Produced by: Tarun Mishra Designed by: Manoj Kumar
Billionaire investor and long-time business partner of Warren Buffett, Charlie Munger, has passed away at the age of 99, as confirmed by a press release from Berkshire Hathaway.
Charlie Munger died on a Tuesday morning at a California hospital. His family informed Berkshire Hathaway about his peaceful demise. He was set to turn 100 on New Year's Day.
Berkshire Hathaway, in its statement, expressed the integral role Charlie Munger played in building the conglomerate to its present status. Warren Buffett acknowledged Munger's inspiration, wisdom, and active participation in different fields of life.
Born in Omaha in 1924, Charlie Munger was proud of his Midwestern roots. He served in the Army Air Corps during World War II, graduated from Harvard Law School, and went on to become a successful lawyer, investor, and philanthropist.
Charlie Munger served as the chairman and CEO of Wesco Financial from 1984 to 2011 before Berkshire Hathaway acquired the remaining shares of the Pasadena-based insurance and investment company.
Charlie Munger's had a great influence in the early 1972 purchase of See's Candies, where he persuaded Warren Buffett to invest $25 million despite the company's modest annual earnings, a decision that proved highly profitable for Berkshire.
Charlie Munger, apart from serving as Berkshire vice chairman, held various roles such as a real estate attorney, chairman, and publisher of the Daily Journal Corp. He was also involved with the Costco board and engaged in philanthropy and architecture.
Warren Buffett credited Charlie Munger with shifting his investment strategy from favouring troubled companies at low prices to focusing on higher-quality but underpriced companies.
In the 2021 annual shareholder meeting, Charlie Munger said that Vice Chairman Greg Abel would maintain Berkshire's culture after Buffett's era.
Charlie Munger had lost his left eye due to complications from a cataract surgery in 1980.
As of early 2023, Charlie Munger's fortune was estimated at $2.3 billion, a substantial amount though significantly smaller than Warren Buffett's estimated fortune of over $100 billion.
Charlie Munger believed in the "lollapalooza effect," where various factors converge to drive investment psychology, emphasizing the importance of understanding multiple influences.
Charlie Munger's enduring partnership with Warren Buffett spanned nearly 60 years, characterized by a shared vision for value investing and mutual respect. He leaves behind a legacy of financial acumen, philanthropy, and architectural contributions.