Charlie Munger, Close Companion and Successful Business Partner of Warren Buffett, Passes Away
Charlie Munger, the legendary billionaire investor and longtime partner of Warren Buffett, passes away at 99 His invaluable contributions to Buffett's success make him an irreplaceable figure in the world of finance
Billionaire investor Charlie Munger, known for his long-standing friendship and business partnership with Warren Buffett, has passed away at 99 years old.
The investment firm Berkshire Hathaway, where Munger held the position of vice chairman, announced his peaceful passing on Tuesday morning at a California hospital. The specific cause of death was not disclosed.
Charles Thomas Munger, also known as "Charlie," was born in Omaha, Nebraska on January 1, 1924. After leaving the University of Michigan at 19, he served in the US Army during World War II. Munger then attended Harvard Law School, graduating with honors in 1948. He later moved to Southern California where he practiced real estate law.
Following Munger's passing, Wall Street mourned the end of his remarkable tenure at Berkshire Hathaway.
"Warren Buffett, the CEO, credited Charlie for being an inspiration, wise, and essential in building Berkshire Hathaway to its present status," according to the release.
"Over many decades, the two of them led an investment powerhouse that greatly improved many peoples lives and consistently demonstrated the power of collaboration, synergies, and common sense. Rest in peace, Charlie," shared Mohamed El-Erian, Allianz chief economic adviser, in a post on X.
"His influence extended well beyond the financial world. People sought him out for financial advice, but they gained much more," said Whitney Tilson, a knowledgeable investor of both Buffett and Munger, in an interview with CNN. "He once said, 'If all you have is a hammer, the world looks like a nail.'"
Munger, with a net worth of $2.7 billion, as reported by Forbes, continued to share his insights on global markets just a few weeks ago. For instance, he described Buffett's multi-billion dollar investment in Japan as "a no-brainer" in an interview with the Acquired podcast.
"It was awfully easy money," said Munger, with his characteristic pithiness. "It was like having God just opening a chest and just pouring money into it."
Buffetts right-hand man
Munger and Buffett first met at a dinner in 1959, when Munger was in Omaha for his father's funeral. They quickly formed a strong friendship, with Buffett later telling CNBC in 2021 that he knew right away that he wouldn't find another person like Munger and that they just clicked.
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Munger became a vice chairman at Berkshire Hathaway in 1978 and was primarily recognized as Buffett's witty right-hand man, known for his straightforward insights on the stock market and economy. He was celebrated for his clever one-liners that amused loyal Berkshire supporters, including his 2015 remark at the annual shareholders meeting: "If people weren't so often wrong, we wouldn't be so rich."
Toward the end of his life, Munger was frequently in the news due to controversial statements. Despite China's human rights violations and crackdown on Alibaba, a top investment at Daily Journal - the Los Angeles-based newspaper publisher and investment firm Munger led from 1977 through 2022 - he spoke highly of the country's communist government. CNN has contacted Berkshire Hathaway for a statement.
CNNs Nicole Goodkind contributed to this report.
