Charles Munger
Charles Munger is one of the most successful and intriguing business minds in the world. He is best known for his longtime association with investing legend Warren Buffett and the pair’s remarkable contribution to the development of Berkshire Hathaway. Munger went from humble beginnings to becoming a revolutionary investor and incredibly successful entrepreneur.
Charles Munger was born in Omaha, Nebraska, to lawyer and entrepreneur Alfred Caspar Munger and wife Laura Rockwell Munger. He was the second of four children. After his father died when he was 12, Charles was raised and educated by his mother, who implanted the seeds of his great success. His mother encouraged him to strive for excellence.
Charles Munger received his Bachelor of Arts degree in mathematics from the University of Michigan in 1936. Afterwards, he attended Harvard law school, where he graduated with a Juris Doctor in 1948. After graduation he began working as an attorney and eventually started his own successful law practice.
During his academic career, Charles Munger developed a keen interest in investing and real estate, among other opportunities. He also became a close friend and business partner of Warren Buffett, who he met in 1959. Together, the two men co-founded the successful investment firm Buffett Munger & Co. in 1971.
Having earned an intense level of success through their firm, by the mid-1980s, the pair had taken control of Berkshire Hathaway and the company’s stock began to steadily rise. They went on to develop Berkshire Hathaway into the renowned, multinational conglomerate it is today.
Charles Munger and Warren Buffett’s success isn’t solely credited to investment and stocks, however. A large part of their success is due to their unique investing philosophy and model. According to Munger, the key to successful investing is “knowing what you are doing and why.” As his and Buffett’s strategies tend to focus on the long-term, they prioritize companies with strong leadership, a strong competitive advantage, and a history of good decision-making.
Apart from an established investor and entrepreneur, Charles Munger has served on a number of corporate boards, including Wesco Financial Corporation, the Daily Journal Corporation, Goldman Sachs and Blue Chip Stamps, as well as a diverse array of charitable boards. He is also recognized for his philanthropic endeavors, having donated millions of dollars to charities and universities worldwide.
At 95 years old, Charles Munger has come a long way from his humble beginnings, becoming a true legend in the business and investing world. He has reinvented the traditional idea of investing and has proved that long-term thinking and a commitment to excellence can reap great rewards. Mungers story is one of hard work and determination that has resonated with many other entrepreneurs and investors, helping them to realize their own successes.
