Charlie Munger, Buffett’s right-hand man at Berkshire Hathaway, passes away at the age of 99
Berkshire Hathaway announced on Tuesday the passing of billionaire Charlie Munger at the age of 99. Munger, who was a well-known investor, died peacefully at a hospital in California, where he would have turned 100 years old on New Year’s Day.
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” said Warren Buffett in a statement following Munger’s death.
Life and Legacy of Charlie Munger
Munger, in addition to being Berkshire’s vice chairman, was also a lawyer, chairman, and publisher of the Daily Journal Corp. He was also a board member of Costco. He was known for his philanthropy and work as an architect. His fortune was estimated at $2.3 billion in early 2023, a relatively smaller amount compared to Buffett’s fortune, which amounts to more than $100 billion.
Munger’s Influence
Having lost his left eye in 1980 due to complications from cataract surgery, Munger’s leadership was still evident when he served as the chairman and CEO of Wesco Financial until 2011, when Berkshire Hathaway purchased the remaining shares of the company. Buffet has credited Munger for broadening his investment strategy and convincing him to sign off on Berkshire’s purchase of See’s Candies for $25 million in 1972, which has since produced more than $2 billion in sales for Berkshire.
Early life and partnership with Warren Buffett
Munger was born in Omaha, in 1924, and later left for the University of Michigan. After serving in the Army Air Corps and then studying at Harvard Law School, Munger began practicing real estate law in California. It was in California that he met Warren Buffett’s family friend, who later introduced Munger to Buffett in 1959. The two became close and started working together on investments and businesses.
Business Strategy
Known for championing value investing, which involves acquiring stocks for less than they are worth, Munger was passionate about business. His beginners’ rule was to fish where the fish are.
His Philanthropy
Munger also donated millions of dollars to educational institutions, while leaving his architectural mark on collaborations with major firms.
The passing of Charlie Munger is a great loss for the investing world, and his influence will be remembered for years to come.
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