Investing Sage and Billionaire Charlie Munger Passes Away at 99
Charlie Thomas Munger, known for his position as vice chairman of Berkshire Hathaway, gigantic philanthropic projects, and his contributions to investing strategies, died Tuesday morning at a California hospital. The loss of the beloved sage, who seemingly shaped the company alongside Warren Buffett, was announced by Berkshire Hathaway in a press release this Tuesday. He was 99 at the time of his death and would have turned 100 on New Year’s Day.
The influential figure played a key role in the rise and success of Berkshire Hathaway, according to CEO Warren Buffett. In a statement, he mentioned that Munger’s wisdom and participation were essential in building Berkshire Hathaway to its current prestige.
Beyond his role at Berkshire Hathaway, Munger carried numerous other accomplishments. Besides being a real estate attorney, he was also the chairman and publisher of the Daily Journal Corp., a member of the Costco board, a philanthropist, and an architect. His fortune was valued at approximately $2.3 billion in early 2023.
Investment Strategy and Wisdom
Munger’s influence over Buffett’s investment strategy was significant. He was personally responsible for convincing Buffett to consider higher-quality but underpriced businesses in contrast to less satisfying businesses at low prices.
Munger played an especially crucial role in Berkshire Hathaway’s acquisition of See’s Candies, which initially cost $25 million. Despite initial doubts since the annual pretax earnings were approximately $4 million, the company has since generated over $2 billion in sales.
Munger’s departure from this world is a great loss to the corporate world, especially considering his massive influence in Berkshire Hathaway. The company now faces the challenge of finding a successor for Vice Chairman Greg Abel. Furthermore, Munger’s demise marks the end of an era and the loss of a valuable advisor. His presence will be sorely missed, not just for his financial genius, but also for his beneficial contribution to investing wisdom and business acumen.