Billionaire and Prominent Bitcoin Critic Charlie Munger Passes Away at 99
Charlie Munger, the vocal and integral figure alongside Berkshire Hathaway CEO Warren Buffett for over half a century, passed away peacefully in Los Angeles at the age of 99, just a month before his anticipated 100th birthday on January 1, 2024.
Munger, Berkshire’s vice chairman, was not only a trusted advisor to Buffett on various fronts such as investments, acquisitions, and corporate strategies but also a pivotal force in shaping Berkshire’s journey to its current stature.
Buffett acknowledged Munger’s profound impact, stating, “Berkshire Hathaway wouldn’t be what it is today without Charlie’s insight, sagacity, and involvement.” Munger, much like Buffett, opted for a modest salary of $100,000 annually for a quarter-century and espoused a lifestyle advocating restraint among the affluent. His abode remained unchanged for over six decades, while his wealth stemmed significantly from his Berkshire holdings, valued at over $2 billion.
Describing Munger’s remarkable acumen, Buffett once praised, “Charlie possesses the sharpest mind, grasping the core of any matter within seconds, often even before the sentence concludes.”
Munger’s influence steered Buffett toward recognizing the value in growth companies like Coca-Cola, diverging from his prior focus on undervalued firms—an approach akin to his mentor Benjamin Graham’s ‘cigar butt’ philosophy.
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Additionally, Munger’s partnership, preceding his association with Berkshire, yielded an annualized return of 13.7% from 1962 to 1975, eclipsing the Dow Jones Industrial Average’s 5% yearly return during that period.
He was known for coining the term the ‘Lollapalooza effect,’ denoting the amalgamation of forces that yield an amplified outcome—a phenomenon exemplified by Berkshire’s Geico unit, witnessing a quadrupling of its market share from 1996 to 2021 through a blend of a cost-effective operating model, direct sales strategy, and effective management.
Munger’s candid opinions spanned diverse subjects, including his disdain for Bitcoin’s growth due to its association with illicit activities and his criticism of the Robinhood platform, dismissing it as a gambling facade in the guise of a legitimate business.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
