“A Brilliant Mind Lost: Investing Legend Charlie Munger, Partner of Warren Buffett, Passes Away at 99
The world has lost a titan of the investment industry. Charlie Munger, best known as Warren Buffett’s long-time right-hand man and vice chairman of Berkshire Hathaway, has died at age 99. He was a white-collar maverick whose partnership with Buffett had been instrumental in making Berkshire one of the world’s most successful companies.
Munger, born on January 1, 1922, in Omaha, Nebraska, began his career as a lawyer, but finance and investing quickly took over his life. He eventually became a partner with Buffett’s investment firm, and the two eventually took over Berkshire Hathaway in the 1960s. Under their combined leadership, Berkshire’s portfolio grew with substantial returns. Munger was also instrumental in Buffett’s decision to purchase See’s Candies in 1972. He also served on the boards of several other companies including The Daily Journal Corporation and Wesco Financial Corporation.
Munger’s investing style, while similar to Buffett’s, was very much his own. He did not believe in portfolio diversification, and instead preferred to focus on a few key investments. He was a value investor, believing that a true understanding of a company was key to making money. His ideas often clashed with Wall Street’s, which earned him the respect of many investors. Despite his success, he maintained a low profile and refused to grant interviews.
Munger was known for his quick wit and straightforward communication. He was also an advocate for ethical behaviour, stating in a speech to the anniversary event of the UCLA Anderson School of Management, ‘A truly extraordinary life depends on understanding the difference between liturgy and truth.’ Munger was always eager to learn, and up until the very end of his life, he read extensively and was actively working on making the world a better place.
Charlie Munger is a rare breed in the investment world. A businessman with a heart for helping those in need, Munger was a remarkable leader whose devotion to the investment world and to Berkshire Hathaway will be forever remembered. His passing marks an end to an era of prosperity and innovation.