Berkshire Hathaway announced on November 28th the passing of its esteemed vice chairman, Charlie Munger. As Warren Buffett’s longtime partner and a pivotal figure in Berkshire Hathaway’s ascent, Munger’s death marks the end of an era in the investment world.
The company statement disclosed that Munger passed away peacefully at a California hospital. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom, and participation,” said Warren Buffett, CEO of Berkshire Hathaway, highlighting Munger’s integral role in the company’s success.
Munger’s family, in line with his instructions, will handle all his affairs.
The investment community and the public have taken to social media to honor Munger, who began his investment journey in the 1960s. His remarkable life story is a testament to his enduring impact on the finance world.
A Life of Exceptional Achievement
Born on January 1, 1924, in Omaha, Nebraska, Munger’s journey started at the University of Michigan, where he studied mathematics. His path then led him to serve in the U.S. Army Air Corps before attending Harvard Law School, where he graduated magna cum laude in 1948. Initially pursuing a career in law with Wright & Garrett, Munger soon pivoted to focus on investment management, establishing his own firm, Wheeler, Munger, & Co., in 1962.
It was in 1959 when Munger met Warren Buffett, a meeting that sparked a lifetime partnership. Buffett later recalled knowing immediately that Munger would be a permanent fixture in his life.
Together, they transformed Berkshire Hathaway into a colossal conglomerate, initially leveraging their stakes in small companies like Blue Chip Stamps to acquire various other businesses. Their investment prowess led to significant holdings in giants like Coca-Cola, Geico, ABC, and Gillette.
A Man of Principles and Wit
Munger was not just a shrewd investor but also a man of principles. Despite his conservative political leanings, he was a staunch supporter of abortion rights, even serving as the trustee and chief financial officer for the Los Angeles chapter of Planned Parenthood.
His sharp wit and clear opinions, especially on modern financial trends, remained evident until his last days. Munger never shied away from expressing his skepticism about cryptocurrencies, famously dubbing them “crypto crappo.”
Legacy of a Financial Titan
Charlie Munger’s passing leaves behind a legacy that extends beyond the realms of Berkshire Hathaway. His unique blend of investment acumen, ethical stance, and humor enriched not only the company he helped shape but also the broader world of finance and philanthropy. As the investment community mourns his loss, his wisdom, and the indelible mark he left on the industry will continue to inspire future generations.