- Charlie Munger, Warren Buffett’s longtime business partner and vice chairman at Berkshire Hathaway, has passed away at age 99. Munger was an investing genius in his own right before teaming up with Buffett.
- Munger and Buffett shared a value investing approach, looking for undervalued companies with strong fundamentals and long-term potential. Their philosophies were so aligned Buffett said, “We think so much alike that it’s spooky.”
- In addition to his investing acumen, Munger was known for his wisdom, wit, and interests in philanthropy and architecture. He designed multiple school buildings and donated hundreds of millions to universities.
Charlie Munger, the investing genius who became Warren Buffett‘s trusted confidant and vice chairman at Berkshire Hathaway, has died at the age of 99. Munger made billions through his own investments before joining forces with Buffett to build Berkshire into a conglomerate powerhouse. Known for his wit and wisdom, Munger was an invaluable partner to Buffett for decades.
Early Life and Career
Born in Omaha, Nebraska in 1924, Munger came from humble beginnings like Buffett, working at his grandfather’s grocery store as a teenager. After serving in World War II, Munger graduated from Harvard Law School and became a successful real estate attorney in California. He founded the investment firm Wheeler, Munger & Co. in 1962, focusing on money management.
Meeting Warren Buffett
Munger first met the younger Buffett in 1959 when Buffett was 29 and Munger was 35. The two immediately recognized their shared investing philosophies focused on identifying undervalued companies. “We think so much alike that it’s spooky,” Buffett later remarked. Though living far apart, they stayed close friends for years before officially teaming up.
Transforming Berkshire Hathaway
In the 1970s, Munger convinced Buffett to shift Berkshire’s strategy away from buying troubled companies toward acquiring high-quality businesses at fair prices. Munger served as vice chairman of Berkshire Hathaway from 1978 until his death. Buffett credited Munger with broadening Berkshire’s approach to deliver outstanding long-term returns.
Investing Philosophy
Munger and Buffett shared a value investing strategy, looking for companies trading below their intrinsic worth. “All intelligent investing is value investing,” Munger stated. They avoided speculation, instead focusing relentlessly on a business’s fundamentals and long-term prospects.
Wisdom and Wit
Renowned for his wisdom, Munger also displayed a sharp wit at Berkshire’s annual meetings. When asked about the secret to a long life, the then 97-year-old responded, “You don’t have a lot of envy, you don’t have a lot of resentment…and you stay cheerful in spite of your troubles.”
Philanthropy and Other Interests
In addition to investing, Munger donated hundreds of millions to universities and pursued interests in real estate and architecture. He designed multiple school buildings, stating architects should make women’s restrooms larger than men’s. Munger is survived by his four children.
Conclusion
Charlie Munger’s extraordinary life and long business partnership with Warren Buffett made him a Wall Street legend. Though Munger stayed mostly out of the spotlight, Buffett said, “I’ve lived a better life because of Charlie.” Munger’s wisdom and humor will be greatly missed.
