Charlie Munger, Warren Buffett’s Right-Hand Man, Dead at 99

On Tuesday, Berkshire Hathaway announced the death of Charlie Munger, the billionaire vice chairman of the company and longtime partner of Warren Buffett.

“Berkshire Hathaway a few minutes ago was advised by members of Charlie Munger’s family that he peacefully died this morning at a California hospital,” the company said in a press release. Munger was 99 at the time of his passing and would have turned 100 on New Year’s Day. 

The release stated that the family will handle all affairs in accordance with Munger’s instructions. 

Buffett spoke on his longtime friend’s passing, saying in a statement, “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation.”

Munger was, in addition to being Berkshire’s vice chairman, a real estate attorney, chairman and publisher of the Daily Journal Corp., a member of the Costco board of directors, a philanthropist and an architect.

The Associated Press reported that Munger had used a wheelchair to get around for several years prior to his passing, but had remained mentally sharp, which was showcased after he “fielded hours of questions at annual meetings of Berkshire and the Daily Journal Corp. earlier this year, and in recent interviews on an investing podcast and also with The Wall Street Journal.”

Munger often downplayed his contributions to the company’s remarkable success, but Buffett, who had always been the face of Berkshire, credited Munger with pushing him beyond his early value investing strategies to buy great businesses at good prices, such as See’s Candy, and for acting as a sounding board on business decisions.

“Charlie has taught me a lot about valuing businesses and about human nature,” Buffett said in 2008.

“He will be greatly missed by many, perhaps by nobody more than Mr. Buffett, who relied heavily on his wisdom and counsel. I was envious of their friendship. They challenged each other yet seemed to really enjoy being in each other’s company,” Edward Jones analyst Jim Shanahan said.

Munger gave CNBC an interview earlier this month in preparation for his 100th birthday, which was partially shown in clips on Tuesday after reports of Munger’s passing released. 

Munger joked about the secret to Berkshire’s success, saying that it came down to avoiding mistakes and continuing to work well into his and Buffett’s 90s.

“We got a little less crazy than most people and a little less stupid than most people and that really helped us,” Munger said.

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