Charlie Munger: Warren Buffett’s Longtime Partner, Dies at 99

• Charlie Munger, Vice Chairman of Berkshire Hathaway, passed away at the age of 99, leaving behind a legacy of wisdom and success.
• Munger, alongside Warren Buffett, played a pivotal role in transforming Berkshire Hathaway into a multinational empire.

Charlie Munger, the billionaire businessman, investor, and philanthropist who was best known as the vice chairman of Berkshire Hathaway and the right-hand man of Warren Buffett, passed away on November 28, 2023, at the age of 99.

The Early Life & Career of Charlie Munger

Charlie Munger’s journey from his early years in Omaha to becoming an influential investor is a testament to his resilience and pursuit of knowledge. Born in 1924, Munger grew up in Omaha, attending the same high school as Warren Buffett. 

Despite enrolling in the University of Michigan to study mathematics at the age of 17, Munger’s education was interrupted by World War II, during which he served in the US Army Air Corps. Following the war, Munger pursued law, eventually meeting Buffett in Omaha. This encounter marked the beginning of a lifelong friendship and a partnership that would shape the financial landscape.

Influence on Berkshire Hathaway

Charlie Munger’s influence on Berkshire Hathaway is profound and multifaceted. Together with Warren Buffett, Munger played a pivotal role in transforming the company from its origins as a textile manufacturer into a global conglomerate. 

Charlie Munger’s impact is evident in Berkshire Hathaway’s evolution into a multinational powerhouse that wholly owns iconic brands such as Dairy Queen and Fruit of the Loom, and holds significant stakes in major companies like Apple and Coca-Cola. Munger’s wisdom and strategic insights were instrumental in shaping the company’s trajectory, contributing significantly to its present status.

Architect of Berkshire’s Success

Charlie Munger’s role as the architect of Berkshire Hathaway’s success lies in his strategic shift in investment philosophy. Breaking away from the conventional “cigar-butt” investing, Munger guided Warren Buffett toward a new approach—acquiring wonderful businesses at fair prices. His emphasis on building a business based on durable competitive advantage became the blueprint for Berkshire’s evolution. Munger’s influence is encapsulated in his famous quote, “Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices,” setting the course for Berkshire’s unparalleled success.

Personal and Professional Challenges

Munger faced many hardships and setbacks in his life, but he overcame them with resilience and optimism. In 1953, he divorced his first wife and lost most of his assets. In 1954, his 8-year-old son Teddy died of leukemia. In 1973, he suffered from glaucoma and lost sight in one eye. In 1986, he underwent a heart transplant. In 2008, he lost his second wife Nancy to cancer.

Despite these tragedies, Munger never gave up on his goals and passions. He remarried in 2010 and continued to work and learn until his last days. He was also a generous philanthropist, donating millions of dollars to various causes, such as education, health, science, and the environment. He was especially passionate about supporting the development of physics at Caltech, where he had studied meteorology during the war.

Legacy and Tributes

Munger leaves behind a legacy of excellence, integrity, and wisdom that will inspire generations of investors, entrepreneurs, and leaders. He was admired for his sharp intellect, broad knowledge, witty humor, and humble attitude. He was also known for his memorable quotes and aphorisms, such as “The best thing a human being can do is to help another human being know more” and “Invert, always invert”.

Many prominent figures and organizations paid tribute to Munger after his death, including Buffett, who said in a statement: “Charlie was my partner, my teacher, and my friend. He was the greatest mind I ever met and the kindest person I ever knew. He made me a better investor, a better person, and a happier man. I will miss him dearly, but I will always cherish the memories we shared and the lessons he taught me.”