Buffett (93) said in the statement, “Charlie’s inspiration, wisdom, and participation could not have been built to Berkshire Hathaway’s present status.”
Wall Street lamented his passing. It was not revealed what caused his death.
A new chapter in the history of investing
With Munger’s death, a chapter in the history of investing, particularly in corporate America, has closed. He collaborated with Buffett to develop a catchphrase for long-term corporate investment.
Munger’s net worth was $2.7 billion, based on Forbes. Up until a few weeks ago, he kept making remarks about world markets, referring to Buffett’s choice to invest billions of dollars in Japan as a “no-brainer” and “awfully easy money.”
Participated in World War II
During World War II, he served in the US Army and was born Charles Thomas Munger in Omaha, Nebraska, in 1924.
In 1948, he earned an honors degree from Harvard Law School following the war.
According to Reuters, he used to work in Buffett’s family’s grocery store.
At his father’s funeral in 1959, he first got to know Buffett. In 1978, he became a vice-chairman of Berkshire Hathaway.
My investment strategy was widened by Munger: Buffett Buffett acknowledged that Munger improved his approach by concentrating on more expensive but high-quality businesses rather than buying distressed businesses at discount in the hopes of making money.
He convinced Buffett to purchase See’s Candies in 1972 for $25 million even though the company’s annual pre-tax profits were only $4 million. For Berkshire, it has generated sales of more than $2 billion since then.
Since 1978, Berkshire’s stock has returned 18% yearly.
Since 1978, Berkshire’s stock has increased by 18% yearly, more than twice the return of the Standard and Poor’s 500 (S&P 500) index.
Despite Munger’s lack of involvement in day-to-day operations at Berkshire, the conglomerate has not made any public indication that it intends to replace him.
Ajit Jain and Greg Abel, two additional vice-chairmen, will be in charge of managing the day-to-day operations of Berkshire’s insurance and non-insurance businesses, respectively.