 Billionaire Charles Thomas Munger has covertly stood in the shadow of his longtime business partner Warren Buffett for over half a century as vice chairman of Berkshire Hathaway. Just under two months before his 100th birthday, the Berkshire Hathaway vice chairman passed away in Santa Barbara at 99 years old. In a statement, Warren Buffett mourned the loss of his irreplaceable, decades-long partner praising Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom, and participation. Munger avoided publicity, at least investing track records speak for itself, but there's no overstating Munger's instrumental contributions behind the scenes. Munger is far more than Buffett's number two man. His instrumental behind the scenes influence has cemented Munger alongside Buffett as an architect of Berkshire's meteoric success. Born in Omaha in 1924 to Alfred Munger, a prominent attorney and his wife Florence, Munger actually cross-challenged paths with a young Buffett while working weekends at his grandfather's grocery store, but the pair didn't connect until decades later. After serving in World War II, graduating Harvard Law and practicing in California, Munger was invited to an Omaha dinner party in 1959 where he was introduced to fellow Nebraska native Warren Buffett. Sparks instantly flew as the two fast friends bonded over investing strategies late into the night. Buffett's wife cheekily asked why her husband was paying so much attention to Munger. Buffett impressively replied, you don't understand that is no ordinary human being. Soon, Munger and Buffett were chatting daily about potential deals, but while Buffett was on track towards financial stardom, Munger's early success is also harbored hardship. His first wife divorced him, their only son tragically died from leukemia at just nine years old, and Munger even hit difficult financial straits. During this low point, when Munger drove a rusty Pontiac, his daughter Molly complained about the junkie car Munger famously quipped, it's to discourage gold diggers. But the determined Munger rebounded to make his own fortune before permanently linking up with Buffett and Berkshire Hathaway in the 70s. Historical of Omaha has credited Munger with shifting his entire business perspective from targeting struggling cheap companies to instead buying proven winners. In Buffett's words, Charlie Munger changed my investment strategy more than any other single person. Essentially, Munger provided the blueprint underpinning the legendary Berkshire game plan still producing mind-blowing gains to this day. Beyond their Berkshire partnership, Charlie Munger also previously ran his own successful investment fund. He delivered staggering annual returns near 20% by concentrating bets into fewer quality stocks like Westco Financial and C's candies for the long term. He currently still holds large ownership stakes in Berkshire itself as well as Costco, plus serves on Costco's board of directors. Until 2022, he also chaired newspaper publisher Daily Journal Corporation. True to style, the majority of Munger's current holdings align with companies where he maintains leadership influence with capital. And given Berkshire's breadth, Costco, loyal membership base, and Daily Journal's niche publisher software mix, all feature strong competitive advantages. Despite his immense wealth as a multi-billionaire VC of Berkshire Hathaway, Charlie Munger lived relatively modestly, famously still even driving his own older car to discourage gold diggers. But the exceptions were his occasional lavish real estate splurges. This $11 million Monocito home, designed by architect Joc Seawall, sits on about a quarter of an acre in the gated C Meadow community, about a five-minute drive west of downtown Santa Barbara. Because of Munger's involvement in developing C Meadow, the 22-acre community is sometimes called Mungerville. And also, because three decades prior, he actually helped developing the gated community. The approximately 4,700 square foot Monocito mansion boasts four bedrooms, 5.5 baths, vaulted ceilings, and plenty of eye-catching details. Outside the grounds encompass a sun-drenched dining patio. There's also a full tennis court, access to a private beach and community pool. All of these endless amenities right at his doorstep to enjoy during California summers. You probably expect someone with Charlie Munger's billions to upgrade lavish homes as routinely as they trade stops. But in an interview, Munger revealed why he deliberately resided in the same house for over 40 years without changing properties. When asked about this, Munger shared that while peer billionaires constantly built evermore extravagant compounds, he considered doing so in his investments. But ultimately, he decided against upgrading in order to prevent spoiling his multiple children. Here is exactly how Munger rationalized his decision to the interviewer. I didn't think it would be good for the children to live a life where I look like the Duke of Westchester or something on purpose. So, despite having ample means to upgrade real estate across Los Angeles whenever desired, Munger intentionally declined moving his family between lavish estates simply for appearances. He instead prioritized that his children's upbringing remained grounded. And this restraint towards materialism for his kids' well-being shows what's truly important to him after almost a century on Earth building up his fortune. Now, at nearly 100 years old, the brilliant Munger didn't only mint his towering investment returns in philanthropic legacy. He also amassed timeless wisdom and shared Mungerisms along the way for new generations of investors, coining insights like, see his opportunities fiercely when they arise as quality prospects are exceptionally rare, eliminate blunders relentlessly rather than seeking brilliant tactics. Clearly, Charlie Munger's brilliance and impact extends far beyond fortune. May we all build on his legacy of ethics, conviction, and generosity in the century ahead. For today, that will wrap up our look at Charlie Munger's storied life. But what about you guys? What's your favorite Mungerism? Let me know in the comments. And don't forget to subscribe to famous luxury and like this video. My name's Kara. 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