The Berkshire Hathaway vice-chairman died peacefully in a California hospital on Tuesday. He’d have turned 100 on New Year’s Day.
The Berkshire chairman said: “Berkshire Hathaway couldn’t have been built to its present status without Charlie’s inspiration, wisdom and participation.”
Under Buffett-Munger management, Berkshire grew 20% annually between 1965 and 2022 – double the pace of the S&P 500 Index.
Munger broadened Buffett’s investing approach, shifting focus from troubled, underpriced companies to higher-quality, underpriced companies.
His humour, coupled with razor-sharp insights, made him a darling in the investing world. One time, he called out adjusted EBITDA as “bullshit earnings”.
The world will mourn Munger’s demise. But his investment philosophies will remain etched in golden letters for coming generations.
He is said to have the best 30-second mind in the world because he built several mental models that could simplify a problem’s complexity.