Charlie Munger is dead at the age of 99
|
Charlie Munger, Warren Buffett’s longtime business partner and friend, has died at the age of 99.
He was preparing to celebrate his 100th birthday on January 1.
A news release from Berkshire Hathaway says the company “was advised by members of Charlie Munger’s family that he peacefully died this morning at a California hospital.”
Buffett is quoted as saying, “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation.”
The release goes on to say that Munger’s family “will handle all affairs pursuant to Charlie’s instructions.”
|
Munger was best known as Buffett’s right-hand man during a decades-long investing partnership.
In 2016, Buffett said every time he’s with Munger he gets “at least some new slant on an idea that causes me to rethink certain things.”
In the same CNBC interview, Munger said of their partnership, “It’s been almost hilarious, it’s been so much fun.”
Buffett often said Berkshire’s vice chairman had taught him the importance of paying up for high-quality businesses, a strategy that prompted Berkshire’s purchase of See’s Candies in 1972, and its decision to buy a substantial stake in Coca-Cola in the late 1980s.
|
Before his Berkshire days, Munger owned his own successful investment firm and practiced law.
Both Buffett and Munger grew up in Omaha, but it wasn’t until Buffett was in his late 20s and Munger was in his mid-30s and living in California that they were introduced to each other by mutual friends.
In 1978, Munger formally joined Berkshire as vice chairman but his even-tempered, risk averse, and pragmatic approach to investing was a major influence on Buffett from the time they first met.
His blistering one-liners during the Q&A sessions featured at Berkshire’s annual shareholder meetings won him many fans.
|
