International News: Billionaire Charlie Munger who was Warren Buffett’s right-hand man, dies at age 99

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Posted: Tuesday November 28, 2023. 3:49 pm CST.

By Zoila Palma Gonzalez: Charlie Munger, the investor who made his fortune before becoming Warren Buffett’s right-hand man at Berkshire Hathaway, has died at the age of 99.

according to CNBCMunger died this morning at a California hospital. He would have turned 100 on New Year’s Day.

“Berkshire Hathaway would not have been able to grow to where it is today without Charlie’s inspiration, wisdom and involvement,” Buffett said in a statement.

Munger was a real estate attorney, chairman and publisher of the Daily Journal Corporation, Costco board member, philanthropist and architect.

This year, his fortune is estimated at $2.3 billion.

Buffett led Munger to broaden his investment strategy to focus on high-quality but not undervalued companies, hoping to profit from backing troubled companies at low prices.

The first example of the turnaround was in 1972, when Buffett convinced Buffett to buy See’s Candies in Berkshire for $25 million, despite the California candy maker’s annual pretax income of nearly $4 million. Since then, he has generated more than $2 billion in sales for Berkshire.

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