Charlie Munger, who helped Warren Buffett build Berkshire Hathaway into an investment powerhouse, has died at a California hospital. He was 99.
Berkshire Hathaway said in a statement that Munger’s family told the company that he died Tuesday morning at the hospital just over a month before his 100th birthday.
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in a statement. The famous investor also devoted part of his annual letter to Berkshire shareholders earlier this year to a tribute to Munger.
Munger served as Buffett’s sounding board on investments and business decisions and helped lead Berkshire for more than five decades and served as its longtime vice chairman.
Charlie Munger was in Omaha for his father’s funeral. Munger and Buffett struck up a fast friendship.
Buffett told CNBC in 2021 that after their first meeting, he knew “I’m not going to find another guy like this …. We just hit it off.”
Munger officially joined Berkshire Hathaway as a vice chairman in 1978, and for most of his career there was best known as the wise-cracking lieutenant to Buffett, prone to deliver blunt advice about the stock market and economy.
Ariel Investments’ Charles Bobrinskoy called Munger a “true master of investing” on CNBC’s “Closing Bell: Overtime” shortly after the news was released. “He was a really important voice in value investing and all investing,” he added.
Mohamed El-Erian, chief economic advisor of Allianz and former chief executive officer of PIMCO, spoke about the uniqely powerful relationship between Munger and Buffett in a statement Tuesday evening.
Munger’s passions went beyond investing. He worked as a real estate attorney and was publisher of the Daily Journal. He also dabbled in architecture, was a philanthropist and served on the Costco board.
Wesley Chan, co-founder and managing partner of venture capital firm FPV, wrote in a LinkedIn post on Tuesday evening celebrating Munger’s life.
“In Charlie, I find solace that in avoiding the mistakes others make out of misaligned incentives, greed, hysteria, or peer pressure, you’re usually going against the grain,” Chan said. “It’s something that I take to heart as an investor and as a friend of many founders, who have their own lonely journeys as well.”
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