Charles “Charlie” Munger, the celebrated investment wizard and Warren Buffett‘s indispensable partner at Berkshire Hathaway, died Tuesday at the age of 99, five weeks before turning 100.
Buffett, 93, expressed his deep appreciation for Munger’s contributions in a statement.
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom, and participation.”
Just weeks before his 100th birthday, CNBC’s Becky Quick conducted a significant interview with Munger at his Los Angeles home for a new book that is coming out on Dec. 5. Quick said the book is going to be a revision of “Poor Charlie’s Almanack: The Wit and Wisdom Of Charles T. Munger.”
Great Companies At Decent Prices: “Buffett learned at his feet and how to really be a true investor about those ways. But Charlie Munger took it to the next level: he said to look for great companies at decent prices, not good companies at cheap prices,” Quick said on CNBC Tuesday.
Quick also highlighted how Munger and Buffett followed their strategy of buying exceptional companies at reasonable prices by mentioning Berkshire Hathaway’s 2016 investment in Apple Inc. (NASDAQ:AAPL), which ultimately became one of their most successful investments of all.
Munger was not only the vice chairman of Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) but also one of its largest shareholders, with holdings valued at approximately $2.1 billion as of March 2, 2022. His overall net worth was estimated at around $2.5 billion as of the beginning of 2023, as reported by Bloomberg.
Buffett, Munger’s Investing Success: Under the dynamic duo’s leadership, Berkshire Hathaway achieved an astounding annual average gain of 20.1% from 1965 through 2021, nearly doubling the performance of the S&P 500 index over the same period. This remarkable track record turned both Buffett and Munger into billionaires and beloved figures among the investing community.
Munger coined the term “Lollapalooza effect” to describe a phenomenon where a convergence of various factors influence investment psychology, ultimately affecting market outcomes.
One of his famous quotes, “people calculate too much and think too little,” resonated with many in the investment world.
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