Berkshire Hathaway reported on the afternoon of Nov. 28 that Charlie Munger, vice chairman at the company and Chairman Warren Buffett's longtime partner, has passed away.
"Berkshire Hathaway a few minutes ago was advised by members of Charlie Munger’s family that he peacefully died this morning at a California hospital," according to a statement.
Related: Why Berkshire's Charlie Munger says investing is 'like a poker game'
Warren Buffett, CEO of Berkshire Hathaway, wished to say: “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation.”
The statement goes on to say that Munger's family will handle all affairs pursuant to Charlie’s instructions.
People were quick to take to social media to remember the great investor, who started his first investment business in the 1960's.
😢😢😢
— Mark Cuban (@mcuban) November 28, 2023
Charles Munger, Who Helped Buffett Build Berkshire, Dies at 99 https://t.co/aulWwPFVlz
The 🐐
— High Yield Harry (@HighyieldHarry) November 28, 2023
R.I.P. Charlie Munger, you will be deeply missed pic.twitter.com/oiCY5WdTxj
RIP Charlie Munger
— Dividend Growth Investor (@DividendGrowth) November 28, 2023
While that is sad news, the knowledge he shared with the world will live forever pic.twitter.com/bPdbb4rrMb
So sad to hear the news of the passing of #CharlieMunger.
— Mohamed A. El-Erian (@elerianm) November 28, 2023
My thoughts and prayers are with his family, his friends and colleagues at #BerkshireHathaway and, of course, his long-time business partner and friend @WarrenBuffett.
For so many decades, the two of them led an investment…
Munger's life and history
Image source: Getty Images.
Born on January 1, 1924, in Omaha, Neb., Munger attended the University of Michigan and studied math before dropping out to serve in the U.S. Army Air Corps. He eventually enrolled in Harvard Law School and graduated magna cum laude in 1948 with intentions of practicing law.
After dabbling in law with law firm Wright & Garrett, Munger eventually decided he wanted to focus on managing investments instead and formed his own investment company in 1962. Called Wheeler, Munger, & Co., it signified Munger's first steps as an independent investor.
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Munger and Buffett, both from Omaha, were introduced via a mutual friend in 1959 and quickly became pals. Buffett went gave an interview to CNBC in 2021 where he said from the moment they met over dinner, he knew Munger "would be in his life forever."
By the 1970's, the two investors had formed an informal partnership that went on to become the Berkshire Hathaway we know today. They were known in their early days for their controlling interests in Blue Chip Stamps, a small trading stamps company, which they used to eventually purchase several other companies, including Wesco Financial, See's Candy, and newspaper The Buffalo Evening News. The duo went on to invest in bigger and bigger companies as the years went on, including Coca-Cola, Geico, ABC, and Gillette.
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Despite being a fairly conservative Republican, Munger took a passionate stance on abortion rights, leading to his taking on the role of eventual trustee and chief financial officer of the Los Angeles chapter of Planned Parenthood.
Somehow amid all of that smart investing and philanthropy, Munger still had time for his sense of humor. He was loud and clear about his opinions of modern financial trends even in his last days, going as far as to publicly call cryptocurrency "crypto crappo."
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