This text initially appeared on Enterprise Insider.
The friendship between Warren Buffett and Charlie Munger goes again 60 years.
Munger, 99, an funding legend who led Berkshire Hathaway as vice chairman alongside Buffett, died Tuesday in a California hospital.
“Berkshire Hathaway couldn’t have been constructed to its present standing with out Charlie’s inspiration, knowledge and involvement,” Buffett mentioned in a quick assertion about his pal’s loss of life.
The 2 buddies first met in 1959 at a restaurant, however as youngsters they labored on the identical retailer for Buffett’s grandfather.
“I knew after I met Charlie, after a couple of minutes on the restaurant, I knew this man was going to be in my life eternally,” Buffett informed CNBC in 2021. “We wished to have enjoyable collectively, we wished to make cash collectively, we wished to get concepts from one another. We’ll each be higher off not figuring out one another.”
Learn extra to see how the 2 constructed their careers collectively.
Warren Buffett and Charlie Munger labored collectively for 45 years at Buffett’s holding firm, Berkshire Hathaway.
Buffett, left, and Munger, proper, on the firm’s annual assembly in Omaha final yr. REUTERS/Rick Wilking by way of BI
Collectively, the 2 have achieved unbelievable success and respect within the enterprise world.
Each billionaires grew up in Omaha, Nebraska.
Shutterstock Berkshire Hathaway can be headquartered in Omaha. by way of BI
Buffett was referred to as the “Oracle of Omaha”. He began investing early, shopping for his first shares when he was 11 and amassing a small fortune from enterprise ventures by the point he was a teen. His occupations included operating a profitable pinball enterprise in native barbershops, delivering newspapers and washing vehicles.
After attending Columbia’s College of Enterprise, Buffett returned to Omaha after which returned to New York to work for his mentor, Benjamin Graham.
Columbia College Library in New York. meunierd/Shutterstock by way of BI
When Graham closed his agency in 1956, Buffett returned residence to Omaha and began Buffett Partnership Ltd. This shortly became seven partnerships, making him a millionaire by the age of 32.
He merged these partnerships in 1962 and invested in a textile firm referred to as Berkshire Hathaway.
BloombergTV by way of BI
Within the late 60s, he turned the corporate from textiles to insurance coverage. On the age of 93, Buffett continues to be operating the corporate in the present day.
Buffett would finally be a part of forces with Charlie Munger, generally known as his “right-hand man.”
Eric Francis/Getty Pictures by way of BI
The couple was launched by a mutual contact in 1959 in Omaha, the place they dined with their wives at Johnny’s Cafe.
Whereas having fun with one another’s humorousness, the boys discovered that each labored for Buffett’s grandfather at his grocery retailer as youngsters. Though the 2 labored in the identical retailer, they by no means crossed paths, as Munger was seven years older than Buffett.
Each fondly recall their first interplay.
Warren Buffett and Charlie Munger Getty Pictures by way of BI
“About 5 minutes after that, Charlie was sort of rolling round on the ground laughing at his personal jokes, which is strictly what I used to be doing,” Buffett, 90, informed CNBC in 2019. “I assumed, ‘I am not going to seek out one other one like this sort.’ And we simply hit it.”
In the meantime, Munger mentioned the pair “acquired alongside nicely,” CNBC studies.
“What I like about Warren is the irreverence. We do not have computerized respect for the pompous heads of a complete civilization,” Munger mentioned.
A lawyer and architect by career, Charlie Munger started working for Berkshire Hathaway within the late Seventies.
Beforehand, Munger excelled at Harvard Regulation College and even co-founded his personal legislation agency — Munger, Tolles & Olson LLP — which nonetheless exists in the present day.
Buffett satisfied Munger to go away the observe as a result of he felt he had not used his full skills within the early Nineteen Sixties.
“It took me a very long time to determine it out [Buffett] had a greater approach to make a dwelling than I did,” Munger mentioned in 2021 of the choice to take Buffett’s recommendation. “However he lastly satisfied me that I used to be losing my time.”
Greater than a decade later, Buffett satisfied Munger to go away his second firm, an funding observe referred to as Wheeler, Munger & Co.
Buffett and Munger with fellow buyers Peter and Paul Hilal in 1998. FrankTursetta/Wikimedia Commons by way of BI
In 1978, he turned vice chairman of Berkshire Hathaway, the place the 2 labored facet by facet.
On the time of his loss of life, Munger had a web value of about $2.5 billion, in response to Bloomberg.
After almost half a century of partnership collectively, the 2 have typically appeared because the faces of Berkshire Hathaway, including a private aspect to the holding firm.
Kraft Heinz is considered one of Berkshire Hathaway’s firms. REUTERS/Rick Wilking by way of BI
Their faces are sometimes utilized by their subsidiaries, similar to Heinz and Coca-Cola.
In 60 years of friendship, Buffet claims that they’ve by no means fought.
REUTERS/Rick Wilking by way of BI
Buffett informed CNBC in 2019 that he “all the time learns one thing” from his time with Munger.
Buffett additionally praised Munger in his 2022 letter to shareholders.
Nati Harnik/AP by way of BI
“Charlie and I feel just about alike. However what takes me pages to elucidate, he sums up in a sentence,” Buffett wrote.
The pair appeared to share a straightforward friendship.
“I by no means have a telephone dialog with Charlie with out studying one thing. And,
whereas he makes me suppose, he additionally makes me chortle,” Buffett wrote within the letter.
Munger spoke extremely of Buffett, and at instances even got here to his protection.
Lacy O’Toole/CNBC/NBCU Photograph Financial institution by way of Getty Pictures by way of Enterprise Insider.
Earlier this month, Munger defended his pal in opposition to a report that mentioned Buffett typically traded shares in his private account earlier than his firm traded the identical shares.
“I do not suppose there’s even the slightest probability that Warren Buffett is doing one thing profoundly evil to make cash for himself. He cares extra about what occurs to Berkshire than what occurs to his cash. He gave all his cash away. He no extra,” Munger mentioned on the time.