Charlie Munger, close aide of Warren Buffett dies at 99

Charlie Munger, the billionaire philanthropist, Berkshire Hathaway vice chairman and regarded as Warren Buffett's closest aide, has died aged 99 on Tuesday night in California. "Munger peacefully died this morning at a California hospital," a statement from Berkshire Hathaway said.

Born in 1924, Munger, who would have turned 100 on New Year's Day, was not only a trained attorney with expertise in real estate but also a name partner at the Los Angeles-based law firm Munger, Tolles & Olson. His collaboration with Warren Buffett and Berkshire Hathaway began in 1978.

An alumnus of Harvard Law School, Munger also held a degree in meteorology. His passion for engineering played a crucial role in Berkshire Hathaway's investment in the Chinese auto company BYD. However, recent reports indicate that Berkshire Hathaway has been steadily reducing its stake in BYD, with the latest sale on October 25 bringing its stake down to 7.98% from the earlier 8.05%.

Munger's passing follows closely on the heels of Warren Buffett's significant stock donation of $866 million from Berkshire's holdings, as he contemplates stepping back after nearly six decades in the business. In a letter to shareholders, Buffett, 93, acknowledged his age, stating, "At 93, I feel good but fully realize I am playing in extra innings." Buffett and Munger's friendship predates Buffett's leadership at Berkshire Hathaway, with Buffett being the catalyst for Munger's entry into the investment world.