Warren Buffett’s longtime friend and business partner Charlie Munger died at 99. Munger provided invaluable investment and business advice, helping Berkshire Hathaway become an investment powerhouse.
Warren Buffett’s longtime friend and business partner Charlie Munger died at 99 on Tuesday in a California hospital. Charlie Munger helped Warren Buffett transform Berkshire Hathaway into an investment powerhouse.
Munger’s family informed Berkshire Hathaway of his death on Tuesday morning at the hospital, just over a month before his 100th birthday. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett added.
As Buffett’s confidant, Munger provided critical investing and business advice. For almost 50 years, he was Berkshire Hathaway vice chairman.
Like Warren Buffett, Charlie Munger was raised in Omaha, Nebraska. Their 60-year relationship began in 1959 when they met as adults.
At $7 and $8 per share, Munger and Buffett bought Berkshire Hathaway shares in 1962. They took over the New England textile factory in 1965. Berkshire became a diverse corporation by acquiring Geico Insurance and BNSF railroad with earnings. They invested in Apple and Coca-Cola while maintaining a large stock portfolio. Berkshire Hathaway shares rose to $546,869 on Tuesday, making long-term investors rich.
Facts about Charlie Munger:
The Vice Chairman of Warren Buffett's international company Berkshire Hathaway is American investor, businessman, and philanthropist Charlie Munger.
He left Michigan to become an Army meteorologist during World War II.
Munger became Vice Chairman of Berkshire Hathaway in 1978. He contributes insightfully to yearly shareholder meetings and helps make company investment decisions.
An enthusiastic philanthropist and realistic investor, he lived modestly and gave millions to institutions.
Like Warren Buffett, Munger believes in value investing. He stresses rationality, patience, and long-term thinking in investment decisions.
He is also recognized for his "Munger Operating System." realistic approach to problem-solving and decision-making. This requires employing several models, avoiding frequent mistakes, and making judgments after a comprehensive examination.
Munger was one of the richest Americans, but philanthropy has reduced his wealth.
He gave generously to Harvard-Westlake, Stanford University Law School, Michigan, the Huntington Library, and other charities. After his wife died in 2010, he bequeathed his eight children a large percentage of his Berkshire stock.
Munger has served on the boards of Good Samaritan Hospital, Harvard-Westlake School in Los Angeles, Daily Journal Corp., and Costco.
He advocates employing a "latticework of mental models" from different fields to make better decisions. Interdisciplinary thinking and learning from many subjects are his values.Conclusion
Warren Buffett’s longtime friend and business partner Charlie Munger died at 99. Munger provided invaluable investment and business advice to Buffett, helping him grow Berkshire Hathaway into an investment powerhouse. Born and bred in Omaha, Nebraska, Munger and Buffett met in 1959 and were lifelong friends. They bought Berkshire Hathaway shares in 1962 and controlled the New England textile mill by 1965. Berkshire became a diverse corporation by acquiring Geico Insurance and BNSF railroad with earnings. Munger has a large stock portfolio with Apple and Coca-Cola stakes. Berkshire Hathaway shares rose to $546,869 on Tuesday, making long-term investors rich. Munger’s value investing philosophy emphasizes reason, patience, and long-term thinking. He was on the boards of Good Samaritan Hospital, Stanford University Law School, the University of Michigan, and the Huntington Library and gave major grants to charity.
