Charlie Munger Has Died

Charlie Munger Has Died

( – Warren Buffett is considered by many to be one of the world’s most successful investors of all time. Known to many as the “Oracle of Omaha,” the businessman briefly held the number one position on Forbes’ list of billionaires in 2008. He’s currently ranked as the world’s fifth richest person, with a real-time net worth of $119.3 billion. However, Buffett’s long-time business partner and alter ego, Charlie Munger, recently died at 99, a few weeks shy of his 100th birthday.

On November 28, Warren Buffett’s company, Berkshire Hathaway, issued a news release announcing that Munger’s family confirmed that he died peacefully earlier that day at a California hospital. Munger served as the multinational conglomerate’s vice president for several years and held shares in the company valued at roughly $2.2 billion.

The notice included a brief statement from Buffett acknowledging Munger’s role in the success of Berkshire Hathaway, noting his “inspiration, wisdom, and participation” in boosting the company to its current status. Bloomberg recently reported that the company averaged annual gains of about 20% during the 57 years the two men managed the financial giant. Putting that claim into perspective, that figure represents about twice the reported gains of the S&P 500 Index.

Originally an attorney by training, Munger first crossed paths with Buffet as a teenager while working at a grocery store owned by the billionaire’s grandfather, Ernest Buffet. After a brief stint as a second lieutenant in the US Army Air Corps during World War II, Munger graduated magna cum laude from Harvard Law School in 1948.

Armed with a juris doctorate, Munger moved to California, where he joined a local law firm. Then, in the early 1960s, he shifted his practice from real estate to managing investments. He teamed up with Buffet during that same time frame but ran an investment partnership on the side for roughly 13 years, beginning in 1962. Munger joined Berkshire Hathaway in 1975,

Munger’s family hasn’t released any details regarding funeral services or his final resting place.

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