Charlie Munger
Born 1924 · Age 102
American investor, attorney, philanthropist; longtime vice chairman of Berkshire Hathaway and Warren Buffett's closest partner. Founder of Munger, Tolles & Olson; chairman of Wesco (1984–2011) and Daily Journal; noted philanthropist and architectural patron.
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Life & Career Timeline
Born in Omaha, Nebraska
Charles Thomas Munger was born to Florence (Russell) and Alfred Case Munger in Omaha.
Worked at Buffett & Son as a teenager
As a teenager Munger worked at Buffett & Son, a grocery store owned by Warren Buffett's grandfather Ernest P. Buffett.
Enrolled at University of Michigan (mathematics)
Munger began college at the University of Michigan studying mathematics; joined the Sigma Phi fraternity while in college.
Dropped out to join U.S. Army Air Corps
A few days after his 19th birthday, Munger left college to serve in the Army Air Corps during WWII and became a second lieutenant.
Trained in meteorology at Caltech
Following a high score on the Army General Classification Test, Munger was ordered to study meteorology at the California Institute of Technology in Pasadena.
Married Nancy Huggins
While studying at Caltech, Munger married Nancy Huggins; they later had three children.
Discharged from military service
Munger ended active service in the Army Air Forces after WWII (service years 1943–1946).
Admitted to Harvard Law School (without undergrad)
Munger was initially rejected for not having an undergraduate degree, but Roscoe Pound intervened and he was admitted to Harvard Law.
Graduated Harvard Law School, J.D., magna cum laude
Munger excelled at Harvard Law, was a member of the Harvard Legal Aid Bureau and graduated magna cum laude in 1948.
Joined law practice Wright & Garrett (later Musick, Peeler & Garrett)
After law school Munger joined the California law firm Wright & Garrett, beginning his legal career in Pasadena.
Divorced Nancy Huggins
Munger and his first wife Nancy Huggins divorced in 1953.
Married Nancy Barry (second marriage)
Munger married Nancy Barry (Nancy B. Munger) a few years after his divorce; they had four children and Nancy served as a trustee at Stanford.
Partnered with Otis Booth in real estate development
Munger gave up active law practice to concentrate on managing investments and partnered with Franklin Otis Booth in real estate ventures (approx. 1960s).
Founded Munger, Tolles & Olson (law firm)
Munger founded and practiced as a real estate attorney at the California law firm Munger, Tolles & Olson LLP.
Co-founded Wheeler, Munger & Company (investment firm)
Munger partnered with Jack Wheeler to create an investment partnership with a seat on the Pacific Coast Stock Exchange.
Began investment partnership (1962–1975)
Munger's investment partnership ran from 1962–1975 and later was credited with strong returns versus the Dow.
Investment partnership suffered major loss (1973)
Wheeler, Munger & Co. lost 32% in 1973 amid market turmoil.
Investment partnership lost 31% (1974)
Munger's partnership incurred a 31% loss in 1974; same year he bought control of Mitchum, Jones & Templeton at roughly $3/share.
Acquired control of Mitchum, Jones & Templeton
Munger acquired the publicly traded firm Mitchum, Jones & Templeton, a competitor to his own firm; later made a very large gain.
Investment partnership performance endpoint (1962–1975)
Buffett later highlighted Munger's partnership as generating a compound annual return of 19.8% for 1962–1975, outpacing the Dow.
Wound up Wheeler, Munger & Company
After consecutive losses, Munger wound up Wheeler, Munger & Co. and shifted focus to other investments.
Named Vice Chairman of Berkshire Hathaway
Munger formally became vice chairman of Berkshire Hathaway and began his long partnership with Warren Buffett (1978–2023).
Liquidated Mitchum Jones stake at approx $180/share
Approximately ten years after acquiring Mitchum Jones at $3/share, Munger liquidated the holdings at about $180/share (≈60×).
Became chairman of Wesco Financial Corporation
Munger served as chairman (and CEO at times) of Wesco Financial Corporation, the Pasadena-based holding company, beginning in 1984.
Wesco portfolio grew concentrated equity holdings (~$1.5B)
Under Munger's chairmanship, Wesco came to hold a concentrated equity portfolio reported at over $1.5 billion in certain periods (e.g., Coca-Cola, Wells Fargo).
Influenced Buffett's shift away from 'cigar-butt' investing
Buffett credited Munger with changing Berkshire's investment philosophy toward buying 'wonderful businesses at fair prices'.
