Warren Buffet's right hand Charlie Munger passes away

Even before becoming Warren Buffet's right hand, Charlie had a well-established law career. He was the vice chairman of Berkshire Hathaway. He had a home in Los Angeles. According to the 2023 list of Forbes, his net worth was 2.6 billion dollars, i.e. about 21.6 thousand crore rupees.

Charlie, born in Omaha, earned his first million dollars from real estate.
Charlie was born in Omaha on January 1, 1924, to Alfred and Florence Munger. He studied meteorology while serving in the Army during World War II and graduated from Harvard Law School. His time in the army took him to California, where he made his home. He earned his first million dollars through law practice and real estate investing.

Wanted to become rich, not for Ferrari but for freedom
When Charlie was included in the Forbes Billionaire list for the first time, he had told that he has been associated with Warren Buffet for a long time. Whereas Charlie had told in his biography Damon Wright in the year 2000 that like Warren, he too had a great passion for becoming rich. Not because he wanted a Ferrari, but because he wanted freedom. They wanted it passionately.

Met Warren Buffet in 1959, a couple introduced him for dinner
The two popular investors did not meet until 1959, even though they grew up in the same city. Charlie did work at the Buffet & Son grocery store in the 1930s. In 1959, Buffett was pitching a family on an investment partnership, but he was unable to attract the couple with his pitch. Ultimately he received a check for $100,000.

The family said they decided to invest because Buffett reminded them of Charlie. After this the couple's children organized dinner for both Buffett and Charlie. The timing was critical because Buffett's mentor, Graham, had recently retired and Buffett needed a new partner with whom he could discuss investment ideas.

Used to share stock tips, but invested in different firms
Charlie seemed to them a person with a good sense of humor. Initially they exchanged stock tips, but both made their own investments for their own separate firms. Their partnership was informal. By 1978, Charlie joined Buffett on the Berkshire board.

Investment approach changed, investment of $1,000 turned into $10 million.
Warren Buffett calls Charlie the originator of Berkshire Hathaway's investment approach. Buffett once wrote in an annual report - The blueprint that Charlie gave me was simple: Forget what you know about buying fair businesses at wonderful prices; Instead, buy Wonderful Businesses at Fair Prices.

This shift in approach gave Berkshire outstanding results. Berkshire has gained approximately 3.8 million percent since 1964, while the S&P 500 has returned approximately 24,000 percent during this period. A $1,000 investment in Berkshire in 1964 is worth more than $10 million today. If we look at it in today's rupee terms, the investment of Rs 83,000 has become Rs 83 crore.