Charlie Munger, Warren Buffett’s Ally at Berkshire Dies at 99

Charlie Munger, the billionaire who amassed a fortune as an investing genius and Warren Buffett’s long-time partner at Berkshire Hathaway, passed away on Tuesday, as per a statement from Berkshire Hathaway.

The company said that Munger’s family informed them that he died peacefully this morning at a hospital in California. He was just about to turn 100th on January 1. “Charlie’s vision, insight, and leadership were indispensable for building Berkshire Hathaway to what it is today,” Buffett said in a tribute.

Munger wore many hats besides being Berkshire’s vice chairman. He was a lawyer, a newspaper owner, a Costco board member, a philanthropist, and an architect. His wealth was estimated at $2.3 billion in early 2023 — a staggering sum for most people but a fraction of Buffett’s colossal fortune, which is over $100 billion.

At Berkshire’s 2021 annual meeting, Munger, then 97, accidentally let slip a closely guarded secret: that Vice Chairman Greg Abel would “preserve the culture” after Buffett steps down.

Munger, who sported thick glasses, lost his left eye due to cataract surgery complications in 1980. He led Wesco Financial as chairman and CEO from 1984 to 2011, when Berkshire acquired the remaining stake of the Pasadena, California-based insurer and investor that it didn’t already own.

Buffett praised Munger for expanding his investing approach from buying cheap and troubled firms hoping for a turnaround to targeting high-quality and undervalued businesses.