‘Untold story’ of Charlie Munger’s last years

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In an “unique” post headlined “The Untold Story of Charlie Munger’s Last Years,” The Wall Street Journal’s Gregory Zuckerman exposes the “Berkshire vice chair was making gutsy financial investments, creating not likely relationships and dealing with brand-new difficulties to the end.”

Munger passed away 2 years earlier on Nov. 28, 2023, at the age of 99, simply a bit over a month shy of his 100th birthday.

The Journal composes, “Pals and household state Munger’s eventful last duration uses lessons for financiers– and a plan for how to age with grace, equanimity and function.”

It estimates his stepson, Hal Borthwick as stating, “To the day he passed away, his mind was running. He never ever stopped finding out.”

He likewise never ever stopped trying to find brand-new financial investments, scanning information on openly traded business in green Worth Line binders.

He broke standard knowledge in 2023 by buying 2 business included with coal, which he thought would still be required due to increasing need for energy, regardless of ecological issues.

Borthwick informs The Journal, “ He checked out a post that stated coal was down the chute. He stated, ‘Horse plumes.'”

Pals state he had paper gains of more than $50 million on coal miner Consol Energy and Alpha Metallurgical Resources, which offers coal for steel production.

( Consol finished a merger with Arch Resources early this year to form Core Natural Resources.)

Munger likewise bought property with an uncommon partner.

In 2005, Munger began mentoring a 17-year-old next-door neighbor whose ADHD was adding to his problems in school.

Avi Mayer, now 37, informs the WSJ, ” He listened to my issues and discussed life concepts and individual worths.”

” I viewed him in action and gained from him, and he handed me books from time to time.”

Later on, Munger backed a realty business Mayer and a youth good friend developed that has actually turned into one of the biggest owners of low-rise “garden” homes in California with around $3 billion in holdings.

Munger “stayed involved till completion,” assisting to work out a structure purchase that closed days after he passed away.

The Journal states that as Munger got older, he invested more time with pals, consisting of a routine Tuesday early morning nation club breakfast with service partners that might go on for hours.

He ended up being less “grouchy and acerbic,” informing the group, “At my age, you make brand-new pals, or you do not have any pals.”

And after several years, Munger’s household quit on attempting to keep him on a healthy diet plan.

The better half of his grand son reports Munger’s last food shipment was an entire Korean fired chicken, kimchi fried rice, and waffle french fries.

A good friend relates that even as Munger joked that he longed to be “86 once again,” he stayed positive about Berkshire’s future.

” As soon as it’s developed, you do not require to be Warren and Charlie. What we have is a structure for taking a look at financial investments.”

Some links might need a membership:

Charlie Munger describes why making errors is essential to success.

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

In your profession of countless settlements and service negotiations, could you explain for the crowd which one stands out in your mind as your preferred or is otherwise notable?

CHARLIE MUNGER: Well, I do not believe I have actually got a preferred. However the one that most likely did us the most excellent as a knowing experience was See’s Sweet.

It’s simply the power of the brand name, the endless circulation of ever-increasing cash without any work. (Laughter)

AUDIENCE MEMBER: Sounds great. (Laughter)

CHARLIE MUNGER: It was. And I’m unsure we would have purchased the Coca-Cola if we had not purchased the See’s.

I believe that a life correctly lived is simply discover, discover, discover all the time. And I believe Berkshire’s gotten immensely from these financial investment choices by finding out through a long, extended period.

Whenever you designate a beginner that’s never ever had huge capital allowance experience, it resembles chancing. And I believe we’re way much better off having actually done it so long. And–

However the choices mix, and the one function that comes through is the constant knowing. If we had actually not kept knowing, you would not even be here.

You ‘d live most likely, however not here. (Laughter)

WARREN BUFFETT: There’s absolutely nothing like the discomfort of remaining in a poor service– (laughs)– to make you value a great one.

CHARLIE MUNGER: Well, there’s absolutely nothing like entering an actually excellent one. That’s a really enjoyable experience and it’s a finding out experience.

I have a pal who states, “The very first guideline of fishing is to fish where the fish are. And the 2nd guideline of fishing is to always remember the very first guideline.” (Laughter)

And we have actually gotten proficient at fishing where the fish are.

Berkshire’s leading holdings of revealed openly traded stocks in the U.S. and Japan, by market price, based upon the most recent closing costs.

Holdings are since September 30, 2025, as reported in Berkshire Hathaway’s 13F filing on November 14, 2025, other than for:

The complete list of holdings and existing market price is readily available from CNBC.com’s Berkshire Hathaway Portfolio Tracker.

Please send out any concerns or remarks about the newsletter to me at alex.crippen@nbcuni.com. (Sorry, however we do not forward concerns or remarks to Buffett himself.)

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Likewise, Buffett’s yearly letters to investors are extremely suggested reading. There are gathered here on Berkshire’s site.

— Alex Crippen, Editor, Warren Buffett Watch