We got multiple reports that Charlie Munger, the billionaire investor, passed away. Munger was the business partner of Warren Buffett, which whom he built the company Berkshire Hathaway.
Charlie Munger served as an alter ego and sidekick to Warren Buffett. For almost 60 years, they transformed Berkshire Hathaway from a failing textile maker into an empire.
A lawyer by training, Munger helped Buffett craft a philosophy of investing in companies for the long term.
In 1962, the two began investing in Berkshire Hathaway, a Massachusetts company that made men’s suit linings.
Even after the textile mills closed, Berkshire Hathaway stuck around as the corporate vehicle for a growing conglomerate of companies focusing on businesses with strong brands and pricing power.
Late To The Game With Tech Investing
The world has a lot of respect for both Charlie Munger and Warren Buffett, but many people noticed that they have not done too well with tech. They were late to adopt tech, even getting Apple stock at a later point in time.
And of course, they hated Bitcoin and crypto. Most of the crypto community do not agree with them on the Bitcoin and crypto front; but still, they have made a lot of money and they have been very successful.
And Charlie Munger, aside from crypto, shared some very wise thoughts, strategies and ideas over the years so, certainly it is highly-minded to listen to what they have to say — even though we disagree with them on calling Bitcoin “rat poison” and Charlie Munger most recently had called Bitcoin a “venereal disease.”
But we talked about it in the previous article, and that is they have such a knee jerk reaction or such an angry reaction to it, because, (1) they do not get tech in general, right? As I mentioned, they were late to Apple and other tech stocks. And (2) it is a complete disruption of the system — they know they are very much into stocks or equities and the fact that fiat currency gets printed and increases, therefore the value of stocks goes up. So they are from that world, and pretty much at their age, they were set in their ways.
No matter what you think about him in terms of his views against Bitcoin and crypto, Charlie Munger obviously lived a long and prosperous life, and he was the right hand man to Warren Buffett — he has done very well for himself, but he could not just come around and did not believe in Bitcoin.
With all that aside, people still have a ton of respect for Charlie Munger and Warren Buffett. And you have to respect the amount of money they have made over the years and they have been investing for a long time. Rest in peace, Charlie Munger.