Charlie Munger, Warren Buffett’s Partner and Vice Chairman of Berkshire Hathaway, Dies at 99

Andrew Ross Sorkin and Robert D. Hershey Jr., reporting for The New York Times:

Charles T. Munger, who quit a well-established law career to be Warren E. Buffett’s partner and maxim-spouting alter-ego as they transformed a foundering New England textile company into the spectacularly successful investment firm Berkshire Hathaway, died on Tuesday in Santa Barbara, Calif. He was 99.

His death, at a hospital, was announced by Berkshire Hathaway. He had a home in Los Angeles.

Although overshadowed by Mr. Buffett, who relished the spotlight, Mr. Munger, a billionaire in his own right — Forbes listed his fortune as $2.6 billion this year — had far more influence at Berkshire than his title of vice chairman suggested.

Mr. Buffett has described him as the originator of Berkshire Hathaway’s investing approach. “The blueprint he gave me was simple: Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices,” Mr. Buffett once wrote in an annual report. [...]

A $1,000 investment in Berkshire made in 1964 is worth more than $10 million today.

Mr. Munger was often viewed as the moral compass of Berkshire Hathaway, advising Mr. Buffett on personnel issues as well as investments. His hiring policy: “Trust first, ability second.”

A new edition of Munger’s book of aphorisms, Poor Charlie’s Almanack — its title an allusion to Munger’s idol, Benjamin Franklin — is due next week.

★ Tuesday, 28 November 2023