# Fundamental and enduring

By [Brandon Donnelly](https://paragraph.com/@brandondonnelly), 2024-02-25

berkshire-hathaway, business, charlie-munger, crypto, cryptoparisian, economics, finance, investing, investment-strategy, light-rail-transit, real-estate, streetcars, warren-buffet

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I admire Warren Buffet's humility:

> _In the physical world, great buildings are linked to their architect while those who had poured the concrete or installed the windows are soon forgotten. Berkshire has become a great company. Though I have long been in charge of the construction crew;_ **_Charlie_** _\[Munger\] should_ **_forever_** _be credited with being the architect._

This is an excerpt from [his recent letter](https://www.berkshirehathaway.com/letters/2023ltr.pdf) to Berkshire Hathaway shareholders, which, this year, he opens up with an obituary to his late partner, Charlie Munger.

I don't agree with everything Warren says and writes. He, for instance, [doesn't seem to like crypto and streetcars](https://brandondonnelly.com/2022/12/30/warren-buffet-doesnt-like-crypto-and-streetcars/). Though, surely, he'd really dig my [CryptoParisian](https://brandondonnelly.com/2024/02/24/cryptoparisian-112/).

That said, I never miss his letters and his thinking has been broadly instrumental in [how I tend to think about real estate](https://brandondonnelly.com/2024/02/15/wonderful-real-estate/).

If you take his description (same letter) of what Berkshire does, and replace businesses with properties, this is what you get:

> _Our goal at Berkshire is simple: We want to own either all or a portion of \[properties\] that enjoy good economics that are fundamental and enduring. Within capitalism, some \[properties\] will flourish for a very long time while others will prove to be sinkholes. It’s harder than you would think to predict which will be the winners and losers._

This is a good way to think about real estate.

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*Originally published on [Brandon Donnelly](https://paragraph.com/@brandondonnelly/fundamental-and-enduring)*