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ENTITY
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🎵Wisdom Density:
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Phil Carret

1. Origin of Relationship

Philip Lord Carret (1896–1998) was a legendary American investor and friend of Warren Buffett. His connection to the Berkshire Hathaway story was formally immortalized in 1995 when Buffett introduced him to the Annual Meeting audience.

2. Major Milestones

  • 1928: Founds the Pioneer Fund, one of the first mutual funds in the United States.
  • 1928–1990s: Builds one of the most extraordinary long-term investment records in the history of finance, surviving the Great Depression and multiple market cycles.
  • 1995: At age 98, Carret is recognized by Buffett at the Berkshire Hathaway Annual Meeting as a pinnacle of investment virtue and endurance.

3. Strategic Importance

Phil Carret is not a Berkshire business unit, but rather a living embodiment of Berkshire's core philosophy. Buffett cited Carret as the ultimate proof of Compounding. Carret's patience—sitting on his hands and letting good businesses grow for over 50 years—serves as the aspirational standard for Berkshire's own shareholders. His presence at the meetings reinforced the cultural ideal that the biggest money is made through integrity, simplicity, and extreme patience.

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