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Charlie Munger, Trusted Advisor to Warren Buffett, Passes Away at 99

Charlie Munger, the 99-year-old investment genius and long-time confidant of Warren Buffett at Berkshire Hathaway, passed away on Tuesday.


 


Munger, a multifaceted individual known for his roles as a real estate attorney, architect, philanthropist, Costco board member, and chairman of the Daily Journal Corp., served as vice chairman at Berkshire Hathaway.


 


Despite amassing a substantial fortune, Munger's estimated net worth of $2.3 billion in early 2023 was overshadowed by Buffett's staggering wealth exceeding $100 billion, leaving many astonished.


 


In 2021, at the age of 97, Munger unintentionally disclosed a closely guarded secret at Berkshire's annual shareholder meeting, revealing Vice Chairman Greg Abel's role in maintaining the company's culture during Buffett's tenure.


 


Complications from cataract surgery in 1980 led Munger to wear heavy spectacles after losing his left eye.


 


From 1984 until Berkshire acquired the remaining shares of Wesco Financial, Munger served as chairman and CEO, diversifying Buffett's investment strategy towards higher-quality, underpriced companies.


 


Munger's influence on Buffett's approach was evident in his shift away from mediocre companies at low prices to pursuing exceptional businesses at fair valuations, as noted in a 2016 CNBC interview with Buffett.


 


Known for his wit, Munger frequently provided humorous and insightful investment and life advice, akin to his hero, Benjamin Franklin. His philosophy, such as the "lollapalooza effect," emphasized the impact of combined circumstances on investment psychology.


 


Born in Omaha on January 1, 1924, Munger's early life included military service, studying meteorology at the California Institute of Technology, and practicing real estate law after earning a law degree from Harvard in 1948.


 


Munger played a key role in Buffett's life, with their intellectual similarities noted by Buffett as "spooky." The two, never having argued in their nearly 60-year friendship, shared a profound impact on each other's lives.


 


Their partnership focused on value investing, seeking stocks with strong long-term fundamentals at low prices. Munger's caution during the 2020 pandemic, contrasting with their actions during the Great Recession, highlighted their strategic approach.


 


Beyond investing, Munger's philanthropy included significant contributions to universities, with stipulations for using his architectural designs. His legacy extends to the Munger Graduate Residence at Stanford University, a testament to his impact on education and architecture.


 


Charlie Munger's passing marks the end of an era, leaving an indelible mark on the world of investing and beyond.


 


Editor: Marina Ramzy Mourid


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Tags: #Business #Celebrity #Charlie Munger



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