The Berkshire Hathaway letter contains the sentence under Buffett’s signature, dated March 2, 1990. Immediately afterward Buffett says Charlie understood the principle early. That acknowledges Munger’s influence; the documented author of this sentence is Buffett.
“It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price” Warren Buffett, 1989 Berkshire Hathaway shareholder letter (March 2, 1990); credits Charlie Munger’s influence.
⚠ The slide-ready mistake: crediting this to Charlie Munger. Use the credit shown above instead.
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In context
Evoking the world of Warren Buffett — American investor. Theme: "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price". Atmospheric and restrained, cinematic directional light, a muted period-appropriate palette, fine grain and texture. Compose with generous empty space for the quote and a small credit line. No lettering in the image itself.
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Provenance
The source
Evidence
1989 Berkshire Hathaway shareholder letter
Status
Read the source limits below
Charlie understood this early; I was a slow learner.
The Berkshire Hathaway letter contains the sentence under Buffett’s signature, dated March 2, 1990. Immediately afterward Buffett says Charlie understood the principle early. That acknowledges Munger’s influence; the documented author of this sentence is Buffett. Berkshire shareholder letter ↗
The containing shareholder letter is dated 1990 and is not public domain. This page quotes only a short contextual sentence.
Rights status is our research, not legal advice — and copyright varies by country and edition. For commercial or published use, confirm with the rightsholder. See terms.
Fact-check
Often misattributed
Munger’s contribution to the investing principle should not turn Buffett’s signed sentence into a Munger quotation.
✕
Popular creditCharlie Munger
The Berkshire Hathaway letter contains the sentence under Buffett’s signature, dated March 2, 1990. Immediately afterward Buffett says Charlie understood the principle early. That acknowledges Munger’s influence; the documented author of this sentence is Buffett. Berkshire shareholder letter ↗
✓Munger’s contribution to the investing principle should not turn Buffett’s signed sentence into a Munger quotation. Berkshire shareholder letter ↗
Context
The setting behind the words
Buffett is explaining why apparently cheap acquisitions can disappoint when the underlying business is weak. The surrounding section contrasts low purchase prices with durable earning power and acknowledges Charlie’s earlier understanding. The sentence belongs to Buffett’s signed shareholder letter even though the strategy reflects their partnership. Berkshire shareholder letter ↗
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Filed under
More provenance-checked quotes on the same theme, each with its reuse status.
Warren Buffett is an American investor closely associated with Berkshire Hathaway. His shareholder letters explain business purchases and investing decisions in accessible language. He repeatedly acknowledged Charlie Munger’s influence on his preference for strong businesses over merely cheap ones.
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Source consulted
Warren Buffett. 1989 Berkshire Hathaway shareholder letter. 1990. Source and limits described above.
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Quotle.info. “Who really said ‘It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price’?” Last verified 9 Nov 2026. https://quotle.info/who-said/its-far-better-to-buy-a-wonderful-company-at-a-fair-price/