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Several investors mourned the passing of famed investor Charlie Munger, vice chairman of Warren Buffett‘s Berkshire Hathaway, on Tuesday. Known for his quick wit and his role in the firm’s success, Munger’s legacy reverberated throughout the investing world.
“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in a press release. Buffett once credited Munger as the ideator behind the business approach of Berkshire Hathaway, saying Munger once advised him with a “blueprint” to “buy wonderful businesses at fair prices” rather than vice versa.
Ariel Investments’ Charles Bobrinskoy called Munger a “true master of investing” on CNBC’s “Closing Bell: Overtime” shortly after the news was released. “He was a really important voice in value investing and all investing,” he added.
Mohamed El-Erian, chief economic advisor of Allianz and former chief executive officer of PIMCO, spoke about the uniqely powerful relationship between Munger and Buffett in a statement Tuesday evening.
“So sad to hear the news of the passing of Charlie Munger,” El-Erian wrote. “For so many decades, the two of them led an investment powerhouse that substantially improved so many people’s lives … and, in the process, they repeatedly showcased the prowess of collaboration, synergies, and common sense.”
Mario Gabelli, chairman and CEO of Connecticut-based GAMCO Investors, wrote on Twitter: “Charlie Munger ….a titan has passed …all will miss Charlie.”
In addition, Apple CEO Tim Cook called Munger a “titan of business and keen observer of the world around him.” Berkshire first made an investment in Apple in 2016, and is one of its largest shareholders. But in the past, Munger said he wished Berkshire bought Apple shares more aggressively.
“Charlie Munger helped build an American institution, and through his wisdom and insights, inspired a generation of leaders. He will be sorely missed,” Cook wrote. “Rest in peace Charlie.”
Investors familiar with Munger also released words on his passing. Munger peacefully died Tuesday morning at a California hospital, according to the Berkshire Hathaway press release.
Stephanie Link, chief investment strategist at Hightower Advisors, described Munger as “full of life” and said the famed investor “taught us a ton over the years.”
Some of those lessons went beyond investing, and were part of the reason why hundreds of investors flocked to the Berkshire Hathaway annual meeting each year. Value investor Whitney Tilson counts himself among them.
“He was always telling stories of how people who had it all brought themselves to ruin, [and] that really made a big impact on my life,” Tilson, research editor at Stansberry, told CNBC.
“Charlie Munger was a brilliant attorney,” Annandale Capital chairman George Seay said Tuesday evening on Yahoo Finance. “He wasn’t just a great investor with Buffett. He was a very accomplished attorney. He was kind of a renaissance man. He was good at a lot of things.”
Munger’s passions went beyond investing. He worked as a real estate attorney and was publisher of the Daily Journal. He also dabbled in architecture, was a philanthropist and served on the Costco board.
Wesley Chan, co-founder and managing partner of venture capital firm FPV, wrote in a LinkedIn post on Tuesday evening celebrating Munger’s life.
“In Charlie, I find solace that in avoiding the mistakes others make out of misaligned incentives, greed, hysteria, or peer pressure, you’re usually going against the grain,” Chan said. “It’s something that I take to heart as an investor and as a friend of many founders, who have their own lonely journeys as well.”
—CNBC’s Christina Cheddar Berk, Brian Evans and Alex Harring contributed to this report.