Charlie Munger Net Worth, Family And Bond With Warren Buffet

POSTED ON November 29, 2023 • Business BY Samuel O . Adeniyi •

Charles Thomas Munger, affectionately known as Charlie Munger, was an American investor, lawyer, and philanthropist.

He served as the vice chairman of Berkshire Hathaway, a multinational conglomerate controlled by his longtime friend and business partner, Warren Buffett.

Widely regarded as one of the most astute investors of his generation, Munger's wisdom and insights have influenced countless individuals in the world of finance and beyond.

Early Life and Education

Born in Omaha, Nebraska, on January 1, 1924, Munger grew up in a middle-class family. His father, Alfred Munger, was a lawyer and his mother, Mildred Munger, was a homemaker.

Munger was a precocious child, exhibiting a keen interest in mathematics and economics from an early age.

After graduating from high school, Munger attended the University of Michigan to study mathematics. However, his studies were interrupted by World War II, and he enlisted in the U.S. Army Air Corps.

During the war, Munger served as a meteorologist and was promoted to the rank of second lieutenant.

Following the war, Munger returned to his studies, but this time at Harvard Law School. He excelled at Harvard, graduating magna cum laude in 1948.

After graduating from law school, Munger began practising law in Los Angeles, California.

Career

Munger's legal career was marked by his unconventional approach and sharp intellect. He quickly gained a reputation for his ability to analyze complex legal problems and come up with innovative solutions.

Munger's legal career also provided him with valuable experience in investing, as he often advised his clients on financial matters.

In the early 1960s, Munger met Warren Buffett, who was then a young and rising investor. The two men quickly developed a deep mutual respect, and they began investing together.

Munger's partnership with Buffett proved to be immensely successful, and he played a key role in Berkshire Hathaway's growth into one of the world's most valuable companies.

Investment Philosophy

Munger's investment philosophy is based on the principles of value investing, which emphasizes buying stocks that are trading for less than their intrinsic value.

Munger is also known for his emphasis on risk management and his aversion to speculation.

In addition to his investment acumen, Munger is also a gifted communicator. He is known for his wit, wisdom, and ability to explain complex concepts in a clear and concise manner.

Munger's writings and speeches have been widely read and studied by investors and business professionals around the world.

Personal Life

Munger was married twice. His first wife, Nancy Huggins, died in 1953. In 1956, Munger married his second wife, Nancy Barry. The couple had three children together: Wendy, Charles Jr., and Molly.

Munger was a devoted husband and father. He was also a generous philanthropist, supporting a variety of causes, including education, healthcare, and the arts.

Net Worth

Munger's net worth is estimated to be over $2 billion. He is one of the wealthiest investors in the world. However, Munger is known for his frugal lifestyle and his generosity.

He has donated millions of dollars to charity and has pledged to give away almost all of his wealth to the Munger Foundation after his death.

Cars

Munger is known for his love of classic cars. He owns a collection of vintage automobiles, including a 1930 Ford Model A and a 1955 Chevrolet Bel Air.

Houses

Munger lives in a modest home in Pasadena, California. He has lived in the same house for over 50 years.

Relationship with Warren Buffett

Munger and Warren Buffett are often referred to as "partners in crime." The two men have a deep respect for each other and have worked together for over 50 years.

Buffett has called Munger "the best partner anyone could ask for."