Investing Legend Charlie Munger Dies at 99
Charlie Munger, the legendary investor and close confidant to Warren Buffett, passed away on November 28th at the age of 99. Munger’s reflections on his life and career, penned for CNBC Make It, stand out as some of his final writings.
A Twisting Career Path
Munger’s journey to career and investment success was anything but conventional. After graduating from Harvard Law School, he began working at a prominent California law firm. Despite his professional stability, Munger couldn’t shake the feeling that he wanted more than what a senior law partner would earn. This led him to start investing in stocks, businesses, and property development before eventually founding a law firm with fellow colleagues.
The Business Partnership with Warren Buffett
It was at a dinner in Omaha that Munger first met Warren Buffett, a man with whom he shared many ideas about business, finance, and investing. Munger was eventually persuaded by Buffett to leave the practice of law and the two men went on to strike a successful business venture together.
Guiding Career Principles
Munger, in his reflection, shared three basic rules for finding career satisfaction:
1. Don’t sell anything you wouldn’t buy yourself: Munger emphasized the importance of delivering to the world what you would yourself purchase, as a way to earn the respect and trust of others.
2. Don’t work for anyone you don’t respect and admire: Munger advised against working for people you don’t admire and don’t want to be like, stressing the importance of working under people whom you correctly admire.
3. Work only with people you enjoy: Emphasizing the necessity of passionate interest and enjoyable company, Munger also highlighted the importance of assiduity and having a lot of it.
Legacy of Charlie Munger
Charlie Munger was not just Vice Chairman of Berkshire Hathaway and Warren Buffett’s closest business partner, but a successful investor and active philanthropist. Known for his wide-ranging wisdom and fierce independence, Munger’s legacy continues to inspire those in both the business and investment worlds. His book “Poor Charlie’s Almanack” is also being re-released by Stripe Press on December 5, 2024.
In summary, Munger’s reflections on life, career, and the principles he lived by as an investor, provide timeless lessons for those navigating their own career paths. As the business world mourns the passing of a legend, the wisdom of Charlie Munger will undoubtedly remain relevant for generations to come.
Read More: For more about Charlie Munger’s legendary legacy, visit CNBC Make It.
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