Charlie Munger, investing legend and Warren Buffett's right-hand man passes away at 99

Billionaire philanthropist Charlie Munger, vice chairman of Berkshire Hathaway and close confidant of Warren Buffett, passed away peacefully at the age of 99 on Tuesday night in California, as confirmed by a statement from Berkshire Hathaway.

Warren Buffett, CEO of Berkshire Hathaway, expressed the profound impact of Munger's wisdom and participation, acknowledging that the company's current stature owes much to Munger's inspiration.

Born in 1924, Munger would have celebrated his 100th birthday on New Year's day. Initially trained as an attorney specializing in real estate, Munger was a prominent name partner at the Los Angeles-based law firm Munger, Tolles & Olson before his pivotal collaboration with Buffett and Berkshire Hathaway in 1978.

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An alumnus of Harvard Law School, Munger's diverse interests included a degree in meteorology. His passion for engineering influenced Berkshire Hathaway's investment in the Chinese auto company BYD, although the company has gradually reduced its stake in BYD over time, with the most recent sale occurring on October 25, bringing their ownership down to 7.98%.

Munger's passing follows closely after Buffett's donation of $866 million worth of Berkshire's stock, marking the end of a remarkable six-decade journey. Buffett had previously hinted at retiring, acknowledging that, at 93, he was well into "extra innings."

Buffett and Munger's friendship predates Buffett's leadership of Berkshire Hathaway. In fact, Buffett played a pivotal role in initiating Munger's investment career.

Renowned investor Mohnish Pabrai shared a tweet a month earlier, indicating a recent meeting with Munger and highlighting the latter's good health.

Apple CEO Tim Cook commemorated Munger as a "business titan" and astute observer of the world around him.

Munger was notably critical of cryptocurrencies, branding them as "worthless" and likening their proliferation to a harmful phenomenon. He adamantly opposed their investment potential, equating them to a "venereal disease" and criticizing governments for allowing their growth.

Among Munger's notable quotes was his emphasis on lifelong learning: "I think a life properly lived is just learn, learn, learn all the time."