Charlie Munger, a trusted confidante of Warren Buffett, passed away on Tuesday at the age of 99. Investors expressed disbelief that Berkshire Hathaway’s (BRKa.N) void would remain unfilled in spite of the company’s well-established succession plan.
According to Berkshire, Munger passed away quietly in a Californian hospital where he was a resident. There was no explanation provided. On January 1st, Munger would have turned 100.
Buffett, 93, is the chairman and CEO of Berkshire Hathaway. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom, and participation,” Buffett said in a statement.
An era in corporate America and investing has come to an end with Munger’s passing. Munger has served as vice chairman of Berkshire since 1978.
Investors from all over the world revered and loved Munger along with Buffett, and many of them flocked to Berkshire’s annual shareholder weekends in Omaha, Nebraska, to hear the folksy wisdom on life and investing from the pair.
Despite Munger’s lack of involvement in Berkshire’s daily operations, Buffett is left without his reliable sounding board in the wake of his passing.
Investors expressed their sadness over Munger’s passing, stating that although Berkshire has appointed managers they believe they can trust to steer the company in the right direction, the loss would be felt deeply.
Thomas Russo, a longtime Berkshire shareholder and partner at Gardner Russo & Quinn in Lancaster, Pennsylvania, described the news as “shocking.” “It will leave a big void for investors who have modelled their thoughts, words and activities around Munger and his insights.”