(ConservativeInsider.org) – Charlie Munger, the longtime partner of billionaire investor Warren Buffett, has died at the age of 99. As the vice-chairman of Berkshire Hathaway, Buffett’s expansive business, Munger became known for his astute investment strategies that played a crucial role in transforming the company from a textile manufacturing enterprise into a global investment powerhouse.
Munger’s family reported to Berkshire that he died peacefully earlier in the day at a California hospital, as announced by the company on Tuesday. Buffett, aged 93, stated that Berkshire Hathaway wouldn’t have reached its current status without Charlie’s inspiration, wisdom, and active participation.
According to Forbes, Munger, a billionaire with a personal fortune of around $2.6 billion, played a crucial role in guiding Buffett on capital investments and quickly identifying potential mistakes. Together, they amassed many shareholders who benefited from the conglomerate’s remarkable stock market growth. Each year, tens of thousands of investors converge in Nebraska for Berkshire’s annual meeting, where Munger and Buffett have shared their expertise with dedicated stakeholders for decades.
Buffett has often chosen to refrain from speaking out, while his friend seldom passed up a chance to express his opinions. Munger described cryptocurrency investments as an unintelligent gambling scheme and compared bankers to “heroin addicts.”
During Berkshire’s annual meeting earlier this year, Munger conveyed skepticism about “the hype” surrounding artificial intelligence. He stated, “I think old-fashioned intelligence works pretty well,” addressing the audience at the event.
In 2010, Munger downplayed the notion that Berkshire Hathaway’s remarkable profits were a result of intelligence despite shareholders praising the company’s success. He stated, “I think part of our success is that we look like people who have found a magic wand. It’s not about our ingenuity. It’s just avoiding unnecessary mistakes.”
Two other vice-chairmen at Berkshire, Ajit Jain and Greg Abel, oversee its many operating businesses on a day-to-day basis. It is expected that Abel will become the chief executive when Buffett is no longer in charge.
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