Charles Munger, a sidekick and foil to Warren Buffett, has passed away at the age of 99, transforming Berkshire Hathaway Inc. from a failing textile maker into an empire.
Charlie Munger, a lawyer by training, played a crucial role in the creation of Berkshire Hathaway, a company that has experienced significant growth under his leadership. Munger, who was vice chairman of Berkshire Hathaway and one of its largest shareholders, helped the company achieve an annual gain of 20% from 1965 to 2022, which is twice the pace of the S&P 500 Index. His net worth was about $2.6 billion, making him a billionaire and a beloved figure among investors.
Beyond the values
Buffett credited Munger with expanding his investment approach beyond Benjamin Graham’s advice, assembling an insurance, railroad, manufacturing, and consumer goods conglomerate that posted nearly $29 billion in operating profit in the first nine months of this year. In 1999, Buffett emphasized the importance of buying wonderful businesses, as he stated to the Omaha World-Herald.
Munger, a prominent businessman, influenced Warren Buffett to acquire California confectioner See’s Candies Inc. in 1972, which he saw as a dream business prototype, leading to Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.
Munger frequently communicated with Buffett in Omaha from Los Angeles via phone.
Munger, a prominent investor from Los Angeles, frequently consulted with Warren Buffett in Omaha, even when they couldn’t connect. Buffett, in 2010, mimicked Munger’s behavior by presenting a cardboard cutout of his partner on stage. Munger was a vocal critic of corporate misbehavior, criticized the compensation packages given to some executives, and warned that much of banking had become “gambling in drag.”
Munger and Buffett, both Republicans, shared common ground on issues like universal health care and government oversight. Munger, who served on the board of Costco Wholesale Corp. for over two decades, believed private companies like Costco did more good for society than big-name philanthropic foundations. He promoted abortion rights and education with his own donations and served as chairman of Good Samaritan Hospital in Los Angeles. Buffett’s multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for housing facilities allowed him to indulge in architecture, though his vision for a dormitory on the Santa Barbara campus drew protest in 2021.
Munger, despite not rivaling Buffett in the worldwide celebrity
Munger, a prominent investor, was known for his blunt and passionate approach, often referred to as “groupies” by his fans. He hosted annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, where he discussed his philosophy of life and investing. At the 2011 meeting, Munger urged for a new cult hero to replace Buffett.
Munger, a prominent investor, was known for his passionate approach and blunt approach. He hosted annual meetings of Wesco Financial Corp. in Pasadena, discussing his philosophy of life and investing. In 2011, Munger urged for a new cult hero to replace Warren Buffett. Munger, a mathematician, entered the University of Michigan at 17 with a strong interest in the subject, stating that he could easily achieve an A in any mathematics course without any work at all.
