Charlie Munger dies: Warren Buffett’s Berkshire Hathaway business partner dies at 99

New York
CNN
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Billionaire investor Charlie Munger, longtime friend and business partner of Warren Buffett, He died. He was 99 years old.

Berkshire Hathaway, the investment company where Munger served as vice chairman of the board, said in a press release that Munger died “peacefully” on Tuesday morning in a California hospital. No cause of death was given.

Charles Thomas MungerKnown by his nickname “Charlie”, he was born on January 1, 1924 in Omaha, Nebraska. Munger served in the US Army during World War II after leaving the University of Michigan in 1943 at the age of 19. After the war, Munger attended Harvard Law School, graduating with honors in 1948, and moved to Southern California where he practiced real estate. Law.

Wall Street mourned Munger’s death and his stunning run at Berkshire Hathaway.

“Berkshire Hathaway could not have been built to its current position without Charlie’s inspiration, wisdom, and involvement,” Warren Buffett, CEO of Berkshire Hathaway, said in the statement.

“Over many decades, the two have led an investment powerhouse that has dramatically improved the lives of many people…and in the process, they have repeatedly demonstrated the ingenuity of cooperation, synergy and common sense. They have a lot to offer,” said Mohamed El-Erian, Allianz’s chief economic advisor, in a post on X. I wish you peace, Charlie.

His influence has gone far beyond the world of investing. “People discovered it, thinking they were going to learn ways to make money, but they got so much more than that,” Whitney Tilson, an investor and expert on both Buffett and Munger, told CNN. “He said if all you have is a hammer, the world is like a nail.”

Munger, who is worth $2.7 billion, according to Forbes, was still commenting In global markets As recently as a few weeks ago. For example, Buffett’s decision to invest billions of dollars in Japan was a “no-brainer,” he told the Acquired podcast.

“It was very easy money,” Munger said in his distinctive voice. “It was like God opening a box and pouring money into it.”

Buffett’s right hand man

Munger met Buffett in 1959 at a dinner party when 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’ll never find another man like that…”. We just hit it off.”

Munger officially joined Berkshire Hathaway as vice chairman in 1978, and for most of his career there he was known as Buffett’s wise lieutenant, tending to dispense frank advice about the stock market and the economy.

He was known for his powerful lyrics that delighted devout Berkshire fans. “If people weren’t wrong so often, we wouldn’t be so rich,” Munger said during Berkshire Hathaway’s 2015 annual shareholder meeting.

But towards the end of his life, Munger was often in the headlines due to controversies. Munger has often praised China’s communist government, which Western governments have criticized for its human rights abuses. He praised the state despite its campaign against Chinese tech giant Alibaba, which was one of Munger’s most important investments in the Daily Journal, a Los Angeles-based newspaper publisher and investment firm that Munger headed from 1977 until 2022.

CNN has reached out to Berkshire Hathaway for comment.

CNN’s Nicole Goodkind contributed to this report.