Net Worth: $620 million
Source of Wealth: Investing
Residence: Los Angeles
Charles Munger is the walking embodiment of the words “low-profile.”
He is one of L.A.’s richest people, but outside of certain financial and publishing circles, Munger is about as well-known as a local K-Mart manager.
He is never seen in the company of celebrities. In general, he eschews interviews. “They are a waste of time,” he told one reporter.
A Harvard-educated lawyer, Munger was an early (1965) associate of legendary Omaha investor Warren Buffett, and now serves as Berkshire Hathaway Inc. vice chairman. Nameplate partner in the downtown law firm Munger Tolles & Olson, he also owns the legal newspaper chain The Daily Journal Corp., which publishes the Los Angeles Daily Journal.
He is married and has eight children.
Munger is credited with moving Berkshire Hathaway towards the strategy of buying stock and holding it indefinitely, as the investment company has done with Coca Cola Co., Walt Disney Co., and other select stocks.
Previously, Buffett was considered a “value” investor, looking for stocks that, based on the fundamentals, were underpriced. The idea was to buy cheap and then sell when the market recognized the value.
Buffett once told a national business weekly, “I probably haven’t talked to anyone on Wall Street one hundreth of the times I speak to Charlie.”
Locally, Munger has become active in certain civic and charity circles, but stays clear of events which involve publicity. He enjoys golf, bridge and fishing.
Benjamin Mark Cole