Warren Buffett's trusted confidante Charlie Munger died on Tuesday at age 99, leaving a void at Berkshire Hathaway that investors said would be impossible to fill despite the conglomerate's well-established succession plan. Berkshire said Munger died peacefully at a hospital in California, where he lived. Munger would have turned 100 on January 1.
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00:00 Warren Buffet's trusted confidant Charlie Munger died on Tuesday at age 99, leaving
00:08 a void at Berkshire Hathaway that investors said would be impossible to fill despite the
00:13 conglomerate's well-established succession plan.
00:17 Berkshire said Munger died peacefully at a hospital in California, where he lived.
00:23 Munger would have turned 100 on January 1.
00:26 Mr Munger was the altered ego of Warren Buffet for almost 60 years as they transformed Berkshire
00:32 Hathaway Inc. from a failing textile maker into an empire.
00:37 Berkshire Hathaway could not have been built to its present status without Charlie's inspiration,
00:42 wisdom and participation, Buffet, Berkshire's 93-year-old chairman and chief executive,
00:49 said in a statement.
00:51 Like Buffet, Munger was born and brought up in Omaha, Nebraska, the two met as adults
00:56 in 1959 and forged a friendship that lasted more than 60 years.
01:01 Munger joined Buffet at Berkshire Hathaway as vice chairman in 1978 and helped transform
01:06 it from a small textile company into a gigantic conglomerate, now valued at more than $780
01:13 billion.
01:14 Unlike Buffet's vast fortune, Charlie Munger's wealth is estimated at a more modest $2.6
01:20 billion, although he has donated most of his wealth to charity during his lifetime.
01:26 Munger never officially retired from his role at Berkshire Hathaway.
01:30 In a 2017 interview, Buffet credited Munger with changing his views on investment for
01:35 the better.
01:36 He refined them in a huge way, in terms of looking for the quality companies and looking
01:41 out for the ability to make an investment that will work out for 5 or 10 or 20 years,
01:46 as opposed to something where there might be one more puff left in the cigar, Buffet
01:51 had said.
01:52 Tributes from all corners started pouring in following Munger's death.
01:56 Apple CEO Tim Cook posted a heartfelt tribute to Mr Munger.
01:59 He wrote, "A titan of business and keen observer of the world around him, Charlie Munger helped
02:05 build an American institution and through his wisdom and insights inspired a generation
02:09 of leaders.
02:10 He will be solely missed.
02:12 Rest in peace, Charlie."
02:13 Andrew Wilkinson, co-founder of Tiny Capital wrote, "We have lost one of the 20th century's
02:18 greatest investors and businessmen."
02:20 Vivek Singhal, founder of B. Spartans Consultants wrote, "He has been an inspiration to me and
02:26 I love his five-page article published in the book 'The Psychology of Money'.
02:30 Working until his last days is commendable and he shared his wisdom with the world through
02:35 the annual shareholders' meeting of Berkshire Hathaway.
02:38 I consider him the most commendable man in the equity investing community."
02:43 Berkshire is unlikely to replace Munger and has not publicly discussed any need or desire
02:47 to do so.
02:48 Two other vice-chairmen, Greg Abel and Ajit Jain, have day-to-day oversight of Berkshire's
02:54 non-insurance and insurance businesses, respectively.
02:58 Munger's death comes one week after Buffet donated about $866 million of Berkshire's
03:03 stock to four family charities and issued a rare shareholder letter acknowledging that
03:08 his own time was finite in the twilight of his own storied investing career.
03:13 In last week's letter, Buffet said Berkshire was built to last and would remain in good
03:17 hands without him.
03:27 [MUSIC PLAYING]