Billionaire Warren Buffett’s right-hand man and investing sage, Charlie Munger, has passed away at the age of 99, according to a press release from Berkshire Hathaway. The conglomerate said Munger passed away peacefully on Tuesday morning at a hospital in California. He would have turned 100 on New Year’s Day.
Charlie Munger’s Influence
Buffett recognized Munger’s impact on Berkshire Hathaway’s growth, saying, “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom, and participation.”
In addition to being Vice Chairman of Berkshire Hathaway, Munger was a real estate attorney and chairman. He also played roles like daily journal corporation publisher, Costco board member, philanthropist, and architect.
Investment Legacy
Munger’s fortune was estimated at $2.3 million at the beginning of 2023. He is known for broadening Buffett’s investment strategy and focusing on higher-quality but underpriced companies.
Munger was crucial to Berkshire’s purchase of See’s Candies, which has produced more than $2 billion in sales for Berkshire since its acquisition.
Early Life and Career
Munger was born in Omaha on January 1, 1924, and left for the University of Michigan at 17. He enlisted in the Army Air Corps in 1943, attended the California Institute of Technology, and married Nancy Huggins in 1945.
After graduating from Harvard Law School in 1948, Munger and Nancy moved to California, where he practiced real estate law, founded the law firm, and managed investments at a hedge fund.
Partner in Business
Munger partnered with Franklin Otis Booth and worked on real estate projects, reaching a net worth of between $3 and $4 million in a few years. He closed the hedge fund in 1975 and later became Vice Chairman of Berkshire Hathaway.
Influence on Warren Buffett
Munger met Warren Buffett at 35 in 1959, and the two quickly hit it off. They focused on value investing and formed a lifelong friendship.
The Melding of the Minds
Buffett and Munger had similar investment philosophies and had a relationship without arguments over nearly 60 years. He played a significant role in shaping Buffett as a person, influencing him for the better over time.
Philanthropy and Architecture
Munger’s philanthropy impacted educational institutions and other projects, donating hundreds of millions of dollars and even contributing to architecture projects at institutions like Stanford University, University of Michigan, and Harvard Law School. His philanthropy also extended to the Los Angeles’s Harvard-Westlake prep school, where he fought for women’s bathrooms to be designed larger than the men’s.
In his passing, Munger leaves a lasting impact on investing and philanthropy, creating a legacy that will be remembered for years to come.
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