Charlie Munger, a titan of common-sense investing and Warren Buffett’s enduring ally, dies at 99.
Cause of death and Age:
Charlie Munger passed away on November 28, 2023, at 99 years old, marking the end of an era. Despite his departure, his influence on Berkshire Hathaway, his unique philanthropic endeavors, and his unconventional investments ensure his ongoing impact in the realms he passionately navigated throughout his illustrious career.
Net Worth and Berkshire Stock:
With a net worth of $2.7 billion, Charlie Munger was an American business magnate, lawyer, investor, and philanthropist who played a pivotal role at Berkshire Hathaway. Until his recent passing at the age of 99, Munger remained closely associated with Warren Buffett, contributing significantly to the company’s remarkable success. Munger’s financial acumen and strategic insights were instrumental in Berkshire Hathaway achieving a remarkable 20% annual return from 1965 to 2021.
Wife Nancy Munger:
Charlie Munger’s personal life included a marriage that spanned over 60 years. His wife, Nancy Munger, shared in his journey and supported his endeavors. Although her public presence was less pronounced, Nancy was a constant figure in Charlie’s life, providing steadfast support as he navigated the complex worlds of finance, philanthropy, and business.
Born on January 1, 1924, in Omaha, Nebraska, as Charles Thomas Munger, he graduated from Harvard Law School in 1948. Munger began his career as a lawyer but later shifted focus to investment management. He co-founded the investment firm Wheeler, Munger, and Company and, in 1978, joined Berkshire Hathaway as its Vice Chairman at Warren Buffett’s invitation. Before joining Berkshire, Munger ran a successful investment fund for about a decade.
Philanthropy and Controversy:
Beyond his financial achievements, Munger left a notable philanthropic legacy. His generous donations included contributions to the University of Michigan, the University of Michigan Law School, Polytechnic School in Pasadena, Stanford University, and the University of California at Santa Barbara. However, his $200 million gift to UC Santa Barbara in 2016 sparked controversy due to its unique dormitory design, including windowless bedrooms, which led to criticism and the resignation of the school’s longtime architectural designer.
Legacy and Impact:
Charlie Munger’s legacy extends to various realms, including finance, real estate, and philanthropy. His significant role in developing the upscale Sea Meadow community in Montecito showcases his influence beyond traditional investments. Munger’s impact on Berkshire Hathaway and philanthropy ensures his lasting influence in the worlds he dedicated his life to.