Charlie Munger, is an American entrepreneur, investor, and philanthropist, served as the vice chairman of Berkshire Hathaway, the conglomerate overseen by Warren Buffett. Described by Buffett as his closest partner and right-hand man, Munger played a pivotal role in their collaborative business endeavors.
Bio/Wiki
Age-99 years
Height-1.80 m
Weight-70 kg
Full name-Charles Thomas Munger
Born- 1 January 1924
Birthplace-Omaha, Nebraska, United States
Died- 28 November 2023
Spouse-Nancy Barry (m. 1956–2010), Nancy Huggins (m. 1945–1953)
Children-Charles T. Munger, Jr., Molly Munger, Wendy Munger, Emilie Munger Ogden, Philip R. Munger, Barry A. Munger
Profession-Vice chairman of Berkshire Hathaway
Nationality-American
Parents
Charlie Munger was the son of Alfred Charles Munger, a lawyer with a Harvard education, and Florence Munger. Additionally, he is the grandson of Thomas Charles Munger, he was a U.S. district court judge and state representative.
Wife and Children
Charlie Munger tied the knot with Nancy Huggins, and together, they had three children: Wendy Munger, a former corporate lawyer and trustee of Stanford University and The Huntington Library; Molly Munger, a civil rights attorney and supporter of a ballot initiative to increase California taxes for public education; and Teddy Munger, who tragically passed away from leukemia at the age of 9.
Nancy Huggins Freeman, Munger’s first wife, succumbed to cancer on July 22, 2002, at the age of 76. After their divorce, Munger remarried within a few years. His second marriage, to Nancy Barry, resulted in four children—physicist and Republican activist Charles T. Munger Jr., Emilie Munger Ogden, Barry A. Munger, and Philip R. Munger. Additionally, Munger gained two stepchildren, William Harold Borthwick and David Borthwick.
Unfortunately, on February 6, 2010, Munger faced another loss as his second wife, Nancy Barry Munger, passed away at home at the age of 86.
Career
In 1962, Charlie Munger established Munger, Tolles & Olson LLP, working as a real estate attorney. Transitioning from law, he focused on investment management and partnered with Otis Booth in real estate development. Later, with Jack Wheeler, he formed Wheeler, Munger, and Company, an investment firm on the Pacific Coast Stock Exchange. However, the firm closed in 1976 after significant losses.
While renowned for his association with Warren Buffett, Munger ran his investment partnership from 1962 to 1975, achieving impressive compound annual returns. Munger also chaired Wesco Financial Corporation, which became a Berkshire Hathaway subsidiary. The acquisition stirred controversy over allegations of influencing a merger. Wesco controlled various ventures and held a substantial equity portfolio.
Based in Pasadena, California, Wesco hosted annual shareholder meetings, akin to Berkshire Hathaway’s, with Munger’s sessions becoming legendary. Additionally, Munger chaired the Daily Journal Corporation, and its annual meetings gained significance, drawing investors eager to hear him speak at length.
In various speeches and the 2005 book “Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger,” Munger outlined the concept of “worldly wisdom,” a collection of mental models forming a latticework to tackle crucial business challenges. Emphasizing high ethical standards, he asserted at the 2009 Wesco Financial Corporation annual meeting that ethical businesses are essential for success, stating, “A business model that relies on trickery is doomed to fail.”
During an interview at Harvard-Westlake School in 2010, Munger referenced philosopher Charles Frankel in discussing the 2007–08 financial crisis and the philosophy of responsibility. He introduced the term “Lollapalooza effect” to describe the compounding impact of multiple biases or mental models acting simultaneously in the same direction, often leading to extreme outcomes due to their confluence.
Munger expressed criticism towards cryptocurrencies, particularly referring to Bitcoin as “noxious poison.” He likened Robinhood to gambling, attributing its success to exploiting the gambling instincts of the public. Munger cautioned against individual investments without commission, likening it to gambling behavior. He advocated for the ban of cryptocurrency, describing it as “beneath contempt,” “stupid,” “immoral,” and “disgusting,” using colorful metaphors to convey his disdain for the digital currency.
Philanthropic Contributions by Charlie Munger
In 2007, Charlie Munger donated $3 million to the University of Michigan Law School for lighting improvements in Hutchins Hall and the William W. Cook Legal Research Building, including the Reading Room. Another contribution of $20 million in 2011 went towards renovations for the Lawyers Club housing complex. The Mungers also donated $1.8 million to the Marlborough School in Los Angeles in 1997.
In 2011, Munger gave 10 shares of Berkshire Hathaway Class A stock (valued at approximately $1.2 million) to the University of Michigan. In 2004, the Mungers donated 500 shares of Berkshire Hathaway Class A stock (then valued at $43.5 million) to Stanford for a graduate student housing complex. The largest gift in the University of Michigan’s history came in 2013 when Munger donated $110 million to fund a state-of-the-art residence for graduate students.
Munger, a trustee of the Harvard-Westlake School for over 40 years, made several contributions, including eight shares of Berkshire Hathaway Class A stock in 2009 (almost $800,000) and 100 shares in 2006 (valued at $9.2 million) for a building campaign at the middle school campus. In March 2016, Munger pledged a further $200 million to UC Santa Barbara for an undergraduate dormitory with his unconventional design preferences, including windowless bedrooms and common areas, and to triple the record gift for the Kavli Institute for Theoretical Physics.
Charlie Munger’s Net Worth 2023
Upon his passing, Charles Munger possessed an approximate net worth of $2.6 billion, securing him the 1182nd spot on Forbes’ list of the world’s richest individuals.
Cause of Death
Charlie Munger, the companion, counterpart, and contrasting force to Warren Buffett for nearly six decades, during which they reshaped Berkshire Hathaway from a struggling textile manufacturer into a formidable empire, has passed away at the age of 99.
The company announced his death on Tuesday at a California hospital, and he had been a longstanding resident of Los Angeles. In a statement, Buffett acknowledged Munger’s crucial role, stating, “Charlie’s inspiration, wisdom, and active involvement were indispensable in the construction of Berkshire Hathaway to its current stature.”
