Charles T. Munger, the billionaire business partner of Warren E. Buffett and one of the most influential investors of the 20th Century, died Wednesday at the age of 99.
Munger was the Vice Chairman of Berkshire Hathaway, an American conglomerate holding company, and was famed for his vast knowledge and insight into investing. He and Buffett formed a formidable partnership that made Berkshire Hathaway a powerhouse of the business world, earning the two a net worth of more than $100 billion.
Although Munger never attended law school like Buffett, he was a certified lawyer in Nebraska and California between 1947 and 1952. In his day job, he was a corporate lawyer and an investor. But it was his investing acumen that earned him his place in the investment hall of fame.
In the 1970’s, Munger and Buffett began accumulating shares of Berkshire Hathaway, with their investments eventually accounting for over half of the firm’s value. He was known for his ability to pick stocks, and he was also able to identify when markets were overvalued. His purchase of Berkshire Hathaway stock made him very wealthy.
In addition to being an astute investor, Munger was also a philanthropist. Over the course of his life, he gave away more than $1 billion and helped establish the Munger Research Center at Stanford University.
Munger will be remembered for his wise investments and generosity. His life and business will continue to have a lasting impact on the world of investing and on the many lives he touched.