Renowned investor and long-time business partner of Warren Buffet, Charlie Munger, passed away at the age of 99 in California. He was known for his shrewd financial acumen and conservative spending habits, despite his substantial wealth.
Munger and Buffet’s business relationship spanned over 60 years, beginning when they first met at a dinner party in 1959. This connection led Munger to join Buffet at Berkshire Hathaway in 1978, where he served as Buffet’s second-in-command.
Despite his significant net worth of $2.2 billion at the time of his death, Munger remained relatively frugal, donating much of his wealth to universities and advocating for conservative spending, even within his company. This included voicing his opinions on the acquisition of a corporate jet, which highlighted his cautious approach to money.
In a letter to Berkshire Hathaway’s shareholders in 1989, Buffet humorously described how Munger preferred traveling in budget buses and conveyed the importance of buying a wonderful company at a fair price, advice that had shaped Buffet’s own investing philosophy.
Charlie Munger’s legacy extends beyond his financial prowess, as he was also involved in the aviation industry through Berkshire Hathaway’s portfolio, which includes the private-jet company NetJets and other plane-related businesses. His passing marks the end of an era in the world of business and investing.
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