Two of Scotland’s best known entrepreneurs have paid tribute to American businessman Charlie Munger, who has died at home in California. The vice-chairman of Berkshire Hathaway and Warren Buffett’s decades-long business partner was 99.
Sir Tom Hunter recalled: “I had the pleasure of meeting Charlie at the Beverly Hills Country Club when he was a very sprightly 95.
“He had breakfast there every Wednesday morning with interesting people. I don’t know how I get through the net, but I was asked to pop along. He had just come from doing a deal to buy a residential tower block in Los Angeles.
“He was sharp. He was incisive. He knew what he was talking about.
“At the end he said to me: ‘You’re the guest. Tell me a joke.’ I couldn’t think of one so he said: ‘Okay, I’m going to tell you a joke and it’ll give you time to think.’
“He then told the filthiest joke, which I simply can’t repeat!”
Sir Tom noted: “Warren Buffett actually credits Charlie with taking his mind away from looking for getting companies at cheap, cheap prices. It was Charlie who came out with a great line that has really resonated with me: ‘Don’t buy fair businesses at wonderful prices. Buy wonderful businesses at fair prices.’
“Of course, that was him saying not to go out and buy something because it’s cheap. Buy it because it’s good and pay a fair price for it. That really has stuck with me.”
Such was his business acumen that Forbes has reported Munger’s net worth to be an estimated $2.2 billion at the time of his death. However his fortune had significantly decreased over the years as the billionaire donated much of his cash to universities.
Fellow entrepreneur Lord Willie Haughey noted Munger’s business relationship with Warren Buffett will doubtlessly go down in history as one of the greatest working partnerships ever.
“How they lasted so long and the work they achieved is amazing,” he said. “Warren gets all the credit but whenever he got the chance he obviously told people how important Charlie was.
“It was incredible to see how active Charlie was at his age. So for anybody who thinks they’re getting to the end of their business journey, maybe at 65, 70 . . . aye, come on!
“Some of the best people in the world are just starting out.”
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