The financial world says goodbye to Charlie Munger – the long-time right-hand man of Warren Buffett, fierce bitcoin critic, and vice chairman of multinational holding firm Berkshire Hathaway – who died at the age of 99, the company announced on Tuesday.
According to Berkshire, Munger passed away quietly at a Californian hospital where he was a resident. There was no explanation provided. On New Year’s Day, Munger would have turned 100 years old.
Berkshire Hathaway was a failed textile company until Buffett turned it into an investment powerhouse with a $785 billion stock market valuation.
Munger, who has served as vice chair of Buffet’s company empire since 1978, has amassed a net worth of $2.6 billion and has received constant recognition for sticking to a sensible stock-picking and investing attitude while he was at Berkshire.
Bitcoin Adversary Charlie Munger Passes Away
With Munger’s death, an era in business and finance is never the same again. Investors from all over the world admired and loved both Munger and Buffett. Many of them flocked to Omaha, Nebraska, for Berkshire’s annual shareholder weekends to hear the two share their folk wisdom on life and business.
Munger was well-known for both his success in the financial markets and his negative views of Bitcoin and other cryptocurrencies.
In public remarks, he expressed his disapproval of Bitcoin, calling it “disgusting and antithetical to the interests of civilization.”
When Bitcoin was only worth $150 in 2013, he famously declared, “I think it’s rat poison.” He said, “So it’s more costly rat poison,” when asked to review his remarks five years later, at a time when the price of the biggest cryptocurrency in the world was $9,000 per coin.
Munger’s doubts stemmed from the well-known volatility of Bitcoin and the lack of established regulatory structures. Munger was especially concerned about the possible use of Bitcoin for illegal purposes, such as kidnapping and terror funding.
Crypto traders can still gain from Munger’s insights gained over the course of his 60 years of investing experience, even though cryptocurrencies weren’t his preferred assets.
Charlie Munger has passed away.
RIP to a legend
— Pomp
(@APompliano) November 28, 2023
Tributes To Buffett’s Reliable Friend Munger Pour In
In a statement on Tuesday, Buffett said:
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation.”
A titan of business and keen observer of the world around him, Charlie Munger helped build an American institution, and through his wisdom and insights, inspired a generation of leaders. He will be sorely missed. Rest in peace Charlie. pic.twitter.com/vNGDktOAhz
— Tim Cook (@tim_cook) November 28, 2023
In his post on X, the former Twitter, Apple CEO Tim Cook called Charlie Munger “a titan of business and keen observer of the world around him” who has “helped build an American institution” in his post on X, formerly Twitter.
Brian Moynihan, Bank of America CEO, said:
“Charlie Munger was a legendary figure in the investment community.”
“There are many who benefited greatly from his wisdom.”
Although Munger was well-known for his colorful quips, many of which featured profanity, the shareholders present at Berkshire’s annual meeting appreciated his frank remarks, which they will miss when the meeting reconvenes in May.
Featured image from Redfin, Getty Images
