The investing world is mourning the loss of investing sage Charlie Munger, who passed away today at age 99. 📰
Berkshire Hathaway released a statement that he peacefully died this morning at a California hospital. Warren Buffett, CEO of Berkshire Hathaway, said, “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom, and participation.”
In previous interviews, Buffett said this of his right-hand man, “We think so much alike that it’s spooky. He’s as smart and as high-grade a guy as I’ve ever run into.” 📝
In addition to being Berkshire Hathaway’s vice chairman, Munger was a real estate attorney, chairman and publisher of the Daily Journal Corp., a member of the Costco board, a philanthropist, and an architect. In early 2023, his fortune was estimated at $2.3 billion.
His investing prowess and success with Warren Buffett in building Berkshire Hathaway will be studied for many lifetimes to come. Here are some of investors’ favorite Charlie Munger quotes:
- “Show me the incentives and I will show you the outcome.”
- The big money is not in the buying and the selling, but in the waiting.”
- “People calculate too much and think too little.”
- “Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris – I wanted independence. I desperately wanted it.”
- “A majority of life’s errors are caused by forgetting what one is really trying to do.”
- “We have three baskets for investing: yes, no, and too tough to understand.”
- “I would argue that passion is more important than brain power.”
Rest in peace to one of the investing world’s GOATs. 🫡