Charlie Munger, the closest confidant and companion of investing legend Warren Buffett, has died at the age of 99. According to his family, Munger died on Tuesday morning in a hospital in California at the age of 99, a statement said. In it, Buffett said Berkshire could not have achieved its current status “without Charlie’s inspiration, wisdom and contribution.”
Munger was active for decades with Buffett (93) at the investment company Berkshire Hathaway. He was deputy head of administration and one of the largest shareholders. This also made him a billionaire.
Berkshire Hathaway owns, among others, the insurer Geico, the railway company BNSF and the battery manufacturer Duracell. Berkshire’s instinct for good deals ensured that its investments in various companies performed significantly better than the average stock market over the years. A $1,000 investment in Berkshire Hathaway in the mid-1960s is worth more than $10 million today.
Munger would have been 100 years old on January 1st. His connection to Buffett dates back to his youth, when he worked for his grandfather at a grocery store in Omaha, Nebraska. Munger served as a meteorologist during World War II and earned a law degree from Harvard Law School in 1948.
Buffett later said that Munger changed his approach as an investor
Munger was already a successful investor in his own right before officially joining Berkshire Hathaway. He is considered the driving force behind early investments in technology companies such as the Chinese electric car and battery specialist BYD. Berkshire also stocked up on Apple shares – while the price already seemed too high to many investors. But inspired by the success of the iPhone, the price rose significantly higher.
Buffett later said that Munger changed his approach as an investor. Originally he was just looking for bargains – “decent companies at a wonderful price,” as Buffett put it. Munger convinced him that wonderful companies at a fair price were a much better deal. The new perspective has made him much richer than he ever would have been as a bargain hunter, emphasized Buffett.