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International News: Billionaire Charlie Munger who was Warren Buffett’s right-hand man, dies at age 99

Posted: Tuesday, November 28, 2023. 3:49 pm CST.

By Zoila Palma Gonzalez: Billionaire Charlie Munger, the investing business magnate who made a fortune even before he became Warren Buffett’s right-hand man at Berkshire Hathaway, has died at age 99.

According to CNBC, Munger died this morning at a California hospital. He would have turned 100 on New Year’s Day.

“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in a statement.

Munger was also a real estate attorney, chairman and publisher of the Daily Journal Corp., a member of the Costco board, a philanthropist and an architect.

This year, his fortune was estimated at $2.3 billion.

Buffett credited Munger with broadening his investment strategy from favoring troubled companies at low prices in hopes of getting a profit to focusing on higher-quality but underpriced companies.

An early example of the shift was illustrated in 1972 by Munger’s ability to persuade Buffett to sign off on Berkshire’s purchase of See’s Candies for $25 million even though the California candy maker had annual pretax earnings of only about $4 million. It has since produced more than $2 billion in sales for Berkshire.

 

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