Berkshire Hathaway's Vice Chairman, Charlie Munger, passed away peacefully on November 28, 2023, at a hospital in Los Angeles, California, at the age of 99. His centennial birthday was only a month away, on January 1, 2024.

Buffett's Comrade

Munger has always been Warren Buffett's closest advisor and investment comrade for over 60 years, significantly influencing Buffett's investment strategies.

In areas such as investment, mergers and acquisitions, and corporate management, Munger has consistently provided valuable advice to Buffett.

Buffett said in a statement:

"Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation"

Munger's Life

Charlie Munger was born in 1924 in Omaha, Nebraska, USA. Initially a lawyer, Munger met Buffett in 1959, starting a sixty-year partnership. Together, they established Berkshire Hathaway, making it a global corporate giant and currently valued at a staggering US$784.9 billion.

Charlie Munger's investment strategy is to "find good companies, buy and hold them for the long term, quietly waiting for profitable returns." His philosophy shifted Buffett's early notion of 'Buying Cheap' and focusing on bargain stocks; after absorption and transformation, it evolved into today's widely recognised 'Value Investing' concept pioneered by Buffett.

Buffett once said that Munger is "the smartest and highest-rated person I have ever encountered." Therefore, Munger is very important to Buffett.

Munger: Crypto is a 'Stupid Investment'

For a long time, Munger has held a sceptical view towards cryptocurrencies, repeatedly stating that investing in Bitcoin is foolish and predicting that the majority of cryptocurrencies will eventually be worth nothing. Once labelling Bitcoin 'Rat Poison' and comparing other cryptocurrencies to a 'Venereal Disease.'

He once said at Zoom’s event,

"Don’t get me started on Bitcoins—that was the stupidest investment I ever saw."

"Most of those investments are going to zero."

Also, Buffett holds a similar perspective, referring to Bitcoin as a 'Gambling Token.'