The Untold Story of Charlie Munger’s later years

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In an “exclusive” article headlined “The untold story of Charlie Munger’s later years,” Gregory Zuckerman of the Wall Street Journal revealed that “Berkshire’s vice chairman made courageous investments, forged unexpected friendships, and faced new challenges to the end.”

Munger passed away two years ago, on November 28, 2023, at the age of 99, just a month shy of his 100th birthday.

“Friends and family say Mr. Munger’s turbulent later years taught investors a lesson and provided a blueprint for aging with grace, poise and purpose,” the newspaper wrote.

The magazine quotes his son-in-law Hal Borthwick as saying, “His mind was on until the day he died. He never stopped learning.”

He also never stopped looking for new investments, flipping through public company data in his green Value Line binder.

In 2023, he went against conventional wisdom by investing in two companies involved in coal, which will continue to be needed due to rising energy demand despite environmental concerns.

Mr Borthwick told the newspaper: “He read about coal falling down the chute and said, ‘It’s horse feathers.'”

Friends say he made more than $50 million in paper profits from coal mining company Consol Energy. alpha metallurgy resourcessupplies coal for steel production.

(Consol completed its merger with Arch Resources earlier this year, Core natural resources.)

Mr. Munger also invested in real estate with an unusual partner.

In 2005, Munger began working with a 17-year-old boy in his neighborhood whose ADHD was contributing to his difficulties in school.

Avi Mayer, now 37, told the Journal: “He listened to my concerns and talked to me about life principles and personal values.”

“I watched what he did and learned from him. And he sometimes gave me books.”

Mr. Munger then backed a real estate company founded by Mr. Mayer and a childhood friend that became one of the largest owners of low-rise “garden” apartment buildings in California, with about $3 billion in assets.

Munger “remained involved to the end” and helped negotiate the purchase of the building, which closed days after his death.

As Munger grew older, he spent more time with friends, including a typical Tuesday morning breakfast at a country club with work colleagues that could last for hours, the paper said.

He was no longer “grumpy and bitter” and told the group, “At my age, it’s either make new friends or have no friends.”

After many years, Munger’s family gave up trying to keep him on a healthy diet.

His grandson’s wife said Mr. Munger’s last delivery was a Korean whole grilled chicken, kimchi fried rice, and waffle fries.

Mr. Munger joked that he wanted to be 86 again, but was optimistic about Berkshire’s future, friends said.

“Once you build it, you don’t have to be Warren or Charlie. What we have is a framework for looking at investments.”

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Charlie Munger explains why making mistakes is important to success.

Audience: With all due respect, Mr. Buffett, this is a question for Mr. Munger. (laughs)

In a career of thousands of negotiations and business deals, what stands out in your mind or is otherwise noteworthy?

Charlie Munger: Well, I don’t think I have a favorite. But perhaps the best learning experience was See’s Candy.

That’s just the power of brands, a never-ending stream of money that keeps growing even when you don’t have a job. (laughs)

Audience: Good. (laughs)

Charlie Munger: It was. And I don’t know if I would have bought Coca-Cola if I hadn’t bought Seeds.

I believe that living a life right is simply learning, learning, and continuing to learn. And I think Berkshire has learned over a long period of time and benefited tremendously from these investment decisions.

Every time you appoint someone new without experience in large-scale capital allocation, it’s like rolling the dice. And I think we’re much better off if we’ve been doing this for a long time. and –

But decisions are fused, and one of the hallmarks of continuous learning is that they are fused. If we hadn’t kept learning, you wouldn’t even be here.

You’re probably alive, but not here. (laughs)

Warren Buffett: There’s nothing like the pain of being in a bad business to appreciate a good business (lol).

Charlie Munger: Well, there’s nothing like finding something really good. It’s a very fun and learning experience.

I have a friend who says, “The first rule of fishing is to fish where the fish are. And the second rule of fishing is to never forget the first rule.” (laughs)

And we’ve gotten better at fishing where the fish are.

Berkshire’s top U.S. and Japanese listed stocks by market capitalization, based on the latest closing prices.

Holdings are as of September 30, 2025, as reported in Berkshire Hathaway’s November 14, 2025 13F filing. However, the following cases are excluded.

A complete list of holdings and current market value is available on CNBC.com’s Berkshire Hathaway Portfolio Tracker.

If you have any questions or comments about the newsletter, please send them to alex.crippen@nbcuni.com. (Sorry, we do not forward questions or comments to Mr. Buffett himself.)

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I also highly recommend Buffett’s annual letter to shareholders. It’s collected here on Berkshire’s website.

— Alex Crippen, Warren Buffett Watch Editor