Death of Charlie Munger, Warren Buffett’s right-hand man

Death of Charlie Munger, Warren Buffett's right-hand man

New York – The right-hand man of businessman Warren Buffett, Charlie Munger, died on Tuesday at the age of 99 in a hospital in California, announced the financial conglomerate Berkshire Hathaway, where the two men became giants of American economy.

“Berkshire Hathaway would not be what it is today without the inspiration, wisdom and involvement of Charlie,” answered Warren Buffett, quoted in a press release published on Tuesday, about the vice-president of Berkshire Hathaway .

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A lawyer by training, but also a meteorology graduate, Charlie Munger is a native, like Warren Buffett, of Omaha (Nebraska), where he worked, young, in Buffett’s grandfather’s grocery store.

He met Warren Buffett in 1959, but didn’t join Berkshire Hathaway until 1978, after running his own investment firm for more than a decade.

Becoming vice-president, he contributed to the transformation of Berkshire Hathaway, an SME outfit acquired in the mid-1960s into a large conglomerate, now worth more than $ 782 billion.

Both men use a rational and indifferent investment method, which is usually based on a long-term strategy, against the short-termism of many market players.

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“Charlie Munger changed my way of looking at things, he refined it a lot, in terms of looking for quality companies and making an investment that lasts 5, 10 or 20 years. year,” Warren Buffett said at the time. 2017.

“It forced me to ask myself the question: is this something we want to continue forever?” he added.

Charlie Munger’s fortune is estimated at $2.6 billion, but this is the rest of his wealth, most of which he gave to charity during his lifetime.

Every year, thousands of people come to listen to the good words of the two men in Omaha during the general meeting of Berkshire Hathaway, where they spend several hours answering questions from the public.

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Although approaching 100 years of age, which he will have on January 1, Charlie Munger will never officially retire.

At 93, Warren Buffett remains CEO of Berkshire Hathaway.

In 2021, he chose a successor, in the person of Greg Abel, 61, who is now vice-president of the group.