Charlie Munger, Warren Buffett’s Long-Term Business Partner, Dies at 99
In a tragic turn of events, Charlie Munger, the longtime business partner of legendary investor Warren Buffett, passed away in a California hospital on the morning of the 28th at the age of 99. Munger, who was widely regarded as one of the greatest investment gurus in American history, was a key figure in guiding Berkshire Hathaway, the investment company co-founded by him and Buffett in the mid-20th century, to achieve remarkable investment results over the years.
Berkshire Hathaway issued a statement announcing Munger’s passing, stating that he died peacefully just over a month before his 100th birthday. Buffett also released a statement acknowledging Munger’s immense contributions, saying, “Without Charlie’s inspiration, wisdom, and involvement, Berkshire Hathaway would not be where it is today.”
Munger was instrumental in helping Buffett transform Berkshire Hathaway from a near-bankrupt textile factory into a global investment giant. Known for his preference to stay behind the scenes, Munger played a major role in establishing the concepts of long-term and value investment, principles that guided Berkshire Hathaway’s investment strategy over the years.
Munger was also known to be optimistic about China’s economic prospects, often advocating for investments in Chinese companies. One of their most notable investments in China was their decision to invest in electric vehicle maker BYD in 2008, which proved to be highly successful.
Munger’s passing represents a significant loss for the investment community, as he leaves behind a legacy of wisdom and guidance that has shaped the investment strategies of countless individuals and institutions around the world. Buffett summed up Munger’s impact on the investment world by stating, “We’re a little less crazy but a little less stupid than most people. That really helps us.”
With Munger’s passing, the investment world has not only lost a visionary but also a unique voice that was influential in shaping investment strategies and guiding investors to navigate the complexities of the financial markets.