‘Untold story’ of Charlie Munger’s last years

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In an “unique” article headlined “The Untold Story of Charlie Munger’s Ultimate Years,” The Wall Road Journal’s Gregory Zuckerman reveals the “Berkshire vice chair was making gutsy investments, forging unlikely friendships and going through new challenges to the tip.”

Munger died two years in the past on Nov. 28, 2023, on the age of 99, only a bit over a month shy of his a centesimal birthday.

The Journal writes, “Family and friends say Munger’s eventful final interval affords classes for traders—and a blueprint for tips on how to age with grace, equanimity and objective.”

It quotes his stepson, Hal Borthwick as saying, “To the day he died, his thoughts was operating. He by no means stopped studying.”

He additionally by no means stopped on the lookout for new investments, leafing via knowledge on publicly traded firms in inexperienced Worth Line binders.

He went in opposition to standard knowledge in 2023 by investing in two firms concerned with coal, which he believed would nonetheless be wanted on account of rising demand for power, regardless of environmental considerations.

Borthwick tells The Journal, “He learn an article that stated coal was down the chute. He stated, ‘Horse feathers.'”

Pals say he had paper features of greater than $50 million on coal miner Consol Vitality and Alpha Metallurgical Assets, which gives coal for metal manufacturing.

(Consol accomplished a merger with Arch Assets early this yr to kind Core Pure Assets.)

Munger additionally invested in actual property with an uncommon associate.

In 2005, Munger began mentoring a 17-year-old neighbor whose ADHD was contributing to his difficulties in class.

Avi Mayer, now 37, tells the WSJ, “He listened to my issues and talked about life rules and private values.”

“I watched him in motion and realized from him, and he handed me books every so often.”

Later, Munger backed an actual property firm Mayer and a childhood good friend established that has turn out to be one of many largest house owners of low-rise “backyard” flats in California with round $3 billion in holdings.

Munger “remained concerned till the tip,” serving to to barter a constructing buy that closed days after he died.

The Journal says that as Munger grew older, he spent extra time with mates, together with an everyday Tuesday morning nation membership breakfast with enterprise associates that would go on for hours.

He turned much less “cranky and acerbic,” telling the group, “At my age, you make new mates, or you have no mates.”

And after a few years, Munger’s household gave up on attempting to maintain him on a nutritious diet.

The spouse of his grandson experiences Munger’s final meals supply was an entire Korean fired hen, kimchi fried rice, and waffle fries.

A good friend relates that whilst Munger joked that he longed to be “86 once more,” he remained optimistic about Berkshire’s future.

“As soon as it is constructed, you do not have to be Warren and Charlie. What we’ve got is a framework for taking a look at investments.”

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Charlie Munger explains why making errors is significant to success.

AUDIENCE MEMBER: With all due respect, Mr. Buffett, this query is for Mr. Munger. (Laughter)

In your profession of 1000’s of negotiations and enterprise dealings, may you describe for the group which one stands proud in your thoughts as your favourite or is in any other case noteworthy?

CHARLIE MUNGER: Effectively, I do not suppose I’ve bought a favourite. However the one which in all probability did us probably the most good as a studying expertise was See’s Sweet.

It is simply the facility of the model, the never-ending circulation of ever-increasing cash with no work. (Laughter)

AUDIENCE MEMBER: Sounds good. (Laughter)

CHARLIE MUNGER: It was. And I am undecided we’d have purchased the Coca-Cola if we hadn’t purchased the See’s.

I feel {that a} life correctly lived is simply be taught, be taught, be taught on a regular basis. And I feel Berkshire’s gained enormously from these funding choices by studying via a protracted, lengthy interval.

Each time you appoint a brand new individual that’s by no means had large capital allocation expertise, it is like rolling the cube. And I feel we’re approach higher off having achieved it so lengthy. And —

However the choices mix, and the one function that comes via is the continual studying. If we had not stored studying, you would not even be right here.

You would be alive in all probability, however not right here. (Laughter)

WARREN BUFFETT: There’s nothing just like the ache of being in a awful enterprise — (laughs) — to make you recognize one.

CHARLIE MUNGER: Effectively, there’s nothing like moving into a extremely good one. That is a really nice expertise and it is a studying expertise.

I’ve a good friend who says, “The primary rule of fishing is to fish the place the fish are. And the second rule of fishing is to always remember the primary rule.” (Laughter)

And we have gotten good at fishing the place the fish are.

Berkshire’s high holdings of disclosed publicly traded shares within the U.S. and Japan, by market worth, based mostly on the newest closing costs.

Holdings are as of September 30, 2025, as reported in Berkshire Hathaway’s 13F submitting on November 14, 2025, aside from:

The complete listing of holdings and present market values is on the market from CNBC.com’s Berkshire Hathaway Portfolio Tracker.

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— Alex Crippen, Editor, Warren Buffett Watch