Berkshire Hathaway late Tuesday announced the death of its vice chairman, Charles Munger. Berkshire Hathway stock edged higher Wednesday.
Munger, 99, was known as Buffett's right-hand man. Like Buffett, Munger was seen as an investing legend.
Berkshire said it was advised by members of Munger's family that Munger died peacefully Tuesday morning at a California hospital.
"Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom and participation," Berkshire CEO Buffett said in a statement.
Munger was set to turn 100 on Jan. 1.
Buffett himself turned 93 on Aug. 30 and succession has been a closely watched issue at the storied conglomerate.
Munger played a key role in the company's investment decisions as Buffett's longtime friend and closest business partner.
"When they go, you are losing your best players ever, so you can never feel good about that," Bill Stone, chief investment officer at Glenview Trust told IBD in September.
Class B shares of Berkshire Hathway stock nudged up 0.4% on the stock market today.
