On Tuesday, November 28th, Charlie Munger, the longtime business partner of Warren Buffett, passed away at a California hospital.
Munger, who started working for Buffett’s grandfather during the Great Depression, played a pivotal role in transforming Berkshire Hathaway into a multi-billion dollar conglomerate. Despite differences in style and political views, the partnership flourished, with Munger serving as vice chairman since 1978. Known for his blunt and witty remarks, Munger commented on various topics, including likening bankers to “heroin addicts” and dismissing Bitcoin as “rat poison.”
MUNGER AND BUFFET FRIENDSHIP
Munger and Buffett, although differing in personal interests, became inseparable at Berkshire, finishing each other’s ideas without arguments. They focused on buying wonderful companies at fair prices, and Munger’s influence expanded Buffett’s investment horizons. Munger, often called the “Oracle of Pasadena,” was respected for his wisdom and observations, collected in a book titled “Poor Charlie’s Almanack.” Born in 1924, Munger met Buffett in 1959, sharing the “value investing” philosophy of their mentor, famous economist Benjamin Graham.
A MODEST LATE BLOOMER
Despite not finishing college, Munger graduated from Harvard Law School and co-founded a law firm before venturing into investments. He successfully managed Wheeler, Munger & Co. before joining forces with Buffett. Munger lived modestly, resisted social media, and expressed skepticism about trends like artificial intelligence. In his philanthropy, he pledged over $100 million for housing at the University of Michigan.
Munger’s passing marks the end of an influential era in business and investing.
