The Globe and Mail reports in its Monday edition that Warren Buffett credited his partner, the late Charlie Munger, with being the architect of the Berkshire Hathaway conglomerate he has received the credit for leading. An Associated Press dispatch to The Globe says that also in his annual letter, Mr. Buffett warned shareholders not to listen to Wall Street pundits or financial advisers who urge them to trade often. Mr. Buffett said he always writes his letter with smart, long-term investors such as his sister Bertie in mind and tries to tell them what he thinks they would like to know about Berkshire. Mr. Buffett told investors that Berkshire is a safe place to park their cash as long as they do not expect the "eye-popping performance" of its past because there are no attractively priced acquisition targets out there big enough to make a meaningful difference in the Omaha, Neb., company's results. Cole Smead of Smead Capital Management said Mr. Buffett is reassuring investors that "we'll be ready to buy things when things finally get rational" while warning about the dangers of Wall Street that "is like a denizen of thieves, and they'll sell you what they can sell you." Mr. Munger died in November at the age of 99.