Charlie Munger Career and Net Worth
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Charlie Munger is an American business magnate, lawyer, investor and philanthropist. Charlie has a whopping $2.2 billion in net worth as of this writing. Charlie Munger got his wealth through his investor partnership as well as share holdings in many successful companies. He is best known for being Warren Buffett’s right-hand man. Charlie is the Vice-Chairman of Buffett’s diversified investment corporation, Berkshire Hathaway.
Charlie Munger Early Life
Charlie was born Charles Thomas Munger on January 1, 1924, in Omaha, Nebraska. He graduated from Harvard Law School with a Juris Doctor magna cum laud in 1948. Charlie relocated his family to California in the 1950s. In California, he took a job with the law firm Wright & Garrett (later Musick, Peeler & Garrett). Charlie with time set up his own firm, Munger, Tolles & Olson LLP. Charlie abandoned law to focus on investment management. He forged an alliance with Otis Booth in real estate development. Charlie later partnered with Jack Wheeler in the formation of the investment firm Wheeler, Munger, and Company.
Charlie Munger Berkshire Hathaway
Charlie and Warren Buffett grew up in Omaha and were pals as kids. The friends worked at Warren’s grandfather’s grocery store at the same time as teenagers. After some time of separation, the pals reunited in 1959 at a dinner party. By this time, Charlie had moved his family back to Omaha from California to assume control of his father’s law practice. Following in Warren’s footsteps, he began making financial investments and quickly learned he had a passion for it. For about a decade Charlie ran his own investment fund. His fund was highly successful, averaging 19% annual returns. Warren convinced Charlie to take the position of Vice Chairman at Berkshire Hathaway in 1978.
Charlie Munger Sea Meadow
Charlie developed an upscale oceanfront community in Montecito he named Sea Meadow in the latter part of the 1980s. Sea Meadow is a 22-acre guarded community. Today the homes in Sea Meadow regularly sell for $10-20 million, or more, and the monthly HOA fee is $2,700.
Charlie Munger Personal Life
Charlie got married to Nancy Huggins-daughter of Frederick R. Huggins and Edith M. Huggins In 1945. At the time, he was studying at Caltech. Nancy was a Pasadena native who had been Munger’s sister’s roommate at Scripps College. The couple had three children-Wendy Munger (a former corporate lawyer, trustee of Stanford University, and trustee of The Huntington Library), Molly Munger (a civil rights attorney and funder of a ballot initiative to raise California taxes for public education) and Teddy Munger (deceased, leukemia, age 9).