In his annual letter, Buffett praised Munger as the 'architect' of Berkshire's success, noting that modern stock markets now resemble casinos more than ever before.
Buffett echoed Munger's long-held view that today's stock market attracts more speculators than serious investors, who fail to consider intrinsic value.
Munger believed modern speculators risk addiction akin to gambling, stating that a certain percentage of them invariably overindulge, leading to chaotic market behavior.
Buffett warned that many investors, especially the younger generation, are more focused on trendy stocks than on thorough research of potential investments.
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