Warren Buffett’s trusted investment adviser, Charlie Munger has died, Berkshire Hathaway announced.
The company said Munger died peacefully on Tuesday at a hospital in California, where he lived.
The investment mogul died at 99 and would have turned a century if he lived until January 1, 2024.
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Buffet, 93 said “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom, and participation.
Munger was better known for his association with Buffett. He ran an investment partnership of his own from 1962 to 1975.
Munger had chaired Wesco Financial Corporation, now a wholly-owned subsidiary of Berkshire Hathaway.
Munger served as a sounding board on investments and business decisions for Buffett
Berkshire Hathaway’s shares had gained more than 3,787,000 per cent from 1965 through 2022, compared with a 24,700 per cent gain in the S&P 500 over the same period, according to 2022 annual letter which Buffet wrote to shareholders.
In second quarter 2023, Berkshire Hathaway profits surged to $10.04bn as cash pile rose to $147.4bn.
Buffet and Munger first met in 1959, at an Omaha dinner party when Munger was practicing law in Southern California and Buffett was running an investment partnership in Omaha.