Berkshire Hathaway (NYSE:BRKa) announced Tuesday afternoon that vice chairman Charlie Munger has died. He was 99 years old.
The company said it was advised by members of Mr. Munger's family that he peacefully died this morning at a California hospital.
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation," Warren Buffett, CEO of Berkshire Hathaway, said.
Munger was long considered Mr. Buffett's right-hand man.
Munger's journey, from working for Buffett's grandfather during the Great Depression to becoming Buffett's indispensable partner at Berkshire Hathaway for over four decades, epitomized an extraordinary business alliance. Despite their differing styles and political affiliations, their partnership thrived, shaping Berkshire into a multi-billion dollar powerhouse.
Known for his acerbic wit and blunt insights, Munger, affectionately called Charlie, complemented Buffett's optimism with sharp observations on investing and human nature.
Their union, originating in 1975 at Berkshire, redefined investment strategies, as Munger influenced Buffett to focus on buying exceptional companies at reasonable prices, broadening Buffett's horizons beyond Graham's teachings.
Dubbed the "Oracle of Pasadena" by his admirers, Munger's wisdom was shared at Berkshire's annual meetings and through his investment ventures, leaving a legacy not just in finance but also in philanthropy, modest living, and a profound skepticism of fleeting trends like social media, cryptocurrencies, and artificial intelligence.
Munger's death is also a reminder to investors that Buffett is 93 years old.