‘Untold story’ of Charlie Munger’s final 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 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 one centesimal birthday.

The Journal writes, “Family and friends say Munger’s eventful final interval affords classes for buyers—and a blueprint for the best way to age with grace, equanimity and function.”

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

He additionally by no means stopped searching for new investments, leafing by means of information on publicly traded corporations in inexperienced Worth Line binders.

He went in opposition to typical knowledge in 2023 by investing in two corporations concerned with coal, which he believed would nonetheless be wanted as a result of rising demand for power, regardless of environmental issues.

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

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

(Consol accomplished a merger with Arch Assets early this 12 months to type 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 discovered from him, and he handed me books from time to time.”

Later, Munger backed an actual property firm Mayer and a childhood buddy established that has grow to be one of many largest homeowners 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 mates, together with a daily Tuesday morning nation membership breakfast with enterprise associates that might go on for hours.

He grew to become 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 making an attempt 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 buddy 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 must be Warren and Charlie. What we now have is a framework for taking a look at investments.”

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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 acquired a favourite. However the one which most likely did us essentially the most good as a studying expertise was See’s Sweet.

It is simply the ability of the model, the endless circulation 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 be taught, be taught, be taught on a regular basis. And I believe Berkshire’s gained enormously from these funding selections by studying by means of an extended, lengthy interval.

Each time you appoint a brand new person who’s by no means had huge capital allocation expertise, it is like rolling the cube. And I believe we’re manner higher off having achieved it so lengthy. And —

However the selections mix, and the one function that comes by means of 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 recognize an excellent 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 buddy 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 prime holdings of disclosed publicly traded shares within the U.S. and Japan, by market worth, primarily based on the most recent closing costs.

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

The total record 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