Charlie Munger, the billionaire philanthropist, Berkshire Hathaway vice chairman and regarded as Warren Buffett's closest aide, has died aged 99 on Tuesday night in California.
"Munger peacefully died this morning at a California hospital," a statement from Berkshire Hathaway said.
Responding to Munger's death, Warren Buffett, the CEO of Berkshire Hathaway said that the company could not have been built to its present status without Charlie's "inspiration, wisdom and participation."
Born in 1924, Munger would have turned 100 on New Year's day.
A trained attorney with expertise in real estate, Munger was also a name partner at a Los Angeles-based law firm Munger, Tolles & Olson, before joining hands with Buffett and Berkshire Hathaway in 1978.
An alumnus of the Harvard Law School, Munger held a degree in meteorology. Reports indicate that it was Munger's passion for engineering that led to Berkshire Hathaway invest in Chinese auto company BYD.
However, Berkshire Hathaway has been consistently trimming stake in BYD with the most recent sale taking place on October 25 this year, taking Berkshire's stake in the Hong Kong-listed company down to 7.98% from 8.05% earlier.
Munger's death comes a week after Buffett donated $866 million worth of Berkshire's stock as he looks to hang his boots after a journey of nearly six decades.
“At 93, I feel good but fully realize I am playing in extra innings," he had said in a letter to shareholders.
Buffett and Munger’s friendship dates back to even before the former took over Berkshire Hathway. In fact, Buffett was the reason for Munger to start his investment career.
Investor Mohnish Pabrai had tweeted exactly a month earlier on October 29 about "breaking bread" with Charlie and the nonagenarian investor being in good health.
Apple CEO Tim Cook called Munger a "titan of business and a keen observer of the world around him."It was wonderful to break bread with Charlie today. He is doing great! 100 in 65 days! pic.twitter.com/xeRjAJGBlg
— Mohnish Pabrai (@MohnishPabrai) October 29, 2023
A titan of business and keen observer of the world around him, Charlie Munger helped build an American institution, and through his wisdom and insights, inspired a generation of leaders. He will be sorely missed. Rest in peace Charlie. pic.twitter.com/vNGDktOAhz
— Tim Cook (@tim_cook) November 28, 2023
Munger was one of the most open critics of cryptocurrencies, saying that the governments made a huge mistake in allowing their proliferation. Calling them "worthless," Munger compared them to a veneral disease, saying they will only cause harm. "It is ridiculous that anyone would choose to invest in cryptocurrencies," he had said earlier this year in an interview to CNBC.
"I think a life properly lived is just learn, learn, learn all the time," was one of Munger's most popular quotes.
(Edited by : Hormaz Fatakia)
First Published: Nov 29, 2023 5:00 AM IST
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