Charlie Munger, Warren Buffett’s esteemed colleague at Berkshire Hathaway, passed away on Tuesday at 99, marking a significant moment in the history of corporate America and the investment world.
Berkshire Hathaway announced Munger’s peaceful passing at a California hospital. He was close to his centennial, residing in Los Angeles. Buffett, 93, credited Munger with a pivotal role in shaping Berkshire Hathaway, highlighting his involvement as fundamental to the company’s growth.
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” said Buffett in a statement.
Munger, known as the architect of Berkshire’s investment philosophy, emphasized the value of investing in outstanding businesses at reasonable prices, a strategy Buffett has often cited.
‘Woodstock of capitalism’
Their partnership, exceeding five decades, led to the creation of a number of prosperous conglomerates, including Geico and Burlington Northern Santa Fe railroad. Berkshire Hathaway, currently valued at about 780 billion dollars, also holds significant stakes in major companies like Apple, Coca-Cola, American Express, IBM, and Wells Fargo.
Berkshire’s annual shareholders meetings are known as the ‘Woodstock of capitalism’. In recent decades, thousands of investors each year travelled to Omaha, Nebraska, to be enlightened by the wisdom of Buffett and Munger.
Munger, known for his critical views on the financial sector’s leadership, leaves behind a legacy that extends beyond Berkshire’s financial success.
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