Charlie Munger, Warren Buffet’s sidekick at Berkshire Hathaway, dies at 99


PTI, Nov 29, 2023, 8:10 AM IST

Credit: Nick via Wikimedia Commons

California: Charlie Munger, who helped Warren Buffett build Berkshire Hathaway into an investment powerhouse, has died. He was 99. Munger’s death was confirmed in a statement from the company, which said he died Tuesday at a California hospital.

Munger served as Buffett’s sounding board on investments and business decisions and helped lead Berkshire as its vice chairman for decades.

Munger preferred to stay in the background and let Buffett be the face of Berkshire, and he often downplayed his contributions to the company’s remarkable success.

But Buffett always credited Munger with pushing him beyond his early value investing strategies to buy great businesses.

”Charlie has taught me a lot about valuing businesses and about human nature,” Buffett said in 2008.

Buffett’s early successes were based on what he learned from former Columbia University professor Ben Graham. He would buy stock in companies that were selling cheaply for less than their assets were worth, and then, when the market price improved, sell the shares.

During the entire time they worked together, Buffett and Munger lived more than 1,500 miles apart, but Buffett said he would call Munger in Los Angeles or Pasadena to consult on every major decision he made.

Munger grew up in Omaha, Nebraska, about five blocks away from Buffett’s current home, but because Munger is seven years older, the two men didn’t meet as children, even though both worked at the grocery store Buffett’s grandfather and uncle ran.

When the two men met in 1959 at an Omaha dinner party, Munger was practicing law in Southern California and Buffett was running an investment partnership in Omaha.

Buffett and Munger hit it off at that initial meeting and then kept in touch through frequent telephone calls and lengthy letters, according to the biography in Munger’s book ”Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger.”

The two men shared investment ideas and occasionally bought into the same companies during the 1960s and ’70s. They became the two biggest shareholders in one of their common investments, trading stamp maker Blue Chip Stamp Co., and through that acquired See’s Candy, the Buffalo News and Wesco. Munger became Berkshire’s vice chairman in 1978, and chairman and president of Wesco Financial in 1984.

Thousands of Berkshire shareholders will remember the curmudgeonly quips Munger offered while answering questions alongside Buffett at the annual meetings.

Munger was known for repeating ”I have nothing to add” after many of Buffett’s expansive answers at the Berkshire meetings. But Munger also often offered sharp answers that cut straight to the heart of an issue, such as the advice he offered in 2012 on spotting a good investment.

”If it’s got a really high commission on it, don’t bother looking at it,” he said.

Munger was known as a voracious reader and a student of human behaviour. He employed a variety of different models borrowed from disciplines like psychology, physics and mathematics to evaluate potential investments.

Munger studied mathematics at the University of Michigan in the 1940s, but dropped out of college to serve as a meteorologist in the Army Air Corps during World War II.

Then he went on to earn a law degree from Harvard University in 1948 even though he hadn’t finished a bachelor’s degree.

Munger built a fortune worth more than USD 2 billion at one point and earned a spot on the list of the richest Americans, but Munger’s wealth has been decreasing as he engaged in philanthropy.

Munger has given significant gifts to Harvard-Westlake, Stanford University Law School, the University of Michigan and the Huntington Library as well as other charities. He also gave a significant portion of his Berkshire stock to his eight children after his wife died in 2010.

Munger also served on the boards of Good Samaritan Hospital and the private Harvard-Westlake School in Los Angeles. And Munger served on the board of Costco Wholesale Corp. and as chairman of the Daily Journal Corp.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

No need to act like a hero: Rohit warns Sarfaraz for not wearing helmet at close-in position

Defeat BJP, which is against the Constitution, social justice and equality: Siddaramaiah

INDIA ‘janbandhan’ locked and loaded: Congress after Akhilesh joins Nyay Yatra

Karnataka Congress MLA Raja Venkatappa Naik passes away

INLD Haryana president Nafe Singh Rathee, party worker shot dead in Jhajjar

BJP to win big but there is no Modi magic: Subramanian Swamy

How Jurel cracked Test code: 4 hrs of facing spin at Talegaon, 140 overs of batting per day

MUST WATCH

Sasihitlu Beach

How diabetes cause problems in kidney

christmas crib

KFD The Monkey Fever/Kyasanur Forest Disease

Abu Dhabi’s 1st Hindu Temple | UAE Temple


Latest Additions

No need to act like a hero: Rohit warns Sarfaraz for not wearing helmet at close-in position

Absconding for 22 years, SIMI operative Hanif Sheikh arrested by Delhi Police

Defeat BJP, which is against the Constitution, social justice and equality: Siddaramaiah

Don’t test our patience, CM tells Jarange; says conspiracy will be exposed soon

They’re supporting me from up above: Bashir dedicates maiden fifer to his late grandfathers

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.