About Charles Thomas “Charlie” Munger

⭐ Born: January 1, 1924
🪦 Died: November 28, 2023
📍Place of residence: Montecito, California, United States
📈 Investment style: Value investor

Daily Journal Corporation

👥 Director: Charlie Munger (Chairman)
📃 Founded: 1986
🏢 Headquarters: Los Angeles, California, United States
💼 Industry: Publishing

His life

Charlie Munger was born and raised in Omaha, USA, and was the eldest son of a legal family. After briefly studying mathematics and meteorology at the University of Michigan, he eventually went to Harvard University and earned a law degree. After graduating, he settled in Los Angeles and practiced law there. At an arranged meeting with Buffett, he was persuaded to enter the investment business.

He therefore founded the investment firm Wheeler, Munger & Co. in 1962 and managed to significantly outperform the US Dow Jones Industrial Average with a return of 19.8% per annum. Buffett and Munger both independently invested in the retail chain Diversified Retailing and the discount stamp company Blue Chip Stamps. Under pressure from the US Securities and Exchange Commission, Buffett was forced to consolidate his scattered investment activities in 1978. This was done within the company Berkshire Hathaway. When Diversified Retailing merged with Berkshire, Munger received 2% of Berkshire shares and was also appointed Vice Chairman. He also became the managing director of the Berkshire subsidiary Wesco Financial Corporation. Here, too, he managed to significantly outperform the S&P 500 index until it was acquired by the parent company in 2011. He also privately invested in a Los Angeles-based newspaper publisher and the wholesale company Costco Wholesale. There he took on management positions and held them until 2013. In addition to his business activities, Munger was also very active in social affairs. He played a key role in the establishment of abortion clinics in Los Angeles, renovated a hospital, made several donations to the University of Michigan and most recently donated a dormitory for 4,500 students to the University of California. Along with Buffetts mentor Benjamin Graham, Munger was the only person for decades who had a significant influence on his investment decisions. The two were very similar in their way of thinking and their characteristics. At the legendary Berkshire Hathaway annual general meetings, which are considered the "Woodstock of capitalists", Munger was best known for the phrase "I have nothing further to add" after Buffetts answers. Despite all the similarities, Munger was rather grumpy and impersonal in his manner. Furthermore, compared to Buffett, he led a luxurious private life and was known as a party animal. Munger was married twice and has several children and stepchildren.