Charlie Munger, renowned as a close confidant and business associate of the celebrated American investor Warren Buffett, passed away on Tuesday at the age of 99. For nearly six decades, he served as Warren Buffett's alter ego, companion, and contrasting figure, contributing significantly to the transformation of Berkshire Hathaway Inc. from a struggling textile manufacturer into a formidable empire.
The company's statement confirmed his passing on Tuesday at a California hospital.
According to the Berkshire Hathaway press release, the company said, it was advised by members of Charlie Munger’s family that he peacefully died this morning at a California hospital.
Warren Buffett, CEO of Berkshire Hathaway, in a statement said: “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation.”
Esteemed Investor and Philanthropist Charlie Munger
Charlie Munger, born on January 1, 1924, is a highly regarded investor, businessman, and philanthropist, renowned for his association with Warren Buffett and their collaborative efforts at Berkshire Hathaway.
He became widely recognized as Warren Buffett's long-time partner and confidant, contributing significantly to Berkshire Hathaway's success over several decades. Munger is known for his sharp intellect, emphasis on rationality in decision-making, and his aptitude for diverse fields beyond finance, including psychology, economics, and various academic disciplines.
Munger joined Buffett at Berkshire Hathaway as vice chairman in 1978 and he played an integral part in the company's growth and success, standing alongside Warren Buffett in transforming the firm from a struggling textile manufacturer into a diversified multinational conglomerate.
In addition to his significant contributions to the finance world, Munger was a notable philanthropist, contributing generously to charitable causes and educational institutions. His legacy extends beyond the boardrooms, impacting various sectors through his strategic insights and generous contributions.
Charlie Munger's wealth is estimated at a more modest $2.6 billion, although he opted to donate a substantial portion to charity during his lifetime, highlighting his commitment to philanthropy.
Charlie Munger never officially retired from his position at Berkshire Hathaway and would have marked his centenary on January 1, 2024.
Tim Cook, CEO of Apple, on the passing of Charlie Munger on his social media platform, X, "A titan of business and keen observer of the world around him, Charlie Munger helped build an American institution, and through his wisdom and insights, inspired a generation of leaders. He will be sorely missed. Rest in peace Charlie."
Geiger Capital, on his X platform posted, Some of the best of Charlie Munger: “Every time you hear EBITDA, just substitute it with bullshit”. Absolute legend."
About Berkshire Hathaway
Berkshire Hathaway, along with its subsidiary companies, participates in a wide array of business ventures such as insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, retail, and services. The company's common stock is traded on the New York Stock Exchange under the symbols BRK.A and BRK.B.