Berkshire Hathaway’s Charlie Munger dies aged 99

Reputable US investor Warren Buffett‘s longtime friend and business partner Charlie Munger passed away on Tuesday at the age of 99, according to confirmation from his employer. After being Buffett’s vice chairman for many years, Charlie Munger passed away peacefully this morning in a California hospital, according to a statement made by Berkshire Hathaway.

Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Warren Buffett said in a statement. Like Buffett, Munger was born and brought up in Omaha, Nebraska. The two met as adults in 1959, and forged a friendship that lasted more than 60 years.

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At a price of $7 and $8 per share, Munger and Buffett started purchasing Berkshire Hathaway shares in 1962. In 1965, they acquired ownership of the New England textile factory. The two brothers transformed Berkshire into the behemoth it is today over time by utilizing the company’s earnings to acquire other firms, such as BNSF railroad and Geico insurance, and by keeping a high-profile stock portfolio that included significant holdings in Coca-Cola and Apple. 

In advance of his 100th birthday, Munger conducted a lengthy interview with CNBC earlier this month. On Tuesday, the business network aired snippets from the chat. Munger summarized the key to Berkshire’s success—in his trademark self-deprecating style—as avoiding errors and carrying on working well into his and Buffett’s 90s.

During the entire time they worked together, Buffett and Munger lived more than 1,500 miles (2,400 kilometers) apart, but Buffett said he would call Munger in Los Angeles or Pasadena to consult on every major decision he made. Unlike Buffett’s vast fortune, Charlie Munger’s wealth is estimated at a more modest $2.6 billion, although he has donated most of his wealth to charity during his lifetime. Munger never officially retired from his role at Berkshire Hathaway, and would have turned 100 on January 1, 2024.