Billionaire Investor Dead at 99

( – Charlie Munger, the other half of the iconic investment firm Berkshire Hathaway, passed away at 99 years old.

Berkshire Hathaway confirmed the news to the media, and in a press released said that according to Munger’s family, the investment tycoon died peacefully at a hospital in California. A cause of death has not been provided as of press time. Munger would have been 100 on New Year’s Day.

Munger was vice chairman of Berkshire Hathaway, and served as the right-hand man of his more prominent partner, Warren Buffet. Buffet has credited Munger for pioneering Berkshire Hathaway’s approach to investing, crediting his partner for much of the investment company’s phenomenal growth over the years. “Buy wonderful businesses at fair prices,” was Munger’s motto, Buffet once said. Buffet has also praised Munger for his straightforwardness,

Munger did not start out in finance, beginning his career as a real estate lawyer in California. He first met Buffet in 1959 and the two struck up a friendship that would last a lifetime. He became vice chairman of Berkshire Hathaway in 1978, and the Buffet-Munger tandem turned the fortunes of what was once a small New England textile company in the red to the iconic investment powerhouse it is today. Besides his position at Berkshire Hathaway, Munger also served on the board of wholesale club Costco, and was the chairman and publisher of the Daily Journal Corp. Forbes’ last estimate of Munger’s worth was $2.3 billion.

Only slightly less known than Buffet, who often dominated headlines, Munger became known for his witty and pithy soundbites. Of a recent “no-brainer” investment by Buffet into Japan he said, “It was like having God just opening a chest and just pouring money into it.” Another time he credited Berkshire Hathaway’s success to how often people in the financial world got things wrong. “If people weren’t so often wrong, we wouldn’t be so rich,” Munger said.

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