Charles Munger, the esteemed business partner and close associate of Warren Buffett for nearly six decades, has passed away at the age of 99. The news was confirmed by Berkshire Hathaway Inc., the conglomerate that the duo transformed into a global powerhouse.
Munger, often referred to as the alter ego and right-hand man of Warren Buffett, played a pivotal role in shaping the investment philosophy of Berkshire Hathaway. Together, they turned the struggling textile maker into a diversified conglomerate, achieving an impressive average annual gain of 20% from 1965 through 2022, outpacing the S&P 500 Index.
Warren Buffett, in a statement, acknowledged Munger’s vital contributions to the success of Berkshire Hathaway, stating, “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom, and participation.”
A lawyer by profession, Munger was known for his sharp wit and straightforward approach, often serving as a counterbalance to Buffett’s optimism. He played a key role in expanding Berkshire’s investment approach beyond the principles of Benjamin Graham, emphasizing the acquisition of truly exceptional businesses.
Munger’s influence extended beyond investment decisions; he was also recognized for his outspoken criticism of corporate misconduct and excessive executive compensation. His partnership with Buffett went beyond business, as the two shared common ground on issues like universal health care and financial system oversight, despite their differing political affiliations.
Munger, with a net worth of approximately $2.6 billion according to Forbes, was not just a successful investor but also a philanthropist. His donations supported causes such as abortion rights and education, and he served as the chairman of Good Samaritan Hospital in Los Angeles.
The passing of Charles Munger marks the end of an era for Berkshire Hathaway and leaves a significant void in the world of finance and investing. Munger’s legacy will be remembered not only for his financial acumen but also for his candid and incisive commentary on business and life.
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