Charlie Munger, who had been Warren Buffett‘s right-hand man for many years, dies suddenly at the age of 99. Buffett was a multibillionaire stockpicker.
The vice chairman of Buffett’s massive conglomerate garnered a reputation for his astute business strategies—and his tongue—as they managed to transform Berkshire Hathaway from a textile manufacturing company into a prominent player in the global financial market. Buffett is the founder and chairman of Berkshire Hathaway.
According to the statement made by the company on Tuesday, Munger passed away peacefully this morning at a California hospital, as reported by his family to Berkshire.
“Charlie’s inspiration, wisdom, and participation built Berkshire Hathaway to its present status,” said Buffett, 93 years old.
Forbes estimates Munger’s personal worth at $2.6 billion at the time of the interview, making him a self-made billionaire. Buffett is estimated to have a fortune worth $119.6 billion, which makes him one of the wealthiest people on the planet.
In his role as vice chairman of Berkshire since 1978, Munger is well acknowledged for his assistance to Buffett in the process of making judgements regarding capital investments and for his prompt identification of any potential faults.
Both of them were successful in attracting a substantial number of investors, who benefited from the company’s remarkable increase in the stock market. Held annually in Omaha, Nebraska, the Berkshire annual conference attracts tens of thousands of investors. Buffett and Munger have been preaching to the company’s loyal followers through this meeting for a number of years.
Read More
Buffett is not the type of person to back down from a fight, but his friend rarely missed an opportunity to express his thoughts and beliefs. At one point in time, Munger referred to investments in bitcoin as “absolutely crazy, stupid gambling” and compared bankers to “heroin addicts.”
Earlier in the year, Munger expressed his scepticism regarding “the hype” surrounding artificial intelligence while speaking at the annual meeting of Berkshire. In front of those who were present, he expressed his belief that “old-fashioned intelligence works pretty well.”
Even while Berkshire’s stockholders praised his leadership, Munger downplayed the intelligence behind the company’s stellar results. In 2010, he said, “I believe that a portion of Berkshire Hathaway’s appeal is that we appear to be people who have discovered a trick.” Ingenuity is irrelevant. Avoiding foolishness is enough.
It is the responsibility of Ajit Jain and Greg Abel, two more vice chairmen at Berkshire, to oversee the day-to-day operations of the company’s dozens of businesses that are now operational. Abel is expected to take over as CEO of the company after Buffett steps away from his position.
Charlie Munger receives accolades
“Charlie’s inspiration, wisdom, and participation were essential in building Berkshire Hathaway to its present status,” he said.
Munger would have turned 100 on January 1. He’s been Berkshire’s vice chairman since 1978.
He died quietly in a California hospital, according to the corporation.
Berkshire Hathaway was a failing textile company before Mr. Buffett turned it into a gigantic investment company worth $785 billion (£618 billion).
Munger was noted for being honest about his business partner’s failures and working closely with Buffett to distribute the company’s money.
On Twitter X, Apple CEO Tim Cook called Munger “a titan of business and a keen observer of the world around him.” He added that Munger “helped build an American institution.”
Berkshire owns hundreds of billions in Apple and other companies.
The public credited Munger with helping Buffett avoid “cigar butts”—cheap, inferior enterprises with smoke residue.
“Charlie Munger was a legendary figure in the investment community,” said Bank of America CEO Brian Moynihan. Many others benefited from his understanding.
Munger was expected to be worth over $2.3 billion in 2023, while Buffett was worth over $100 billion.
Munger died exactly one week after donating $866 million in Berkshire shares to four family nonprofits.
Mr. Buffett has stated that he is “playing in extra innings” at ninety-three while not having announced his retirement.
Two additional Berkshire chairmans, Ajit Jain and Greg Abel, handle the company’s daily operations. Buffett named Abel his leader in 2021.
Munger made some colourful and obscene statements during Berkshire’s annual meeting, but shareholders liked his candour. Shareholders will miss him when the gang reunites in May.
Share this content:
2 Comments