Charlie Munger, the renowned business partner and close friend of the celebrated U.S. investor Warren Buffett, passed away on Tuesday at the age of 99, as confirmed by his employer.
Berkshire Hathaway, where Munger served for decades as vice chairman under Buffett, announced it was “advised by members of Charlie Munger’s family that he peacefully died this morning at a California hospital.”
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Warren Buffett said in a statement.
Similar to Buffett, Munger was born and raised in Omaha, Nebraska. The two crossed paths as adults in 1959, developing a friendship that endured for over six decades.
In 1978, Munger joined Buffett at Berkshire Hathaway as vice chairman, playing a pivotal role in its transformation from a small textile company into a colossal conglomerate with a current valuation exceeding $780 billion.
While Munger’s wealth is estimated at a more modest $2.6 billion compared to Buffett’s vast fortune, he has actively contributed most of his wealth to charitable causes throughout his life.
Munger, who never officially retired from his position at Berkshire Hathaway, would have celebrated his 100th birthday on January 1, 2024.
In a 2017 interview, Buffett credited Munger with changing his views on investment for the better.
“He refined them in a huge way, in terms of looking for the quality companies, and looking out for the ability to make an investment that will work out for five or 10 or 20 years, as opposed to something where there might be one more puff left in the cigar,” he said.
“He’s strong minded, I’m strong minded. We’ve never had an argument in that whole time and we never will,” he continued.
“It’s been more fun doing it with Charlie,” he added.