Charlie Munger | Bio, Wiki, Death, Age, Net Worth, Wife & More

Charlie Munger was a famous American investor, businessman and philanthropist. He was vice chairman of investor company Berkshire Hathaway (1985–2023) and chairman of Wesco Financial Corporation (1984 to 2011). He was also president of the Daily Journal Corporation, based in Los Angeles, California.

Munger is known as the most successful investor in the world. He was a very close associate and long-time business partner of the great investor Warren Buffett.

Munger met Buffett for the first time in 1959 at an Omaha dinner party. He was practicing law in Southern California at the time and Buffett was running an investment partnership in Omaha.

Munger started his investing career in the 1950s. He was one of the largest shareholders of the company “Trading Stamp Maker Blue Chip Stamps” during the 1960s and 70s. He became vice chairman of Berkshire in 1985 and chairman and president of WESCO Financial in 1984.

Charlie Munger is also known for his philanthropic work. He donated a significant portion of his wealth to Stanford University, the Henry E. Huntington Library, and the Art Museum.

Physical Stats

Early Life

Charlie Munger’s full name is Charles Thomas Munger. He was born on 1 January, 1924 in Omaha, Nebraska, United States of America.

Munger’s father, Alfred Case Munger, was a lawyer and his mother was a housewife. His house is a short distance away from Warren Buffett’s house. His grandfather, Thomas Charles Munger, was a U.S. district court judge and state representative.

Munger was raised in Nebraska. He was a brilliant student since childhood. His early education took place in Nebraska. He graduated from Benson High School at the age of 15.

Munger enrolled at the University of Michigan in 1939 to study mathematics but dropped out to join the US Army Air Corps during World War II. While in the army, he trained as a meteorologist and was promoted to second lieutenant.

After the war, he studied psychology at Pasadena City College and completed his J.D. from Harvard Law School in 1948.

Career

Legal Career

Charlie Munger started his career as a lawyer after law school. He practiced law for several years while living in Los Angeles.

Munger established his own law firm, Toles & Olson LLP, in 1962. He was known for his expertise in corporate law and real estate in California.

He has also taught law at the University of Southern California and the University of California, Los Angeles.

Investment Career

Charlie Munger started his investing career in the 1950s. During this time, he established his own investment company, which he operated from 1962 to 1975. He was one of the largest shareholders of the company “Trading Stamp Maker Blue Chip Stamps” during this decade.

According to Buffett’s essay “The Superinvestors of Graham-and-Doddsville”, Munger’s investment company was very successful. It generated an average annual return of 19%. In 1975, Munger merged his investment company with Wesco Financial Corporation, which was then a small textile company.

Munger became chairman of WESCO in 1978 and transformed it into a successful investment company. Wesco’s investment portfolio includes companies like Coca-Cola, Costco Wholesale Corporation and See’s Candies.

Berkshire Hathaway

Charlie Munger joined the board of directors of Berkshire Hathaway in 1968. He first met Warren Buffett, Chairman and CEO of Berkshire Hathaway, at an Omaha dinner party in 1959. Since then both of them became friends and became business partners.

Munger quickly became one of Buffett’s most trusted advisors due to his keen investment intelligence while at Berkshire Hathaway.

Munger was made vice chairman of Berkshire Hathaway in 1985. And he played an important role in the success of Berkshire Hathaway.

Awards

Charlie Munger was a renowned American investor who received numerous awards and honors during his long investing career.

• Adam Smith Award (1997): Mungar received this prestigious award by the National Association of Securities Dealers (NASD) in 1997. He received this award for his important contribution in the field of investment.
• Lifetime Achievement Award (2014) from the Graham & Dodd Society: Mungar received this award in 2014 for his outstanding contributions to the principles of value investing espoused by Benjamin Graham and David Dodd.
• Carnegie Medal of Philanthropy (2007): Mungar received this prestigious award in 2007 for his charitable work by the Carnegie Corporation of New York. In which he donated to various educational institutions including the University of California, Hastings College of Law and the American Red Cross.
• Honorary Doctor of Laws from Harvard Law School (1997): Mungar was awarded the honorary degree of “Honorary Doctor of Laws from Harvard Law School” in 1997 for his outstanding contributions to the field of law and investment.
• Honorary Doctor of Science from the California Institute of Technology (1993): Munger was awarded an “Honorary Doctor of Science from the California Institute of Technology” in 1993 for his scientific and mathematical approach to investing.

Charlie Munger’s Net Worth

Charlie Munger’s net worth is estimated to be $2.6 billion according to Forbes. He was one of the most influential and successful investors in the world.

He has accumulated his wealth through various schemes which include investing in stocks, bonds and shares.

Personal Life

Charlie Munger was married twice. His first marriage was to Nancy Huggins, whom he met while studying at the California Institute of Technology (Caltech) in 1945. They had three children: Wendy, Molly and Teddy, however, they divorced in 1953.

Charlie Munger’s second marriage was to Nancy Barry in 1955. They had four children: Charles Jr., Emily, Barry and Philip. Munger and Barry’s marriage lasted 54 years until her death in 2010.

Charlie Munger, 99, died on November 28, 2023, in a hospital in California.