Last Updated on November 29, 2023 by Robert C. Hoopes
Prominent finance and investing icon, Charlie Munger, who played a pivotal role alongside Warren Buffett in shaping the world of investing, passed away at the age of 99 on Nov. 28. Munger’s loss was deeply mourned by the finance community worldwide.
In his final writings, which were recently shared with CNBC Make It, Munger reflected on his extraordinary life and career. Born in Omaha, Nebraska, Munger initially pursued a legal career after graduating from Harvard Law School. He joined a reputable California law firm, where he found professional success and financial stability.
However, Munger’s ambitions went beyond what a senior law partner could offer. He yearned for greater earnings potential and was drawn to the world of investments and business. Thus, he began investing in stocks, businesses, and property development. Eventually, Munger even founded his own law firm with colleagues, which turned out to be prosperous. Despite the success, he realized practicing law did not fulfill him entirely.
Munger was captivated by the independence, decision-making power, and risk-taking involved in being a capitalist. It was at a dinner party in Omaha that he met Warren Buffett, a man who shared his passion for business, finance, and investing. They instantly connected and formed an unbreakable bond.
Buffett recognized Munger’s potential and urged him to leave the legal profession as soon as he could afford to do so. Munger heeded his advice, and together, they embarked on a highly successful business partnership that would reshape the world of investing.
Throughout his life, Munger emphasized the importance of career satisfaction and developed three fundamental rules that could guide young individuals in evaluating their own career paths. These rules were based on Munger’s own experiences and included finding work you love, seeking independence and control, and embracing continuous learning.
As the news of Munger’s passing spread, tributes poured in from the business and finance community, acknowledging his immense contributions and unwavering dedication to his craft. Munger’s legacy will forever be remembered as a guiding light for aspiring investors and business professionals across the globe.
His final writings serve as a testament to a life well-lived and a career that transcended traditional boundaries. Munger’s wisdom, insights, and experiences will continue to inspire generations to come, solidifying his status as a true icon in the world of finance and investing.