Billionaire Berkshire Hathaway Vice Chairman Charlie Munger passed away “peacefully” on Tuesday morning at 99 years old, according to a press release.
Munger was born in Omaha in 1924 and linked up with billionaire Warren Buffett — chairman of holding company Berkshire Hathaway — in 1959, according to CNBC. Munger yielded to Buffett in public but the reverse was often true in private, according to The Wall Street Journal. (RELATED: ‘Guilty Of Being Stupid’: Warren Buffett’s No. 2 Says US Should ‘Get Along With China’ And Have ‘A Lot Of Free Trade’)
Charlie Munger, Warren Buffett’s Partner and ‘Abominable No-Man,’ dies at 99. A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire avg… pic.twitter.com/fWdE04ijJ3
— Holger Zschaepitz (@Schuldensuehner) November 28, 2023
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett stated in the press release.
Munger’s net worth was $2.8 billion, according to Forbes. He was ranked 1182 on Forbes’ billionaire list.
His investment portfolios grew at an average of nearly 20% per year compared to the S&P 500’s roughly 5% growth rate during a 14-year period, according to the WSJ.
Munger also served as a weather forecaster during World War II, according to the WSJ.
Berkshire Hathaway reported a $12.8 billion loss in the third quarter of 2023, according to The Associated Press.
Berkshire Hathaway did not immediately respond to the Daily Caller News Foundation’s request for comment.
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