Charlie Munger, the vice chairman of Berkshire Hathaway and a key figure in the world of investing, has passed away at the age of 99. His death marks the end of an era in corporate America and investing, leaving a void in the company that investors believe will be impossible to fill despite the company's well-established succession plan.
Munger was known for steering Warren Buffett, Berkshire's chairman and chief executive, away from purchasing mediocre companies and instead favoring quality. His influence on Buffett's investment strategy was transformative, shifting the focus from troubled companies at low prices to higher-quality, underpriced businesses.
Beyond Berkshire Hathaway, Munger held positions as a real estate attorney, chairman and publisher of the Daily Journal Corp., a Costco board member, philanthropist, and architect. He was also known for his voracious reading habits and his study of human behavior, employing a variety of different models borrowed from disciplines like psychology, physics, and mathematics to evaluate potential investments.
Munger, who had been using a wheelchair for several years, remained mentally sharp until his death. He was known for his preference to stay in the background and let Buffett be the face of Berkshire, often downplaying his contributions to the company's success.
Born on January 1, 1924, in Omaha, Nebraska, Munger served in the US Army during World War II. After the war, he attended Harvard Law School and moved to Southern California to practice real estate law. Munger was also known for his controversial views, particularly his praise for China's communist government.
His death was confirmed by Berkshire Hathaway and led to many investors expressing their grief on social media. Tributes poured in from various individuals including Tim Cook, CEO of Apple, and Sahil Bloom, a social media user.