(NationRise.com) – Billionaire investor Charlie Munger, who was considered Warren Buffett’s right-hand, died at the age of 99 on November 28. According to a press release from conglomerate Berkshire Hathaway, the Munger family said he peacefully died at a California hospital. In a statement, Buffet said it would have been impossible for the conglomerate to build its “present status” without Munger’s participation and “wisdom.” No cause of death was given.
Munger was the vice chairman of Berkshire and a real estate attorney. He was also a publisher and chairman of the Daily Journal, as well as an architect, a philanthropist, and a prominent member of the Costco board. His fortune was estimated at $2.3 billion in early 2023.
During the conglomerate’s 2021 annual shareholder meeting, Munger inadvertently revealed that Berkshire’s Vice Chairman Greg Abel will be the one who will “keep the culture” after the so-called “Buffett era” is finished. Different media outlets said he essentially revealed one of the conglomerate’s main secrets, as many investors around the world have been wondering who will be the person that will lead Berkshire in the near future.
Munger was the CEO and chairman of Wesco Financial until 2011, when Buffett’s conglomerate bought the remaining shares of the California-based investment and insurance company. Buffett always credited Munger with enhancing his investment strategy and convincing him to focus on underpriced and higher-quality companies. Buffet has said the new strategy was crucial as he used to focus on favoring “troubled firms” at low prices in hopes of “getting a profit.”
Different media outlets considered Munger to be the “straight man” to the upbeat commentaries Buffet used to make during interviews or public events. After one of his long-winded responses to journalists’ questions at Berkshire meetings in Omaha, Nebraska, Munger used to say he had “nothing to add.”
During the 2017 Berkshire annual meeting, Munger told attendees that a friend always said to him that the most important rule of fishing was to do it where the fish are. He explained that following that rule was the secret behind the conglomerate’s success.
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