By James Meyers
3:30 PM – Tuesday, November 28, 2023
Billionaire Charlie Munger, known as Warren Buffet’s right-hand man, has died at the age of 99.
Munger died on Tuesday, according to a press release from Berkshire Hathaway.
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in a statement.
Besides being the vice chairman of Berkshire, Munger was a real estate attorney, chairman and publisher of the Daily Journal Corp. , and a member of the Costco board, among other things.
Munger’s fortune has been estimated at $2.3 billion but well short of Buffet’s eye-popping fortune of an estimated $100 billion.
He also lost his left eye after complications from cataract surgery in 1980.
Munger’s impressive career resume included being chairman and CEO of Wesco Financial from 1984 to 2011. Buffett also credited Munger with helping his investment strategy. He would advise him to invest in struggling companies at low prices in hopes of turning a larger profit as well as focusing on underpriced companies.
“He weaned me away from the idea of buying very so-so companies at very cheap prices, knowing that there was some small profit in it, and looking for some really wonderful businesses that we could buy in fair prices,” Buffett told CNBC in May 2016.
The billionaire Munger also had a passion for architecture, a hatred of cryptocurrency and a love of capitalism.
His first real fortune was made by designing and building apartments near Los Angeles. He also designed dorms for his alma maters, Stanford University and the University of Michigan.
“Charlie’s most important architectural feat was the design of today’s Berkshire. The blueprint he gave me was simple: Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices,” Buffett wrote.
Towards the end of his life, Munger warned people about the dangers of envy.
“The world is not driven by greed. It’s driven by envy,” Munger said in 2022, according to CNBC.