Billionaire Charlie Munger, renowned for his role as Warren Buffett's right-hand man at Berkshire Hathaway, passed away at age 99. Munger's death on Tuesday was confirmed by a press release from Berkshire Hathaway, which mentioned that he died peacefully at a California hospital. Munger, who would have turned 100 on New Year’s Day, was celebrated for his wisdom and influence in the world of investing.
Buffett, in his tribute, stated that Munger's inspiration and wisdom were instrumental in building Berkshire Hathaway to its current stature. Munger's roles were diverse and impactful; he was a real estate attorney, chairman and publisher of the Daily Journal Corp., a Costco board member, a philanthropist, and an architect.
Despite his substantial fortune, estimated at $2.3 billion in early 2023, Munger was known for his simplicity and practical wisdom. His partnership with Buffett at Berkshire Hathaway was pivotal, with Munger being credited for broadening Buffett’s investment strategy. This shift in strategy was epitomized in their decision to purchase See’s Candies in 1972 for $25 million, a venture that has since generated over $2 billion in sales for Berkshire.
Munger's insights often combined profound wisdom with humor. He believed in the "lollapalooza effect," where multiple factors converge to influence investment psychology. Born in Omaha in 1924, Munger's early life involved military service and studying meteorology before marrying Nancy Huggins and graduating magna cum laude from Harvard Law School in 1948. He founded Munger, Tolles & Olson in 1962 and also managed investments at the hedge fund Wheeler, Munger & Co.
His association with Buffett began in 1959 when they were introduced in Omaha. Their shared investment philosophy forged a bond that lasted over six decades, marked by mutual respect and synergy in their approach to business and investing.
Munger was also known for his philanthropy and unique contributions to educational institutions, often involving his architectural designs. He married Nancy Barry in 1955 and was a father to a blended family of six children.
Munger's passing marks the end of an era in American business and investing, leaving behind a legacy of wisdom, integrity, and innovation in the financial world.
