The Vice-Chairman of Berkshire Hathaway Corporation is also renowned as the right-hand man of none other than Warren Buffett. He has also been the Chairman of Wesco Financial Corporation & presently holds the chair of Daily Journal Corporation. Munger is the director of Costco Wholesale Corporation.
Charles Thomas Munger was born on 1st January, 1924, in Omaha, Nebraska. He had a struggling childhood and he used to work in local grocery store (Buffett & Son) owned by Buffett’s grandpa in his teen days. In 1941, he joined University of Michigan to study maths.
Munger left Michigan University in 1943 & joined the US Army Air Corps in the capacity of a meteorologist. Post his return from the army, he shifted to Boston to study at Harvard Law School. Charlie graduated with LL.B. magna cum laude in 1948 and joined Wright & Garrett law firm.
Munger’s first foray into business world happened in the year 1953 by buying a portion of a transformer company from one of his clients. In 1959, he moved to Omaha again & met Warren Buffett. The two clicked immediately & started having prolonged discussions on investment ideas. Buffett convinced his friend to leave the legal course & start off his very own investment tie-up with him.
Charlie’s investment partnership began to outperform immediately. From 1962-1975, his partnership returned 24.3% annually for the partners- while DIJA returned around 6.4% during the same tenure.
In the meantime, Munger founded Munger, Tolles & Olson LLP in 1962. Later on, he teamed up with J Wheeler to build Wheeler, Munger & Company but then closed it in 1974.
However, in 1978, Munger left his money-management business & joined as the full-time vice chairman of Buffet’s Berkshire Hathaway Inc.
Charlie Munger quit the money management business during 1978 and moved to join forces with Buffett full-time, by becoming Berkshire Hathaway Inc.’s vice chairman.
Charlie Munger has had a supreme successful career but the most important highlight of his career is surely the introduction to Warran Buffett – followed by his joining as a full time vice chairman of Berkshire Hathaway. Buffett describes Munger as “my partner”.
Munger’s speeches and talks have been a source of inspiration for many investors & entrepreneurs. Peter Kaufman wrote the book “Poor Charlie’s Almanac” which is a collection Munger’s talks & speeches. Munger is also one of the main inspirations behind "Seeking Wisdom: From Darwin to Munger” by Peter Bevelin.
Charlie Munger had been married twice. First he was married to Nancy Huggins with whom he had 2 children. The couple divorced & later on he married Nancy Barry with whom he had 4 children & 2 step-children.
Munger is a great philanthropist who generously donates for the improvement of the esteemed academic institutions such as University of Michigan, Stanford University, University of California and several other schools.