Warren Buffett’s long-time investing partner and billionaire investor Charlie Munger passed away at age 99, a month shy of his 100th birthday. He was a great teacher and a lot of us here in one form or another have been one of his students either directly or indirectly. Munger is one of my inspirations minus the fancy business school jargon.
A lawyer by profession, Munger built a formidable reputation over the years as Warren Buffett’s right-hand man and confidant, with a sharp wit and a good nose for value. Berkshire would not be the company it is today without Munger’s influence.
Among some of his most memorable quotes are:
“The world is full of foolish gamblers, and they will not do as well as the patient investors.”
“Capitalism without failure is like religion without hell.”
“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up and boy does that help particularly when you have a long run ahead of you.”
While $100 invested in the S&P 500 in 1978 is worth $16,527 today, that same $100 invested in Berkshire Hathaway is worth nearly $400,000! Munger was a great investor, a good teacher, and endlessly quotable. I will miss his wit and wisdom.
According to an article on CNN, tens of thousands of social media users in China shared Munger’s pithy quotes on life, markets and business. Munger’s death has so far generated 32,000 posts on Weibo, the Chinese equivalent of X, and 340 million views. The 99-year-old investor often spoke highly of China, and remained a firm supporter despite the country’s recent economic troubles.
Apple CEO Tim Cook, who has 1.6 million followers on Weibo, said Munger was a “titan of business and keen observer of the world around him.” The president of BYD Americas, the Chinese electric vehicle maker that counts Berkshire as a long-time investor, said in a statement that “Munger was not just an investor, he was a visionary who believed in the potential of electric vehicles and renewable energy long before they became global imperatives.”
RIP to one of the greats!