‘Untold anecdote’ of Charlie Munger’s final years

Charlie Munger at Berkshire Hathaway’s annual assembly in Los Angeles California. May perchance well perchance 1, 2021.

Gerard Miller

In an “uncommon” article headlined “The Untold Yarn of Charlie Munger’s Perfect Years,” The Wall Road Journal’s Gregory Zuckerman reveals the “Berkshire vice chair became making gutsy investments, forging not going friendships and coping with recent challenges to the end.”

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

The Journal writes, “Family and guests train Munger’s eventful final length supplies classes for merchants—and a blueprint for the means to age with grace, equanimity and purpose.”

It quotes his stepson, Hal Borthwick as asserting, “To the day he died, his suggestions became working. He under no conditions stopped finding out.”

He also under no conditions stopped purchasing for value recent investments, leafing via data on publicly traded corporations in green Worth Line binders.

He went towards historic wisdom in 2023 by investing in two corporations fervent with coal, which he believed would restful be wanted ensuing from rising quiz for vitality, no topic environmental considerations.

Borthwick tells The Journal, “He read an article that said coal became down the chute. He said, ‘Horse feathers.'”

Pals train he had paper good points of more than $50 million on coal miner Consol Vitality and Alpha Metallurgical Sources, which presents coal for metal production.

(Consol accomplished a merger with Arch Sources early this year to create Core Pure Sources.)

Coal is excavated.

Jim Urquhart | Reuters

Munger also invested in accurate property with an irregular accomplice.

In 2005, Munger started mentoring a 17-year-feeble neighbor whose ADHD became contributing to his difficulties in college.

Avi Mayer, now 37, tells the WSJ, “He listened to my complications and talked about life principles and non-public values.”

“I watched him in stream and learned from him, and he handed me books as soon as shortly.”

Later, Munger backed a accurate property firm Mayer and a childhood friend established that has develop into one in every of necessary home owners of low-upward push “backyard” apartments in California with around $3 billion in holdings.

Munger “remained fervent till the end,” helping to negotiate a building aquire that closed days after he died.

The Journal says that as Munger grew older, he spent more time with guests, alongside with a conventional Tuesday morning nation club breakfast with industry friends that might perchance perchance perchance rush on for hours.

He modified into much less “cranky and acerbic,” telling the team, “At my age, you’re making recent guests, otherwise you manufacture not comprise any guests.”

And after a protracted time, Munger’s family gave up on making an attempt to retain him on a healthy weight loss program.

The wife of his grandson experiences Munger’s final meals transport became an total Korean fired chicken, kimchi fried rice, and waffle fries.

A friend relates that at the same time as Munger joked that he longed to be “86 again,” he remained optimistic about Berkshire’s future.

“Once it’s constructed, you manufacture not must be Warren and Charlie. What we comprise is a framework for taking a interrogate at investments.”

Charlie Munger explains why making mistakes is key to success.

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

To your occupation of hundreds of negotiations and industry dealings, might perchance perchance perchance you advise for the gang which one sticks out for your suggestions as your favourite or is in another case worthy?

CHARLIE MUNGER: Smartly, I manufacture not specialise in I’ve obtained a favorite. However the one who presumably did us the most pleasing as a finding out ride became Peep’s Candy.

It be pleasing the energy of the associated payment, the unending circulate of ever-rising money without a work. (Laughter)

AUDIENCE MEMBER: Sounds nice. (Laughter)

CHARLIE MUNGER: It became. And I’m not certain we would comprise sold the Coca-Cola if we hadn’t sold the Peep’s.

I specialise in that a life properly lived is pleasing learn, learn, learn the total time. And I specialise in Berkshire’s obtained enormously from these investment choices by finding out via a prolonged, prolonged length.

Every time you appoint a brand recent particular person who is under no conditions had massive capital allocation ride, it’s love rolling the cube. And I specialise in we’re means better off having done it goodbye. And —

However the alternatives mix, and the one aim that comes via is the continuous finding out. If we had not kept finding out, that you would be capable to perchance perchance not even be right here.

You’d be alive presumably, however not right here. (Laughter)

WARREN BUFFETT: There is nothing love the likelihood of being in a unpleasant industry — (laughs) — to make you like a super one.

CHARLIE MUNGER: Smartly, there is nothing love going in a in actual fact pleasing one. That’s a in actual fact at ease ride and it’s some distance a finding out ride.

I in actual fact comprise a buddy who says, “The first rule of fishing is to fish where the fish are. And the second rule of fishing is to under no conditions neglect the first rule.” (Laughter)

And we’ve gotten pleasing at fishing where the fish are.

Berkshire’s top holdings of disclosed publicly traded stocks in the U.S. and Japan, by market payment, in step with the most modern closing costs.

Holdings are as of September 30, 2025, as reported in Berkshire Hathaway’s 13F submitting on November 14, 2025, with the exception of for:

• Mitsubishi, which is as of August 28, 2025. Tokyo Stock Commerce costs are converted to U.S. bucks from Japanese yen.

The plump listing of holdings and present market values is available from CNBC.com’s Berkshire Hathaway Portfolio Tracker.

Please send any questions or comments about the e-newsletter to me at alex.crippen@nbcuni.com. (Sorry, however we manufacture not forward questions or comments to Buffett himself.)

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Additionally, Buffett’s annual letters to shareholders are highly suggested reading. There are easy right here on Berkshire’s net location.

— Alex Crippen, Editor, Warren Buffett Inquire