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Charlie Munger dies; Warren Buffett’s sidekick at Berkshire Hathaway

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Charlie Munger, who helped Warren Buffett build Berkshire Hathaway into an investment powerhouse, has died. He was 99.

Munger’s death was confirmed in a statement from the company, which said he died Tuesday at a California hospital.

Munger served as Buffett’s sounding board on investments and business decisions and helped lead Berkshire as its vice chairman for decades.

Munger preferred to stay in the background and let Buffett be the face of Berkshire, and he often downplayed his contributions to the company’s remarkable success.

But Buffett always credited Munger with pushing him beyond his early value investing strategies to buy great businesses.

RELATED: Charlie Munger’s trip to the Huntington Library ended in a $40 million gift – and a new vision for its future

“Charlie has taught me a lot about valuing businesses and about human nature,” Buffett said in 2008.

Buffett’s early successes were based on what he learned from former Columbia University professor Ben Graham. He would buy stock in companies that were selling cheaply for less than their assets were worth, and then, when the market price improved, sell the shares.

During the entire time they worked together, Buffett and Munger lived more than 1,500 miles apart, but Buffett said he would call Munger in Los Angeles or Pasadena to consult on every major decision he made.

Munger grew up in Omaha, Nebraska, about five blocks away from Buffett’s current home, but because Munger is seven years older the two men didn’t meet as children, even though both worked at the grocery store Buffett’s grandfather and uncle ran.

When the two men met in 1959 at an Omaha dinner party, Munger was practicing law in Southern California and Buffett was running an investment partnership in Omaha.

Buffett and Munger hit it off at that initial meeting and then kept in touch through frequent telephone calls and lengthy letters, according to the biography in Munger’s book “Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger.”



Charlie Munger, who helped Warren Buffett build Berkshire Hathaway into an investment powerhouse, has died. He was 99.

Munger’s death was confirmed in a statement from the company, which said he died Tuesday at a California hospital.

Munger served as Buffett’s sounding board on investments and business decisions and helped lead Berkshire as its vice chairman for decades.

Munger preferred to stay in the background and let Buffett be the face of Berkshire, and he often downplayed his contributions to the company’s remarkable success.

But Buffett always credited Munger with pushing him beyond his early value investing strategies to buy great businesses.

RELATED: Charlie Munger’s trip to the Huntington Library ended in a $40 million gift – and a new vision for its future

“Charlie has taught me a lot about valuing businesses and about human nature,” Buffett said in 2008.

Buffett’s early successes were based on what he learned from former Columbia University professor Ben Graham. He would buy stock in companies that were selling cheaply for less than their assets were worth, and then, when the market price improved, sell the shares.

During the entire time they worked together, Buffett and Munger lived more than 1,500 miles apart, but Buffett said he would call Munger in Los Angeles or Pasadena to consult on every major decision he made.

Munger grew up in Omaha, Nebraska, about five blocks away from Buffett’s current home, but because Munger is seven years older the two men didn’t meet as children, even though both worked at the grocery store Buffett’s grandfather and uncle ran.

When the two men met in 1959 at an Omaha dinner party, Munger was practicing law in Southern California and Buffett was running an investment partnership in Omaha.

Buffett and Munger hit it off at that initial meeting and then kept in touch through frequent telephone calls and lengthy letters, according to the biography in Munger’s book “Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger.”

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