Charlie Munger, the legendary investor and business partner of Warren Buffett, died on Sunday at the age of 99, Berkshire Hathaway announced.
Munger was the vice chairman of Berkshire Hathaway, the conglomerate that Buffett built with Munger’s inspiration, wisdom and participation, as Buffett said in a statement.
“Charlie was the most independent thinker in the world. He was a genius in every sense of the word. He was my best friend and partner for 62 years,” Buffett said.
Munger was also the chairman of the Daily Journal Corporation, a publisher of newspapers and legal publications, and a director of Costco Wholesale Corporation, a retailer that he admired for its ethical practices and customer loyalty.
Munger was known for his sharp wit, unconventional wisdom and candid opinions on a wide range of topics, from investing to politics to human psychology. He coined many memorable phrases, such as “invert, always invert”, “show me the incentive and I will show you the outcome”, and “it is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent”.
Munger was born in Omaha, Nebraska, in 1924, the same city as Buffett. He served in the U.S. Army Air Corps during World War II and later graduated from Harvard Law School. He practiced law in California before switching to investing and joining forces with Buffett in 1962.
Munger faced many personal tragedies in his life, including a divorce, the death of his son from leukemia, and the loss of his eye from cataract surgery. He overcame these challenges with courage and resilience, and continued to work and learn until his final days.
Munger was a generous philanthropist, donating millions of dollars to various causes, especially education and scientific research. He supported several institutions, such as the University of Michigan, Stanford University, Harvard University, and the Huntington Library.
Munger is survived by his second wife, Nancy Borthwick Munger, whom he married in 1956, and six children, 14 grandchildren and four great-grandchildren.
