(29 Nov 2023)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
ARCHIVE: Shenzhen, China - 27 September 2010
1. Mid of Berkshire Hathaway Chairman and CEO Warren Buffett and Charlie Munger, Vice-Chairman of Berkshire Hathaway applauding at a China automaker Build Your Dreams (BYD) Auto event
ASSOCIATED PRESS
ARCHIVE: Omaha, Nebraska - 7 May 2018
2. STILL: Berkshire Hathaway Chairman and CEO Warren Buffett, right, and his Vice Chairman Charlie Munger, left, speak during an interview with Liz Claman on Fox Business Network's "Countdown to the Closing Bell". Munger, who helped Warren Buffett build Berkshire Hathaway into an investment powerhouse, died Tuesday, Nov. 28, 2023, at a California hospital the company announced.. He was 99.
STORYLINE:
Charlie Munger, who helped Warren Buffett build Berkshire Hathaway into an investment powerhouse, has died at a California hospital. He was 99.
Berkshire Hathaway said in a statement that Munger’s family told the company that he died Tuesday morning at the hospital just over a month before his 100th birthday.
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in a statement. The famous investor also devoted part of his annual letter to Berkshire shareholders earlier this year to a tribute to Munger.
Munger served as Buffett’s sounding board on investments and business decisions and helped lead Berkshire for more than five decades and served as its longtime vice chairman.
Munger had been using a wheelchair to get around for several years but he had remained mentally sharp. That was on display while he fielded hours of questions at the 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 and CNBC.
Munger preferred to stay in the background and let Buffett be the face of Berkshire, and he often downplayed his contributions to the company’s remarkable success.
But Buffett always credited Munger with pushing him beyond his early value investing strategies to buy great businesses at good prices like See’s Candy.
“Charlie has taught me a lot about valuing businesses and about human nature,” Buffett said in 2008.
Buffett’s early successes were based on what he learned from former Columbia University professor Ben Graham. He would buy stock in companies that were selling cheaply for less than their assets were worth, and then, when the market price improved, sell the shares.
Munger and Buffett began buying Berkshire Hathaway shares in 1962 for $7 and $8 per share, and they took control of the New England textile mill in 1965. Over time, the two men reshaped Berkshire into the conglomerate it is today by using proceeds from its businesses to buy other companies like Geico insurance and BNSF railroad, while also maintaining a high-profile stock portfolio with major investments in Apple and Coca-Cola. The shares have grown to $546,869 Tuesday, and many investors became wealthy by holding onto the stock.
Munger gave an extended interview to CNBC earlier this month in preparation for his 100th birthday, and the business network showed clips from that Tuesday. In his characteristic self-deprecating manner, Munger summed up the secret to Berkshire's success as avoiding mistakes and continuing to work well into his and Buffett's 90s.
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