operating model. Nobody else operates the same way or stays in the game in a major corporation as long as we have, so we've got a different model. And we like it that way."
Working 1,500 miles apart – Mr Buffett remains in his hometown of Omaha, Nebraska – the two "intellectual pals" have built up a stellar record by sticking to the basic principles of value investing: they buy companies in industries they understand, with managers they trust, at cut-rate prices. "We think all intelligent investing is value investing," he says. "What the hell could it be if it wasn't value?"