November 30, 2023 | Investopaper
Charlie Munger, renowned for his investment acumen and association with Warren Buffett, has passed away at the age of 99. Berkshire Hathaway, where Munger served as vice chairman, confirmed his death in a press release, stating that he peacefully passed away in a California hospital.
Buffett acknowledged Munger’s significant contributions, emphasizing that Berkshire Hathaway’s current stature was shaped by Munger’s inspiration, wisdom, and active involvement. Munger’s impact on Berkshire’s investment strategy was noteworthy, credited with steering Buffett away from acquiring mediocre companies at low prices towards focusing on higher-quality, underpriced businesses.
Munger, who served as chairman and CEO of Wesco Financial until Berkshire’s full acquisition in 2011, played a crucial role in shaping Buffett’s investment philosophy. He emphasized the importance of avoiding investments solely based on hoping for small profits, advocating for acquiring exceptional businesses at fair prices.
Charlie Munger’s passing marks the end of an era, leaving behind a legacy of astute investment strategies and invaluable contributions to the world of finance.