Charlie Munger, Buffett's right-hand man, dies at 99
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The news: American billionaire Charlie Munger, who helped Warren Buffett develop Berkshire Hathaway into an investment giant, has died at a hospital in California. He was 99.
The context: Munger spent more than 40 years as Buffett's second-in-command at a business they turned into a multi-billion dollar conglomerate.
The two met in 1959 in Omaha and enjoyed sharing theories and stories on investing. They started buying Berkshire Hathaway shares in 1962 for USD7 and USD8 per share, and took control of the textile firm in 1965, according to Associated Press.
The two shared the "value investing" philosophy, looking for well-run companies with undervalued share prices. They generally shunned technology companies and businesses they claimed not to understand, and avoided the dot-com implosion of the 1990s.
What they said: "I think part of the popularity of Berkshire Hathaway is that we look like people who have found a trick. It's not brilliance. It's just avoiding stupidity," Munger said in 2010.
"If you wait until the economy is working properly to buy stocks, it's almost certainly too late," Munger said in 2009.
The sources: Reuters, Associated Press
