Berkshire Hathaway's Charlie Munger Dies at 99

Charlie Munger, vice chairman and one of Berkshire Hathaway”s biggest shareholders, died at 99. Being the closest aid of Warren Buffet, who is the chairman and CEO of Berkshire Hathaway, Munger played a key role in transforming Berkshire into a coveted investment firm that was once working as a textile company. At the time of his death, Munger was holding $2.2 billion worth of Berkshire shares.

His overall net worth stood at $2.6 billion, according to Forbes.

He succumbed to acute ailments at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom, and participation,” Buffett said in the statement.

Munger had a prolific career of 60 years in Berkshire, where he assisted Buffet in designing long-term investment strategies, which helped the company earn a 20% CAGR annual gain between 1965 and 2022. This is a double profit compared to the S&P 500 index”s earnings. The compound income earned made them pioneers in the field of investment. Both nonagenarians had been an inspiration to budding investors across the world.

The growth of Warren Buffett and Charlie Munger was nearly synchronous. When Warren Buffett became the world”s richest man, Munger was celebrated as the driving force behind the company. Warren Buffet often attributed the company”s success to Munger”s contributions. As he once said of Munger, seated next to him, at Berkshire’s 2002 meeting, “It’s terrific to have a partner who will say, ‘You’re not thinking straight.’”

Munger was a lawyer by training.