Warren Buffett's Right-Hand Man, Charlie Munger, Dies at 99

NEWARK, Del. - Nov. 29, 2023 - PRLog -- Munger was a key player in Buffett's achievement in transforming Berkshire Hathaway (BRK.A) from a failing textile company into a $800 billion conglomerate engaged in diverse industries such as oil and gas, insurance, and railroads.

Berkshire said in a press statement Tuesday that Munger died peacefully with his family in a California hospital.

"Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom, and participation," Buffett was quoted as saying in a statement.

Munger, a Harvard Law School graduate, established his own value investing business before becoming Berkshire's Vice Chairman. Buffett credited Munger in a 1989 shareholder letter for declining to pursue the "cigar-butt" form of value investing.

Munger is credited for inspiring the purchase of See's Candies Inc., one of Berkshire's oldest businesses, in 1972. Based on an economic moat approach, this became the blueprint for the company's investment plan. This influenced purchases such as Coca-Cola and, more recently, Apple 15 years later.

From 1965 to 2021, Berkshire Hathaway averaged an annual return of 20.1%, about twice the gains of the S&P 500 Index.

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