• Berkshire Hathaway vice chairman Charlie Munger at his book-signing event at Borsheim's Jewellery store in Omaha, Nebraska, on May, 4, 1997. Getty
    Berkshire Hathaway vice chairman Charlie Munger at his book-signing event at Borsheim's Jewellery store in Omaha, Nebraska, on May, 4, 1997. Getty
  • Munger speaks at a Berkshire Hathaway shareholder meeting in Omaha in May 2002. Bloomberg
    Munger speaks at a Berkshire Hathaway shareholder meeting in Omaha in May 2002. Bloomberg
  • Munger and Warren Buffett shake hands with Eitan and Steff Werthheimer at Iscar Metalworking's headquarters in Israel in September 2006. EPA
    Munger and Warren Buffett shake hands with Eitan and Steff Werthheimer at Iscar Metalworking's headquarters in Israel in September 2006. EPA
  • Munger speaks during an event in Pasadena, California, on July 1, 2011. Bloomberg
    Munger speaks during an event in Pasadena, California, on July 1, 2011. Bloomberg
  • Munger trained as a meteorologist during the Second World War and as a lawyer at Harvard before joining the corporate world. Reuters
    Munger trained as a meteorologist during the Second World War and as a lawyer at Harvard before joining the corporate world. Reuters
  • A Berkshire Hathaway board displays a vintage picture of Mr Buffett, left, and Munger, at an annual general meeting in Omaha in May 2013. Reuters
    A Berkshire Hathaway board displays a vintage picture of Mr Buffett, left, and Munger, at an annual general meeting in Omaha in May 2013. Reuters
  • Munger with Microsoft founder Bill Gates and Mr Buffett in May 2015. Getty
    Munger with Microsoft founder Bill Gates and Mr Buffett in May 2015. Getty
  • Mr Buffett said Munger was a fiercely independent intellectual who marched 'to the beat of his own music'. Reuters
    Mr Buffett said Munger was a fiercely independent intellectual who marched 'to the beat of his own music'. Reuters
  • Munger played a key role in the growth of Berkshire into a giant diversified holding company with a market capitalisation of more than $706 billion. Reuters
    Munger played a key role in the growth of Berkshire into a giant diversified holding company with a market capitalisation of more than $706 billion. Reuters
  • Mr Buffett credits his business partner with convincing him to stop investing in unusually cheap shares of companies that did not necessarily have great business prospects. AFP
    Mr Buffett credits his business partner with convincing him to stop investing in unusually cheap shares of companies that did not necessarily have great business prospects. AFP

What was Charlie Munger's net worth when he died?


Felicity Glover
  • English
  • Arabic

Charlie Munger, vice chairman of Berkshire Hathaway and Warren Buffett’s right-hand man for nearly 60 years, had a net worth of $2.6 billion when he died on Tuesday in a hospital in California at the age of 99.

The majority of Mr Munger’s fortune was derived from his shares in Berkshire, the company he helped to build into a multinational conglomerate that spans sectors including technology, energy, financial services, retail and health care, and has a market capitalisation of $784.94 billion.

“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Mr Buffett, 93, said on Tuesday.

The former real estate lawyer was one of Berkshire’s largest individual shareholders with about 3.4 per cent of the company’s total outstanding equity, according to Celebrity Net Worth, which tracks the wealth and finances of the rich and famous.

His stake in Berkshire accounted for an estimated 80 per cent of his $2.6 billion fortune, it added.

As of October 5, Mr Munger owned 4,033 shares of Berkshire Hathaway Class A stock. On Tuesday, the stock ended the trading day at $546,869, meaning his stake would be worth just over $2.2 billion, financial news website TheStreet said.

Both natives of Omaha, Nebraska, Mr Buffett and Mr Munger knew each other as children despite the six-year age gap.

At the age of 14, Mr Munger worked for Buffett and Son, a grocery store owned by Mr Buffett’s grandfather, and earned $2 for a 12-hour shift.

The pair reunited at a dinner party in 1959 and Mr Buffett hired Mr Munger as vice chairman of Berkshire in 1978.

Mr Buffett, who has a net worth of $121 billion and is the world’s ninth-richest person, has long credited his friend for providing the blueprint for the company’s success.

“From my perspective … Charlie’s most important architectural feat was the design of today’s Berkshire. The blueprint he gave me was simple: Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices,” Mr Buffett wrote in his Past, Future and Present letter published on the company’s website.

