On November 28th, Berkshire Hathaway, an investment company, officially announced that its vice chairman, Charlie Munger, had passed away “peacefully” earlier in the day at a hospital in California. However, the cause of death was not disclosed.
Charlie Munger, born in 1924 in Omaha, Nebraska, USA, served in the U.S. military during World War II after graduating from the University of Michigan. After the war, he studied at Harvard Law School.
In 1959, Charlie Munger met Warren Buffett in Omaha and quickly became friends. He joined Berkshire in 1978 as Vice Chairman. Charlie Munger, along with Warren Buffett, presided over Berkshire’s annual shareholder meetings and played a significant role in transforming Berkshire from a small textile company into a colossal conglomerate with a market value of over $780 billion.
He was famous for his short and impactful quotes that amused Berkshire enthusiasts. In the 2015 Berkshire Hathaway Annual Shareholders Meeting, he once said, “If people weren’t wrong so often, we wouldn’t be so rich.”
“Berkshire Hathaway couldn’t have the position it has today without Charlie’s intellect and ability to inspire.”
CEO Warren Buffett stated in the company’s November 28th announcement.
Mohamed El-Erian, economic advisor to Allianz, commented on Twitter: “For decades, Munger and Buffett have led an investment empire that has improved the lives of many. They have shown the power of collaboration.”
As of early 2023, Charlie Munger’s estimated net worth was around $2.6 billion, and he had donated a significant portion of his wealth to charity throughout his lifetime. Notably, if he hadn’t given away a large amount of Berkshire Hathaway shares for charitable purposes, his net worth would be around $10.3 billion instead of $2.6 billion. His philanthropic generosity made Munger one of the most prominent philanthropists in the world.
“I am deliberately trying to reduce my net worth. I know that someday I will be gone, and in my next home, I don’t need much money.”
Charlie Munger shared with the Omaha World-Herald in 2013.
In addition to his financial endeavors, Charlie Munger was also known in the cryptocurrency investment community for his strong criticisms of crypto. Despite his criticism of Bitcoin, there’s no denying that he was one of the most distinguished investors of the 20th and 21st centuries.