R.I.P. Charlie Munger
Dec 1, 2023Legendary investor Charlie Munger died this week, just shy of his 100th birthday. A highly respected and successful investor on his own, Munger was best known for his role as Vice Chairman of Berkshire Hathaway, where he was the right-hand man to Warren Buffet for nearly 50 years.
Buffett heaped praise on Munger throughout their partnership and friendship, once writing that Munger told him, “Forget what you know about buying fair businesses at wonderful prices; instead buy wonderful businesses at fair prices.” This principle proved to be key to Berkshire’s outstanding investment performance over many decades.
Berkshire Hathaway is one of our core holdings, and we have followed the company’s careful succession planning. While Munger made great contributions to Berkshire Hathaway, the stock price did not move meaningfully in response to his death. Buffett, 93 years old, is even more integral to the company; nevertheless, we are optimistic that the succession plans in place will ensure the ongoing success of Berkshire Hathaway for many years to come, even after he eventually leaves.
Here are links to some obituaries and commentary, including examples of Munger‘s dry humor and pithy commentary that always provided highlights at the Berkshire Hathaway annual meetings:
https://www.nytimes.com/2023/11/28/business/charles-t-munger-dead.html
