Billionaire Charlie Munger, known as Warren Buffett’s right-hand man in Berkshire Hathaway, has died at age 99. He had an estimated fortune of $2.3 billion in early 2023, a noteworthy amount, but significantly less than Buffett’s staggering $100 billion. Munger also was a real estate attorney, philanthropist, and an architect, donating hundreds of millions of dollars to various educational institutions. He had been instrumental in inspiring and molding Berkshire to its current status, earning accolades and gratitude from Buffett himself.
In addition to his significant contributions at Berkshire Hathaway, Munger was active in various other business ventures and philanthropic works. His approach to investing, together with Buffett, was deeply rooted in value investing, acquiring more than paying for and valuing the business in order to value the stock. Despite suffering a massive $50 billion loss during the coronavirus outbreak in early 2020, Munger and Buffett remained conservative and focused on weathering the storm, opting to maintain liquidity rather than making aggressive investments, as was noticed during the Great Recession. Munger’s philanthropy extended to educational institution donations with the stipulation that they accept his building designs, and even making sure that the girls’ bathrooms were larger than the boys’ during the construction of a science center.
Munger was guided by an unpretentious and value-driven spirit that he attributed to his roots, describing himself as an “Omaha boy”. His friendship with Buffett was described as almost uncanny, heavily influencing Buffett’s career and life, for which Buffett was effusive in his praise. The influence of his intelligence and wisdom is evident in Buffett’s shift from targeting troubled companies at low prices to those of higher quality. Munger’s passing marks an end to an era of his and Buffett’s partnership frame of value investment, leaving behind an enduring legacy of wisdom, philanthropy, and financial relevance.
