The financial world says goodbye Charlie Munger – the former right-hand man of Warren Buffett, fierce critic of bitcoin and vice president of multinational holding company Berkshire Hathaway – who has died at the age of 99, the company announced on Tuesday.
According to Berkshire, Munger passed away calmly in a California hospital where he was a resident. No explanation was 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 stock market valuation of $785 billion.
Munger, who has been vice chairman of Buffet’s business empire since 1978, has amassed a net worth of $2.6 billion and has consistently received recognition for maintaining a no-nonsense approach to stock picking and investing while at Berkshire.
bitcoin adversary Charlie Munger passes away
With Munger’s death, an era in business and finance will never be the same. Investors around 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 about life and business.
Munger was known for both his success in the financial markets and his negative views on bitcoin and other cryptocurrencies.
In public statements, he expressed his disapproval of bitcoin, calling it “disgusting and contrary to the interests of civilization.”
bitcoin currently trading at $38K territory on the daily chart: TradingView.com
When bitcoin was only worth $150 in 2013, he declared: “I think it’s rat poison.” He said, “So it’s more expensive rat poison,” when asked to revise his comments five years later, at a time when the price of the world’s largest cryptocurrency was $9,000 per coin.
Munger’s doubts arose from bitcoin‘s known volatility and lack of established regulatory structures. Munger was especially concerned about the possible use of bitcoin for illegal purposes, such as kidnappings and terrorist financing.
Cryptocurrency traders can still benefit from the knowledge Munger gained throughout his 60 years of investing experience, even though cryptocurrencies were not his preferred assets.
Charlie Munger has passed away.
RIP to a legend
— Pompa (@APompliano) November 28, 2023
Tributes to Buffett’s trusted friend Munger pour in
In a statement on Tuesday, Buffett said:
“Berkshire Hathaway could not have been built to its current state without Charlie’s inspiration, wisdom and involvement.”
A business titan 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 missed. Rest in peace Charlie. pic.twitter.com/vNGDktOAhz
-Tim Cook (@tim_cook) November 28, 2023
In his post on X, former Twitter CEO Tim Cook called Charlie Munger “a business titan and a keen observer of the world around him” who has “helped build an American institution” X, formerly Twitter.
Brian Moynihan, CEO of Bank of America, said:
“Charlie Munger was a legendary figure in the investment community.”
“There are many who benefited greatly from his wisdom.”
Although Munger was known for his colorful jokes, many of which contained profanity, shareholders present at Berkshire’s annual meeting appreciated his frank comments, which they will miss when the meeting resumes in May.
Featured image from Redfin, Getty Images
