Fri. Feb 23rd, 2024

Death of Charlie Munger, right arm of Warren Buffett

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Charlie Munger bequeathed a very large part of his fortune accumulated at Berkshire Hathaway.

Agence France-Presse

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Businessman Warren Buffett's right-hand man, Charlie Munger, died Tuesday at the age of 99 in a California hospital, announced the financial conglomerate Berkshire Hathaway, whose two men made a giant of the American economy.

Berkshire Hathaway could not have become what he is today without the inspiration, wisdom and Charlie's participation, reacted Warren Buffett, quoted in a press release published Tuesday, about the vice-president of Berkshire Hathaway.

A lawyer by training, but also a graduate in meteorology, Charlie Munger was a native, like Warren Buffett, of Omaha (in Nebraska), where he worked, as a young man, in grandfather Buffett's grocery store. /p>

He met Warren Buffett in 1959, but did not join Berkshire Hathaway until 1978, after running his own investment company for more than of a decade.

Having become vice-president, he contributed to the transformation of Berkshire Hathaway, a textile SME acquired in the mid-1960s and which became a gigantic conglomerate, today valued at more than $782 billion.

Both men use a rational and dispassionate approach to investing, often based on a long-term strategy, going against the tide of the short-termism of many of market players.

Charlie Munger changed my way of looking at things, he refined it enormously, in terms of looking for quality companies and making an investment that can last 5, 10 or 20 years, Warren Buffett said at the time. from an interview recorded in 2017.

He forced me to ask myself the question: does this? Is a deal we want to keep forever? he added.

Charlie Munger's fortune is estimated at $2.6 billion, but that is only the remainder of his wealth, which he had from his alive, donated most to charity.

Each year, thousands of people came to listen to the good words of the two men in Omaha on the occasion of the general assembly of Berkshire Hathaway, during which they spent several hours answering questions from the public.

Although approaching 100 years old, which he would have turned on January 1st, Charlie Munger will never have taken officially retired. At 93, Warren Buffett remains CEO of Berkshire Hathaway.

In 2021, he nevertheless appointed a successor in the person of Greg Abel, 61, now vice-president of the group.

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