(IntegrityPress.org) – Charlie Munger, the long-time collaborator of famed investor Warren Buffett, has died at the age of 99. Munger, the vice-chairman of Berkshire Hathaway, played a pivotal role alongside Buffett in reshaping the company from a textile manufacturer into a global investment giant. His family conveyed the news of his peaceful death at a California hospital to Berkshire Hathaway.
Berkshire Hathaway, the conglomerate overseeing diverse investments, acknowledged Munger’s profound impact. Buffett emphasized Munger’s indispensable role in the growth of the company, especially when it was young. Munger, with his sharp investment experience and knowledge, was, according to BH, instrumental in guiding Berkshire’s capital allocation and promptly identifying potential missteps.
Possessing a personal fortune estimated at around $2.5 billion by Forbes, Munger was a billionaire in his own right. In comparison, Buffett, with a wealth of $119.6 billion, stands as one of the wealthiest people in the entire world.
Joining Berkshire as vice-chairman in 1978, Munger and Buffett cultivated a legion of shareholders who benefitted from the practical explosion of the company’s stock. Each year, tens of thousands of investors congregated in Omaha, Nebraska, for Berkshire’s annual meeting, an event where Buffett and Munger disseminated their “wisdom” to devoted supporters and employees.
Known for his outspoken views, Munger didn’t shy away from expressing his opinions. He once described bankers as people who are “heroin addicts” and criticized cryptocurrency investments as “absolutely crazy and ridiculous, stupid gambling.” Earlier this year, Munger voiced skepticism about the hype surrounding artificial intelligence during Berkshire’s annual meeting, asserting that traditional intelligence remains effective.
Despite being lauded for generating remarkable profits, Munger downplayed the perceived brilliance behind Berkshire’s success, attributing it to avoiding stupidity and not making wrong decisions rather than extraordinary intelligence.
Berkshire Hathaway, with its myriad operating businesses, is currently overseen by vice-chairmen Greg Abel and Ajit Jain, who are expected to assume greater responsibilities following Buffett’s eventual departure.
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