Mr Munger was also a director of Costco and owned 167,615 shares in the retailer, while his charitable foundation, the Alfred C Munger Foundation, held 19,565 shares, Yahoo Finance said.

The value of his total stake in the company came to about $111 million.

A long-time critic of cryptocurrencies, Mr Munger once said that Bitcoin was “created out of thin air” and was a “go-to payment method for criminals”.

“You are seeing a lot of delusion. Partly fraud and partly delusion. That’s a bad combination,” Mr Munger said during an interview with CNBC in November last year.

Mr Munger was also an active philanthropist but did not sign The Giving Pledge, which was established by Microsoft founder Bill Gates and Mr Buffett in 2010 to encourage the super-rich to donate the majority of their fortunes to philanthropic causes.

In an interview with Yahoo Finance in 2019, Mr Munger said he had already transferred more than half of his wealth to his six children.

“Well, I wouldn't sign The Giving Pledge because I have already transferred so much to my children that I've already violated it,” he said at the time.

Instead, Mr Munger focused on donating to higher education, giving about $23 million to the University of Michigan Law School, $43.5 million in Berkshire Hathaway stock to Stanford University and $200 million to the University of California in 2016.

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Key Points
  • Protests against President Omar Al Bashir enter their sixth day
  • Reports of President Bashir's resignation and arrests of senior government officials
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Specs%20
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Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

The specs: 2018 Maxus T60

Price, base / as tested: Dh48,000

Engine: 2.4-litre four-cylinder

Power: 136hp @ 1,600rpm

Torque: 360Nm @ 1,600 rpm

Transmission: Five-speed manual

Fuel consumption, combined: 9.1L / 100km

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 258hp from 5,000-6,500rpm

Torque: 400Nm from 1,550-4,000rpm

Transmission: Eight-speed auto

Fuel consumption: 6.1L/100km

Price: from Dh362,500

On sale: now

Tailors and retailers miss out on back-to-school rush

Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”

A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.

“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”

How it works

1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground

2) Instead of water draining straight through the sand, it apparently helps the soil retain water

3) One application is said to last five years

4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare 

The%20Color%20Purple
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBlitz%20Bazawule%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EFantasia%20Barrino%2C%20Taraji%20P%20Henson%2C%20Danielle%20Brooks%2C%20Colman%20Domingo%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
If you go

The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Juliot Vinolia’s checklist for adopting alternate-day fasting

-      Don’t do it more than once in three days

-      Don’t go under 700 calories on fasting days

-      Ensure there is sufficient water intake, as the body can go in dehydration mode

-      Ensure there is enough roughage (fibre) in the food on fasting days as well

-      Do not binge on processed or fatty foods on non-fasting days

-      Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates

-      Manage your sleep

-      People with existing gastric or mental health issues should avoid fasting

-      Do not fast for prolonged periods without supervision by a qualified expert

COMPANY%20PROFILE
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RESULTS

5pm: Sweihan – Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Shamakh, Fernando Jara (jockey), Jean-Claude Picout (trainer)

5.30pm: Al Shamkha – Maiden (PA) Dh80,000 (T) 1,200m
Winner: Daad, Dane O’Neill, Jaber Bittar

6pm: Shakbout City – Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Ghayyar, Tadhg O’Shea, Ernst Oertel

6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,200m
Winner: Gold Silver, Sandro Paiva, Ibrahim Aseel

7pm: Masdar City – Handicap (PA) Dh80,000 (T) 1,400m
Winner: AF Musannef, Tadhg O’Shea, Ernst Oertel

7.30pm: Khalifa City – Maiden (TB) Dh80,000 (T) 1,400m
Winner: Ranchero, Patrick Cosgrave, Bhupat Seemar

MATCH INFO

Real Madrid 2 (Benzema 13', Kroos 28')
Barcelona 1 (Mingueza 60')

Red card: Casemiro (Real Madrid)

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
RACE CARD

6.30pm Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m

7.05pm Handicap (TB) $68,000 (Turf) 2,410m

7.40pm Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m

8.15pm Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m

8.50pm Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m

9.25pm Handicap (TB) $65,000 (T) 1,000m

The specs: 2019 Haval H6

Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

Torque: 315Nm @ 2,000rpm

Fuel economy, combined: 7.0L / 100km

Company%20profile
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How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

UAE%20PREMIERSHIP
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Results

Stage seven

1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24

2. Adam Yates (GBR) Ineos Grenadiers, at 1s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s

General Classification

1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16

2. Adam Yates (GBR) Ineos Grenadiers, at 22s

3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s

Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport

Updated: November 29, 2023, 9:22 AM