Charlie Munger, often known as Warren Buffett’s right-hand man, played a pivotal role in shaping the success of Berkshire Hathaway. Forbes ranks him as the 182nd wealthiest person globally, with a net worth of $2.6 billion. Munger assumed the position of vice president at Berkshire in 1978 and later became the chairman and president of Wesco Financial in 1984.
Charlie Munger passed away at the age of 99
Charlie Munger, the seasoned investor and vice chairman of the globally renowned investment firm Berkshire Hathaway, passed away on November 28 at the age of 99. He peacefully departed on Tuesday night in California, according to a statement from Berkshire Hathaway. The company confirmed that Munger passed away without experiencing any pain in a California hospital. Charlie Munger was widely regarded as the right-hand man of Warren Buffett, the Chairman of Berkshire Hathaway.
Born on January 1, 1924, Charlie Munger was on the brink of celebrating his 100th birthday in the upcoming New Year. The news of Munger’s passing has left a void that industry stalwarts acknowledge with sorrow. Apple CEO Tim Cook shared his sentiments on Twitter, saying, “Charlie Munger, a remarkable industrialist and astute observer of the world, played a crucial role in shaping the American landscape. His wisdom and insight influenced leaders across generations. We’ll miss him dearly. Rest in peace, Charlie.”
Lawyer and real estate expert
Charlie Munger, originally a lawyer who studied law at Harvard, hailed from a family with a legal background. His father served as a lawyer, later becoming a judge and a public representative. In addition to practicing law, Munger showcased his expertise in real estate, serving as a partner in the Los Angeles-based real estate firm Tolles & Olson. However, in 1978, he teamed up with Warren Buffett to join Berkshire Hathaway, and from that point forward, his professional journey experienced rapid growth, doubling by the day and quadrupling by the night. Munger’s strategic counsel led Berkshire Hathaway to invest in the Chinese electric car manufacturer BYD.
Manger’s net worth
Charlie Munger played a significant role in propelling Berkshire Hathaway to a valuation of $780 billion, while his personal net worth amounted to $2.6 billion. In Indian currency, this translates to Rs 21,000 crore. Interestingly, Munger never formally retired from his position. In a 2017 interview, Buffett credited Munger for influencing a shift in his investment mindset, acknowledging that much of the success was owed to Munger’s insights.
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Investment of $1,000 turned into $10 million.
According to Warren Buffett, Charlie is the architect of Berkshire Hathaway’s investment strategy. Buffett once explained in an annual report that Charlie’s guidance was straightforward: abandon the conventional idea of buying decent businesses at great prices and, instead, focus on acquiring exceptional businesses at reasonable prices.
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This shift in perspective yielded remarkable results for Berkshire. Since 1964, the company has seen an astounding growth of nearly 3.8 million percent, while the S&P 500 has returned around 24,000 percent over the same period. To put it into perspective, a $1,000 investment in Berkshire in 1964 has now burgeoned to over $10 million. In today’s rupee terms, an investment of Rs 83,000 has transformed into Rs 83 crore.
Charlie wanted to become rich, not for Ferrari but for freedom
When Charlie made his debut on the Forbes Billionaire list, he shared that his long-standing association with Warren Buffett played a pivotal role in his success. Reflecting on his journey, Charlie revealed in his 2000 biography by Damon Wright that, much like Warren, he harboured a strong desire to attain wealth. It wasn’t about fancy cars like Ferraris; rather, Charlie craved freedom, and he desired it intensely.