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Sunday, May 28, 2023

The 50 Wealthiest Angelenos: Charles Munger #17

#17 – Charles Munger

Net Worth: $1.6 billion -27%

Last Year: $2.2 billion

Age: 85

Residence: Los Angeles

Source of Wealth: Investments

The Money

: Despite consistent and successful investment history, Berkshire Hathaway could not steer clear of economic turbulence and suffered worst year on record. That was bad news for Berkshire vice chairman, who owns 13,000 shares. Didn? have better luck with his 200,000 shares of Costco. Is a director at the membership warehouse chain, which is facing stiff competition from other discounters.


In Wesco? annual letter to shareholders, longtime partner of heralded investor Warren Buffett called recent financial crisis ?erhaps the worst economic disaster since the Great Depression.?In November, amid significant price declines in most stocks, Munger sold 2,000 Berkshire shares to family members in exchange for promissory note ?move intended to ease tax burden on beneficiaries. Also chairman and chief executive of Wesco Financial Corp., Pasadena property and casualty insurer. Other business for Harvard law grad is legal publisher Daily Journal Corp., where he is chairman. Has donated to Stanford University, alma mater University of Michigan and other schools.

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