Charlie Munger, the right-hand man of billionaire stockpicker Warren Buffett, has died at the age of 99.
Vice-chairman of Berkshire Hathaway, Buffett’s vast empire, Munger was known for his sharp investment strategies and his direct way of speaking. He played a key role in transforming the company from a textile manufacturer into a global investment powerhouse.
Munger’s family informed Berkshire Hathaway of his passing at a California hospital. Buffett, aged 93, said that Berkshire Hathaway would not have reached its current status without Charlie’s inspiration, wisdom and involvement.
Munger had a personal fortune of approximately $2.6 billion, according to Forbes, while Buffett has a fortune of $119.6 billion, making him one of the richest people in the world.
Munger, left, and Buffett, right, in Omaha, Nebraska, in May 2018. Photo: Nati Harnik/AP
Joining Berkshire as vice-chairman in 1978, Munger helped Buffett make decisions on how to invest its capital and was quick to point out any potential errors.
The duo attracted many investors to their corporation, reaping the benefits of its remarkable stock market success. Thousands of investors traveled to Omaha, Nebraska each year for Berkshire’s annual meeting, where Buffett and Munger have shared their insights with devoted followers for years.
Buffett often held his tongue, while his friend rarely missed an opportunity to speak his mind. Munger once compared bankers to “heroin addicts” and dismissed cryptocurrency investments as “absolutely insane, dumb gambling”.
Earlier this year, at Berkshire’s annual meeting, Munger expressed skepticism about “the hype” surrounding artificial intelligence. “I think old-fashioned intelligence works pretty well,” he told the gathered crowd.
While Berkshire’s leaders were celebrated for their incredible profits, Munger downplayed the intelligence behind their success. “I think part of the appeal of Berkshire Hathaway is that we look like people who have found a trick,” he said in 2010. “It’s not brilliance. It’s just avoiding stupidity.”
Berkshire’s two other vice-chairmen, Greg Abel and Ajit Jain, have daily oversight of its numerous operating businesses. Abel is expected to become CEO when Buffett is no longer in charge.
Reuters contributed to this article