‘Untold story’ of Charlie Munger’s final years

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In an “unique” article headlined “The Untold Story of Charlie Munger’s Last Years,” The Wall Avenue Journal’s Gregory Zuckerman reveals the “Berkshire vice chair was making gutsy investments, forging unlikely friendships and going through new challenges to the tip.”

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 gives classes for buyers—and a blueprint for the way to age with grace, equanimity and function.”

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

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

He went in opposition to standard knowledge in 2023 by investing in two corporations concerned with coal, which he believed would nonetheless be wanted because of rising demand for vitality, regardless of environmental considerations.

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

Buddies say he had paper good points of greater than $50 million on coal miner Consol Power and Alpha Metallurgical Assets, which gives coal for metal manufacturing.

(Consol accomplished a merger with Arch Assets early this yr 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 at school.

Avi Mayer, now 37, tells the WSJ, “He listened to my issues and talked about life ideas and private values.”

“I watched him in motion and realized from him, and he handed me books occasionally.”

Later, Munger backed an actual property firm Mayer and a childhood buddy established that has turn out to be one of many largest homeowners of low-rise “backyard” flats in California with round $3 billion in holdings.

Munger “remained concerned till the tip,” 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 an everyday Tuesday morning nation membership breakfast with enterprise associates that would 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 attempting to maintain him on a nutritious diet.

The spouse of his grandson reviews Munger’s final meals supply was an entire Korean fired rooster, kimchi fried rice, and waffle fries.

A buddy relates that whilst 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 should be Warren and Charlie. What we have now 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 hundreds of negotiations and enterprise dealings, might you describe for the group which one stands out in your thoughts as your favourite or is in any other case noteworthy?

CHARLIE MUNGER: Effectively, I do not assume I’ve bought 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 never-ending circulation of ever-increasing cash with no work. (Laughter)

AUDIENCE MEMBER: Sounds good. (Laughter)

CHARLIE MUNGER: It was. And I am unsure we might have purchased the Coca-Cola if we hadn’t purchased the See’s.

I believe {that a} life correctly lived is simply study, study, study on a regular basis. And I believe Berkshire’s gained enormously from these funding selections by studying by way of an extended, lengthy interval.

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

However the selections mix, and the one characteristic that comes by way of is the continual studying. If we had not saved 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 a great one.

CHARLIE MUNGER: Effectively, there’s nothing like entering into a very 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 high holdings of disclosed publicly traded shares within the U.S. and Japan, by market worth, primarily based on the newest closing costs.

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

The complete record of holdings and present market values is out there from CNBC.com’s Berkshire Hathaway Portfolio Tracker.

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Additionally, Buffett’s annual letters to shareholders are extremely advisable studying. There are collected right here on Berkshire’s web site.

— Alex Crippen, Editor, Warren Buffett Watch