The man behind Berkshire Hathaway’s success

charlie munger: Warren Buffett, the GOAT of the stock market, did not do this alone. The trip was made even more special by having his close friend Charlie Munger right next to him.

But unfortunately, on the morning of November 28, the billionaire passed away ‘peacefully’ at the age of 99, leaving behind his philosophies, memorable quotes and stories to help us think and live better.

“Big money is not in buying and selling, but in waiting.” – Charlie Munger

Charlie is best known as Warren Buffett’s right-hand man, the Oracle of Pasadena, or as vice chairman of Berkshire Hathaway, the company with the highest stock price in the world.

But how did Charlie Munger start his career and how did he meet Warren Buffett? So, let’s start this little journey!

When did Charlie Munger start his career?

You may have noticed that many famous people come from difficult backgrounds with limited financial support. Munger also began his career working Saturdays at the grocery store run by Buffett’s grandfather. Buffett also worked there for a while, but they didn’t meet until much later.

Munger dropped out of college shortly after turning 19 to serve as a U.S. Army meteorologist during World War II. He then settled in California, where he worked as a lawyer (his father was also a lawyer) and eventually got into real estate development and investing.

Munger once said, “I’d rather be one of our rich and interesting clients than be their lawyer.”

When did he team up with Warren Buffett?

Warren Buffett and Charlie Munger were destined to meet again, and fate brought them together!

In 1959, at age 35, he returned to Omaha to close his late father’s law practice. He was invited to lunch at a local Omaha club, where he was introduced to Buffett (then 29 years old) by one of Buffett’s investor clients.

Later that week, Munger attended a dinner party where Buffett was also invited. The two reconciled and talked throughout the evening, keeping in touch despite living half a continent away from each other.

Following Buffett’s advice, Munger left his law practice in the 1960s to focus on investment management.

In 1978, Munger became Vice Chairman of Berkshire Hathaway, and together with Buffett, he grew Berkshire Hathaway into a very successful company, worth over $600 billion as of 2023.

Did you know? Did Charlie Munger hate Bitcoin?

Despite being known as an investing genius, Munger has publicly expressed his distaste for Bitcoin. While Buffett tactfully avoided discussing cryptocurrencies at the 2021 shareholder meeting, Munger bluntly stated that Bitcoin was “created out of thin air” and “a payment method used by criminals.”

He was concerned that huge sums of money were flowing to people who “unwittingly invented new financial instruments.” Munger also praised China’s cryptocurrency ban and criticized America’s involvement in cryptocurrencies.

A man who wore thick glasses and lost his left eye due to complications from cataract surgery in 1980 continued to focus on his work without stopping. Munger was a man who truly loved his job!

Berkshire Hathaway, where he played a key role, has not publicly announced plans to replace him. Things will never be the same now that Munger is no longer on stage with Buffett, answering questions from shareholders for hours.

Written by Shivani Singh

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