‘Untold story’ of Charlie Munger’s final years

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In an “unique” article headlined “The Untold Story of Charlie Munger’s Remaining 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 top.”

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 gives classes for buyers—and a blueprint for find out how to age with grace, equanimity and goal.”

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 information 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 attributable to rising demand for vitality, regardless of environmental issues.

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

Pals say he had paper positive aspects of greater than $50 million on coal miner Consol Vitality and Alpha Metallurgical Sources, which offers coal for metal manufacturing.

(Consol accomplished a merger with Arch Sources early this yr to type Core Pure Sources.)

Munger additionally invested in actual property with an uncommon accomplice.

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

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

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

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

Munger “remained concerned till the top,” 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 buddies, together with a daily Tuesday morning nation membership breakfast with enterprise associates that might go on for hours.

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

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

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

A good friend relates that at the same time as 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 now we have is a framework for investments.”

Charlie Munger explains why making errors is important 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, might you describe for the group which one stands proud in your thoughts as your favourite or is in any other case noteworthy?

CHARLIE MUNGER: Properly, I do not assume I’ve obtained a favourite. However the one which most likely did us probably the most good as a studying expertise was See’s Sweet.

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

AUDIENCE MEMBER: Sounds good. (Laughter)

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

I believe {that a} life correctly lived is simply study, study, study on a regular basis. And I believe 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 massive capital allocation expertise, it is like rolling the cube. And I believe we’re manner higher off having finished 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 most likely, however not right here. (Laughter)

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

CHARLIE MUNGER: Properly, there’s nothing like stepping 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.

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

The total checklist of holdings and present market values is out there from CNBC.com’s Berkshire Hathaway Portfolio Tracker.

Please ship any questions or feedback in regards to the publication to me at alex.crippen@nbcuni.com. (Sorry, however we do not ahead questions or feedback to Buffett himself.)

Additionally, Buffett’s annual letters to shareholders are extremely really helpful studying. There are collected right here on Berkshire’s web site.

— Alex Crippen, Editor, Warren Buffett Watch