Charlie Munger, business ally of renowned U.S. investor Warren Buffett, dies

New York- USA: Charlie Munger, the longtime companion and business ally of renowned U.S. investor Warren Buffett, passed away on Tuesday at the age of 99, as confirmed by his employer. Berkshire Hathaway, where Munger held the position of vice chairman under Buffett for decades, released a statement stating they were informed by Munger’s family members of his peaceful demise at a California hospital.

Warren Buffett expressed, “Berkshire Hathaway could not have achieved its current stature without Charlie’s inspiration, wisdom, and active involvement.” Both Buffett and Munger, natives of Omaha, Nebraska, established their friendship in 1959, fostering a bond that endured for over 60 years.

Munger assumed the role of vice chairman at Berkshire Hathaway in 1978, contributing significantly to its transformation from a small textile company into a colossal conglomerate currently valued at over $780 billion. Despite Munger’s more modest estimated wealth of $2.6 billion, in contrast to Buffett’s substantial fortune, he dedicated the majority of his wealth to charitable causes during his lifetime.

Munger, who never officially retired from his position at Berkshire Hathaway, was set to turn 100 on January 1, 2024. In a 2017 interview, Buffett acknowledged Munger’s profound impact on his investment philosophy, praising his influence in emphasizing the importance of investing in quality companies with long-term potential.

Buffett remarked, “He refined [my views] in a huge way, in terms of looking for quality companies and seeking the ability to make investments that will stand the test of time. He’s strong-minded, I’m strong-minded. We’ve never had an argument in that whole time and we never will.” He concluded, “It’s been more enjoyable doing it with Charlie.”