Billionaire investor, Charlie Munger, has died at age 99.
Munger died Tuesday, Nov. 28, according to a press release from Berkshire Hathaway.
The conglomerate said it was advised by members of Munger’s family that he peacefully died in the morning at a California hospital. He would have turned 100 on New Year’s Day, Jan 1, 2024.
Munger is popular as an investing sage who made a fortune even before he became Warren Buffett’s right-hand man at Berkshire Hathaway.
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in a statement.
In addition to being Berkshire vice chairman, Munger was a real estate attorney, chairman and publisher of the Daily Journal Corp., a member of the Costco board, a philanthropist and an architect. In early 2023, his fortune was estimated at $2.3 billion.
Munger was chairman and CEO of Wesco Financial from 1984 to 2011 when Buffett’s Berkshire purchased the remaining shares of the Pasadena, California-based insurance and investment company it did not own.
Buffett credited Munger with broadening his investment strategy from favouring troubled companies at low prices in hopes of getting a profit to focusing on higher-quality but underpriced companies.
