Charlie Munger, the vice-chairman of Berkshire Hathaway and the longtime business partner of Warren Buffett, has died at the age of 99. He passed away peacefully on Tuesday, November 28, 2023, at a hospital in California, according to a statement from his family
Munger was one of the most respected and influential investors in the world, who helped shape the success and philosophy of Berkshire Hathaway, the conglomerate that owns dozens of companies and has a market value of over $600 billion. He was also a generous philanthropist, who donated millions of dollars to various causes, especially education and science
Munger was born on January 1, 1924, in Omaha, Nebraska. He graduated from Harvard Law School in 1948, and practiced law in Los Angeles. He also became interested in investing, and started his own partnership in 1962. He met Buffett in 1959, and they became friends and collaborators. In 1978, Munger joined Berkshire Hathaway as vice-chairman, and became Buffett’s right-hand man and confidant
Munger was known for his sharp wit, his wide-ranging knowledge, and his contrarian views. He advocated for a rational and disciplined approach to investing, based on the concept of intrinsic value and the avoidance of mistakes. He also coined the term “lollapalooza effect” to describe the phenomenon of multiple factors reinforcing each other to produce extreme outcomes. He was a voracious reader and a lifelong learner, who often quoted from various disciplines, such as psychology, physics, and history
Munger was also a mentor and a role model for many investors and entrepreneurs, who admired his wisdom and integrity. He wrote several books and essays, and gave numerous speeches and interviews, where he shared his insights and advice. He also co-founded the Daily Journal Corporation, a publishing and software company, where he served as chairman. He was also a director of Costco Wholesale Corporation, a retail giant, where he was praised for his strategic vision and governance
Munger is survived by his second wife, Nancy Borthwick Munger, whom he married in 1984, and his eight children from his first marriage to Nancy Barry Munger, who died in 1983. He also had 19 grandchildren and 11 great-grandchildren. He was a devoted and loving husband, father, grandfather, and great-grandfather, who enjoyed spending time with his family and friends
Munger’s death was mourned by many people, who expressed their condolences and gratitude. Buffett said that Munger was “the best partner anyone could ever have” and that he “will miss him terribly” President Joe Biden said that Munger was “a giant of American business and a champion of the common good” Bill Gates said that Munger was “a brilliant thinker and a generous friend”
Munger’s funeral will be held on Saturday, December 2, 2023, at the First Congregational Church of Los Angeles, where he was a longtime member. The service will be private, but will be livestreamed on the church’s website
Munger was a vice-chairman who made history and changed lives. He was a partner who inspired and empowered others. He was a person who touched the hearts of many. He was Charlie Munger, and he will always be remembered.
