When Charles Munger died, traders lamented that "the investment community lost a master"




Author: Li Ailin Hu Yijie

On Tuesday (November 28th) local time,Current affairs information Berkshire Hathaway said in a statement that Charlie Munger, vice chairman of Berkshire Hathaway, died peacefully in a hospital in California that morning at the age of 99. Buffett said in a statement: "Without Charlie's inspiration, wisdom and participation, Berkshire Hathaway could not have developed to its present position."

More than a month later, on January 1, 2024, it will be Munger's 100th birthday.

"The investment community has lost a master"

Tuchman, a trader on the New York Stock Exchange, was surprised by the news of Munger's death. He lamented in an interview with the First Financial Reporter: "There is no doubt that the investment community has lost a master."

"Munger died at the age of 99 and lived a beautiful and long life. Over the years, those in the business community who followed him, supported him and made money with him will undoubtedly feel sad about the news of his death. " Tuchman further said, "Especially for Warren Buffett, it is a sad day. If you have seen them together, they are lifelong friends and best partners."

Munger has been the vice chairman of Berkshire since 1978. In the 45 years since Munger joined, the market value of Berkshire has soared from $10 million to nearly $750 billion (about 5 trillion yuan), which has soared by more than 75,000 times.

And his friendship with Warren Buffett, which spans more than half a century, is also a much-told story in the investment community.

"This is shocking." Thomas Russo, a long-term shareholder of Berkshire and a partner of Gardner Russo & Quinn, said, "This will leave a huge gap for investors who rely on Munger and his insights to shape their thoughts, speeches and activities."

Talking about this value investor, tuchman commented on Munger's investment style as follows: "This 99-year-old gentleman has experienced the wind and rain in the investment market for nearly a hundred years. The difference between him and his friend Buffett and other legendary investors is that Munger is even more conservative than Buffett in his rather conservative investment strategy. Before investing in a company, he must do his homework and carefully examine the accounts and problems of the target company. He is a long-term investor who buys and holds. He only invests in a few companies in his career and is very pious about his investment methods. "

The end of an era

On November 21st, local time, Buffett donated $866 million worth of Berkshire shares to four family charities, and said that the company had a suitable CEO and board of directors to replace him.

In a letter posted on Berkshire's website, Buffett, now 93, wrote that although he felt "good, he was fully aware that I had entered overtime." Berkshire has confirmed that Greg Abel, the 61-year-old vice chairman, will succeed Buffett as CEO of Berkshire, and Buffett will become the non-executive chairman.

As Abel and another vice chairman, Ajit Jain, are responsible for the daily supervision of dozens of Berkshire operations, the analysis shows that Munger's death is unlikely to have a significant impact on Berkshire's operations.

"I don't think Berkshire will look much different except that Buffett can no longer share his ideas with Munger." Lasso said.

"China's prospects in the next 20 years are better than any economy."

Just one month ago, on October 29th, 99-year-old Munger made his podcast debut. In an exclusive interview with Acquired, Munger shared his views on such topics as betting on Japan and investing in China.

Munger said that Buffett's bet on the Japanese stock market is a once-in-a-century opportunity, which can yield huge returns with almost zero risk. "If you are as smart as Warren Buffett, you may have this idea two or three times a century."

Munger also made high expectations for China's economy in the interview. Munger said that in the next 20 years, China's economy will have better prospects than almost any other large economy. Munger pointed out that the leading enterprises in China are stronger, better and much cheaper than the giants anywhere else. Therefore, he is willing to "take some risks from China enterprises" in his portfolio.

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