Charlie Munger, the veteran right-hand man of billionaire stockpicker Warren Buffett, has died aged 99.
The vice-chairman of Berkshire Hathaway, Buffett’s sprawling empire, became known for his sharp investment strategies – and tongue – as they transformed it from a textile manufacturing enterprise into a global investment powerhouse.
Munger’s family informed Berkshire “that he peacefully died this morning at a California hospital”, the company announced on Tuesday.
Buffett, 93, said: “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation.”
A billionaire in his own right, Munger had a personal fortune of some $2.6bn, according to Forbes. Buffett, who has a fortune of $119.6bn, is one of the richest people on earth.
Munger, who started working as Berkshire’s vice-chairman in 1978, was credited with helping Buffett choose how to invest its capital – and swiftly pointing out any potential mistakes.
The pair attracted a legion of shareholders in their conglomerate, who reaped the benefits of its extraordinary stock market rise. Tens of thousands of investors descend each year on their hometown of Omaha, Nebraska, for Berkshire’s annual meeting, at which Buffett and Munger have preached to loyal supporters for decades.
While Buffett has often held his tongue, his friend rarely missed an opportunity to speak his mind. Munger once compared bankers to “heroin addicts”, and dismissed cryptocurrency investments as “absolutely crazy, stupid gambling”.
Earlier this year, at Berkshire’s annual meeting, Munger expressed skepticism of “the hype” around artificial intelligence. “I think old-fashioned intelligence works pretty well,” he told those gathered at the event.
While Berkshire’s leaders were feted by its shareholders for generating extraordinary profits, Munger played down the intelligence behind their success. “I think part of the popularity of Berkshire Hathaway is that we look like people who have found a trick,” he said in 2010. “It’s not brilliance. It’s just avoiding stupidity.”
Two other vice-chairmen at Berkshire, Greg Abel and Ajit Jain, have day-to-day oversight of its dozens of operating businesses. Abel is expected to become chief executive once Buffett is no longer in charge.
Reuters contributed to this article
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