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Billionaire Charlie Munger, the esteemed investor and long-time associate of Warren Buffett, has passed away at the age of 99. Munger, who was Berkshire's vice chairman, played a pivotal role in the conglomerate's success. Berkshire Hathaway highlighted Munger's crucial contributions to its growth and expressed deep appreciation for his wisdom. Munger passed away peacefully at a California hospital and would have turned 100 on New Year's Day.
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Charlie Munger's impact extended beyond Berkshire Hathaway. In addition to being a real estate attorney and the chairman and publisher of the Daily Journal Corp., he served on the board of Costco, engaged in philanthropy, and contributed to various sectors. Munger's influence on Berkshire's investment strategy, shifting from troubled companies to higher-quality but underpriced ones, was particularly notable. He played a significant role in strategic decisions, like the acquisition of See's Candies, demonstrating his ability to identify excellent businesses at fair prices.
Why it matters
Born in Omaha in 1924, Munger's journey included military service, law school at Harvard, and founding his law firm and hedge fund. Munger's partnership with Warren Buffett began in 1959, and they shared a close bond, often described as thinking alike. Munger's legacy includes not just financial acumen but also a commitment to old-fashioned values, as he proudly considered himself an "Omaha boy." His influence and wisdom will be remembered across the investment community and beyond.
