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- 1 As per Berkshire Hathaway, its vice president died at 99 on November 29, 2023.
- 2 Charlie Munger is known for his financial wisdom and accumulating $2.6 Billion from investments.
- 3 Munger once stated that Bitcoin is similar to ‘Rat Poison’ and compared other cryptos with venereal diseaes.
The legendary investor and billionaire Charlie Munger, who played a significant role in developing firms like Berkshire Hathaway, died at 99; Munger took his last breath in a hospital-based in California. He was considered as the right hand man of Warren Buffet.
According to Berkshire Hathaway, the company was informed that Munger died peacefully on the morning of November 29, 2023. While serving as vice president of Warren Buffet’s billion-dollar empire, he gathered a net worth of $2.6 Billion. Like Buffet, Muger was also known for his eye for stocks with great potential.
Munger and Buffet personally don’t like to invest in cryptocurrencies, and once the former VC of Berkshire Hathaway compared Bitcoin, the pioneer of cryptocurrencies as ‘Rat Poison’ and ‘Rat Poison squared’ crypto traders could still benefit from Munger’s learnings more than 60 years of investing experience.
The legendary investor said Berkshire Hathaway would often categorize stocks into one of three baskets when evaluating a potential investment. “We have three baskets for investing: yes, no, and too tough to understand.”
Buffet has previously confessed that he and Munger, both considered tech skeptics at the time, were “too dumb to realize” the potential of Amazon’s e-commerce operation in the 1990s and undervalued the company’s founder, Jeff Bezos.
Berkshire did not invest in either Microsoft or Google. “We blew it,” Munger famously stated of the company’s choice not to invest in Google.
Despite this, Berkshire stayed in industries it understood well, such as banking and food and beverage, reaping significant profits from investments in Bank of America, American Express, Coca-Cola, and, subsequently, Apple after initially declining to invest in it.
Munger was never one to jump into a new trend wholeheartedly, preferring to stay on the more conservative side of investment.
Munger has seen Berkshire’s investment portfolio decline multiple times over the decades, including the 1987 Black Monday crash, the 2007-2008 financial crisis, and, most recently, the COVID-19 epidemic.
Why did Munger once Say, “Cryptocurrencies are a gambling contract”?
On February 1, 2023, while talking to Wall Street Journal, Munger stated, “A cryptocurrency is not a currency, not a commodity, and not a security.” “Instead, it’s a gambling contract with a nearly 100% edge for the house… Obviously, the U.S. should now enact a new federal law preventing this.”
Munger stated that cryptocurrency investors are being taken advantage of by promoters and founders, noting that the creators of new cryptocurrencies often receive coins for “almost nothing.”
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
