The world of high finance lost an absolute legend this week.
According to The New York Post, Charlie Munger, who had a massive influence on the business and acted as Warren Buffett's right-hand man, passed away at age 99.
Munger passed away on Tuesday at a California hospital close to where he lived. A cause of death hasn't been revealed at this time.
Warren Buffett deputy Charlie Munger dead at 99 | Just The News https://t.co/WVZrPwg8HO
— John Solomon (@jsolomonReports) November 28, 2023
Buffett released a statement on his trusted confidant and good friend's passing, noting his contributions to the Berkshire Hathaway empire.
"Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation," Buffett's statement read.
The Post noted:
Munger had been a Berkshire vice chairman since 1978, working closely with Buffett on allocating the Omaha, Nebraska-based conglomerate’s capital, and being quick to tell him when he was making a mistake.
Munger, who guided Buffett through the years, was instrumental in shaping Buffett's enormously successful investment strategy, as Paul Lountzis, president of Lountzis Asset Management said.
"Charlie felt that buying very good businesses at fair prices that could keep compounding and reinvesting cash flow into continued growth was more consistent with how he and Warren were philosophically and liked to invest," Lountzis said. "They liked to own businesses forever."
Tributes poured in across social media like wildfire, with them all praising Munger for his impact on his wisdom and thoughts on not only finance, but life itself.
I have never had heroes, except for Charlie Munger. Today I learned that the man who was my longtime friend, mentor, and supporter passed yesterday at 99 years and 11 months. Although he missed the century-old mark by only a few days, I don't think it would have mattered to him… pic.twitter.com/fpXS3aMXRu
— Dr. Robert Cialdini (@RobertCialdini) November 29, 2023
"I lost a dear friend, mentor and teacher yesterday. As a kid from Mumbai I never expected to have a friendship or with Charlie Munger! The students at Munger Hall paid tribute to Charlie yesterday. He made all of us better humans," an X user wrote.
I lost a dear friend, mentor and teacher yesterday. As a kid from Mumbai I never expected to have a friendship or with Charlie Munger! The students at Munger Hall paid tribute to Charlie yesterday. He made all of us better humans. Some great Mungerisms:https://t.co/iVNKRmNBzL pic.twitter.com/t6gl0VK8qT
— Mohnish Pabrai (@MohnishPabrai) November 29, 2023
It goes without saying that Munger will be missed, but his contributions and shared knowledge and advice will live on forever.