Charlie Munger, Right-Hand Man to Warren Buffett, Passes Away at 99

Charlie Munger, the renowned billionaire investor and vice chairman of Berkshire Hathaway, has passed away at the age of 99, according to an official press release from the conglomerate.

Munger’s family informed Berkshire Hathaway that he peacefully breathed his last on Tuesday morning in a California hospital. Despite his advancing age, Munger remained active in various roles, and his death marks the end of an era for the financial world.

Born on January 1, 1924, Munger was on the brink of celebrating his 100th birthday on New Year’s Day, 2024. His passing has left a void in the business and investment communities, where he was widely regarded as a sage and influential figure.

Warren Buffett, Chairman and CEO of Berkshire Hathaway, expressed deep sorrow at Munger’s demise, stating, “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom, and participation.”

Munger’s contributions to Berkshire Hathaway extended beyond his role as vice chairman; he played a pivotal part in shaping the conglomerate’s success.

In addition to his position at Berkshire Hathaway, Munger wore many hats, including that of a real estate attorney, chairman, and publisher of the Daily Journal Corp. He also served on the board of Costco, contributed significantly to philanthropic causes, and had a background as an architect.

Munger’s financial acumen was exceptional, with his fortune estimated at $2.3 billion in early 2023. His influence extended to Wesco Financial, where he served as chairman and CEO from 1984 to 2011 until Berkshire Hathaway acquired the remaining shares of the Pasadena-based insurance and investment company.

Buffett acknowledged Munger’s role in transforming investment strategies, shifting the focus from distressed companies at low prices to higher-quality, underpriced companies. Munger’s legacy goes beyond the balance sheets, as he leaves an indelible mark on the principles and practices of modern investing.

The passing of Charlie Munger marks the end of an era in the financial world, leaving investors and business leaders reflecting on the profound impact of his wisdom and foresight. As tributes pour in from colleagues and admirers, the financial community mourns the loss of a true titan.