Charlie Munger net worth-Former American business mogul and philanthropist, Charles Thomas Munger was born on January 1, 1924, in Omaha, Nebraska in the United States of America.
How much is Charlie Munger worth?
Charlie Munger had a net worth estimated to be about $2.6 billion as of the time of his death. He is believed to have garnered his impressive net worth from his numerous business investments and ventures. He was also ranked as the 1182nd richest person in the world, according to Forbes.
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Charlie Munger career
Munger joined the legal practice of Wright & Garrett (later Musick, Peeler & Garrett) after relocating to California with his family. In 1962, he started Munger, Tolles & Olson LLP and practiced real estate law there.
After quitting his legal career to focus on investment management, he later entered into a real estate development partnership with Otis Booth.
Subsequently, he and Jack Wheeler collaborated to establish Wheeler, Munger, and Company, an investment business that holds a seat on the PATCOR. After suffering losses of 32% in 1973 and 31% in 1974, he closed Wheeler, Munger, and Co. in 1976.
Despite being more well-known for his relationship with Buffett, Munger managed his own investing partnership from 1962 to 1975.
Buffett’s 1984 essay “The Superinvestors of Graham-and-Doddsville” claims that during the 1962–1975 period, Munger’s investment partnership produced compound annual returns of 19.8%, whereas the Dow only appreciated 5.0% annually during the same period.
Previously, Munger served as chairman of Wesco Financial Corporation, a Berkshire Hathaway wholly-owned subsidiary.
Following claims that Buffett’s business, Blue Chip, purchased Wesco shares to thwart an upcoming merger between Wesco and Financial Corp., the acquisition of this company became contentious.
Initially founded as a savings and loan association, Wesco has expanded to become the owner of several businesses, including Precision Steel Corp., CORT Furniture Leasing, Kansas Bankers Surety Company, and others.
In addition, Wesco Financial owned a concentrated equity portfolio worth over US$1.5 billion, which included investments in firms like US Bancorp, Kraft Foods, Procter & Gamble, Wells Fargo, and Goldman Sachs.
Munger felt that he would get better returns in the long run by owning a small number of stocks that he was well familiar with.
Munger’s chosen city of Pasadena, California, is home to Wesco. The company’s annual shareholders’ meeting was also held in Pasadena; these meetings usually took place on the Wednesday or Thursday following the more well-known Berkshire Hathaway annual meeting.
In the world of investing, Munger’s gatherings were almost as renowned as the ones he co-hosted in Omaha with Buffett. Though these meetings were usually brief, Munger engaged in lengthy conversations with the other Wesco shareholders, occasionally speculating on Benjamin Franklin’s potential course of action.
Munger oversaw the Daily Journal Corporation as its chairman as well. Investors came to the Daily Journal annual conference to hear him speak in-depth after the Wesco meetings closed, making it increasingly significant.
Source: www.Ghgossip.com
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