Charlie Munger, born in 1924, is the vice chairman and right-hand man of Buffett. Warren Buffett, a well-known investor, is the head of Berkshire Hathaway which is a “354.6 billion dollar” multinational corporation with its headquarters in Omaha, Nebraska.
Charlie Munger has played a crucial role in the development of Berkshire into a massive, broadened holding corporation with subdivisions engaged in insurance, goods railway transportation, energy generation or distribution, production, and the retail sector. Munger has been Buffett’s very close partner in business and the right-hand man for over forty years.
Munger is Chairman of the Daily Journal Corporation Board, an authorized publisher based in Los Angeles with a software company that operates in the automated legal reporting sector, along with working as an independent director in Costco Wholesale Corp.
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He led Wesco Financial Company, a Berkshire Hathaway affiliate, as its chairman and chief executive officer from 1984 until 2011.
In 1959, Munger and Buffet first crossed paths at a dinner in Omaha, and they remained in contact over the years while Munger kept practicing real estate law and Buffett built his investing company.
On Buffett’s recommendation, Charlie Munger quit his law practice in the 1960s to focus on handling assets, including collaboration on real estate advancement with the wealthy newspaper executive Franklin Otis Booth.
Before joining Berkshire, Munger owned and operated his own investment company, which produced compound yearly gains of 19.8 percent between 1962 to 1975, a significant improvement over the Dow’s 5 percent annual growth rate throughout that period.
Buffett has long been a good investor, actively looking for and analyzing stocks that are trading below their actual worth. He learned this approach via his instructor, Benjamin Graham.
According to Buffett, he started his professional life as a type of cigar-butt investor, and Munger was the one who recognized the folly of that strategy long before he did.
Working with Charlie Munger, he eventually understood that a struggling company’s cheap price frequently turned out to be a fake bargain in the end, while any initial gain would be quickly diminished by low returns.
Munger and Buffett prefer to spend their money on a wonderful company for $1.25, which is presently worth $1 but certainly destined to be worth $15 within 10 years.
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