Harvard-Westlake Munger Science Center opened (donated)
The $13M Munger Science Center at Harvard-Westlake School (influenced and funded by Munger) opened in 1995.
Delivered 'The Psychology of Human Misjudgment' at Harvard
Munger's influential talk described many biases and introduced mental models and the 'Lollapalooza effect'.
Donated $1.8M to Marlborough School
Munger and his wife donated $1.8 million to the Marlborough School in Los Angeles (Nancy Munger an alumna).
Elected to Stanford University Board of Trustees (trustee role)
Munger served as a trustee of Stanford University (he and his family were major benefactors).
Donated 500 Berkshire Class A shares to Stanford ($43.5M)
Munger donated 500 shares of Berkshire Hathaway Class A stock (valued then at approx. $43.5M) to build a graduate housing complex at Stanford.
Poor Charlie's Almanack (collection of talks) prominent
Munger's speeches and aphorisms were collected and popularized in 'Poor Charlie's Almanack', cementing his philosophical influence.
Donated 100 Berkshire Class A shares (~$9.2M) to Harvard-Westlake
Munger donated 100 Class A Berkshire shares (then valued ~ $9.2M) toward a building campaign at Harvard-Westlake's middle school campus.
Gave $3M to University of Michigan Law School (lighting improvements)
Munger donated $3 million to his alma mater's law school for lighting and Reading Room improvements.
Stanford Munger Graduate Residence opened
The Munger Graduate Residence at Stanford opened late 2009; Munger designed and funded the facility to house ~600 students.
Donated 8 Berkshire Class A shares (~$800k) to Harvard-Westlake
Munger donated eight Class A Berkshire shares (worth nearly $800,000 in 2009) to Harvard-Westlake School.
Death of second wife Nancy Barry Munger
Nancy Barry Munger died at age 86; she had been a long-time partner in philanthropy and Stanford governance.
Donated $20M to University of Michigan Law School (Lawyers Club)
Munger gave $20M in 2011 toward renovations of the Lawyers Club housing complex at Michigan Law (majority of $39M cost).
Ended role as chairman of Wesco (2011)
Munger served as chairman of Wesco Financial Corporation through 2011; the company later became a wholly owned Berkshire subsidiary.
Donated 10 Berkshire Class A shares (~$1.2M) to University of Michigan
On Dec 28, 2011 Munger donated 10 shares of Berkshire Hathaway Class A stock (then valued at ~ $1.2M) to the University of Michigan.
Pledged $110M to University of Michigan (largest single gift in UM history)
Munger announced a $110 million gift to fund a new interdisciplinary graduate residence and $10M for fellowships.
Influence on Berkshire's 'Four Giants' strategy
Munger's long-term influence shaped Berkshire's strategy focusing on insurance float, Apple, BNSF, and Berkshire Hathaway Energy.
Donated $65M to Kavli Institute for Theoretical Physics (UCSB)
Munger announced a $65 million donation to UC Santa Barbara's Kavli Institute to build a residence for visiting physicists.
Munger Graduate Residences at University of Michigan opened
The graduate residence Munger funded and designed for the University of Michigan opened in 2015 and houses 600 single bedrooms.
Announced $200M gift to UC Santa Barbara for Munger Hall
Munger pledged $200 million to UCSB for construction of Munger Hall, a large dormitory based on his design (windowless rooms controversial).
Publicly condemned cryptocurrencies (esp. Bitcoin)
Munger described Bitcoin as 'noxious poison' and called for banning cryptocurrency; a widely reported public stance.
Public political and policy commentary (healthcare, governance)
Munger publicly advocated positions such as eventual single-payer healthcare and expressed strong views about governance, politics and Singapore as a model.
Spoke at Daily Journal annual meeting
Munger delivered a lengthy, widely-followed talk at the Daily Journal Corporation annual shareholders' meeting (Feb 14, 2019).
Architect resigns in protest over Munger Hall design
An architect resigned from UCSB's Design Review Committee citing Munger's insistence on windowless dorm design; controversy intensified.
UCSB abandons windowless 'Munger Hall' project; Munger withdraws pledge
After widespread backlash UCSB abandoned the windowless dorm project; Munger subsequently withdrew his pledge of support.
Donated 77 Berkshire Class A shares (~$40.3M) to Huntington Library
Munger gifted 77 Class A Berkshire Hathaway shares valued at approximately $40.3 million to the Huntington Library and Art Museum.
Death
Charlie Munger died peacefully at a Santa Barbara hospital on November 28, 2023; Warren Buffett lauded him as Berkshire's 'architect'.
Key Achievement Ages
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