Source: AFP
Charlie Munger, the longtime friend and business partner of famed American investor Warren Buffett, died on Tuesday at the age of 99, his employer confirmed.
Berkshire Hathaway, where Munger served for decades as a vice chairman under Buffett, said it was “advised by members of Charlie Munger’s family that he passed away peacefully this morning at a California hospital.”
“Berkshire Hathaway could not have been built to its present state without Charlie’s inspiration, wisdom and involvement,” Warren Buffett said in a statement.
Like Buffett, Munger was born and raised in Omaha, Nebraska. The two met as adults in 1959 and formed a friendship that lasted more than 60 years.
Munger joined Buffett at Berkshire Hathaway as a vice chairman in 1978 and helped turn it from a small textile company into a massive conglomerate worth more than $780 billion.
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In contrast to Buffett’s vast fortune, Charlie Munger’s fortune is estimated at $2.6 billion, although he has donated most of his wealth to charity during his lifetime.
Munger never officially retired from his role at Berkshire Hathaway and would have turned 100 on January 1, 2024.
In a 2017 interview, Buffett credited Munger with changing his views on investing for the better.
“It’s improved them tremendously in terms of looking for the quality companies and being able to make an investment that will work for five or 10 or 20 years, as opposed to something where there might be one more. “There’s a bit left in the cigar,” he said.
“He’s got a strong mind, I’m strong. We’ve never had an argument all this time and we never will,” he continued.
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“It was more fun doing it with Charlie,” she added.
Source: AFP