Warren Buffett’s pays tribute to his right-hand man at Berkshire Hathaway

Paying tribute, Buffett said: “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation.”

Munger had been a Berkshire vice chairman since 1978. He initially made his fortune on his own before then joining Buffett’s investment group.

He ran an investment partnership of his own from 1962 to 1975. His investments generated compound annual returns of 19.8 per cent – far higher than the 5 per cent annual appreciation rate for the Dow.

The death of Munger is unlikely to have a major impact on Berkshire’s operations.

Two other vice chairmen, Greg Abel and Ajit Jain, have day-to-day oversight of Berkshire’s dozens of operating businesses.

Abel is expected to become chief executive once Buffett is no longer in charge.

Longtime Berkshire shareholder Thomas Russo, described the news as a “shock”.

“It will leave a big void for investors who have modelled their thoughts, words and activities around Munger and his insights,” he added.

“Berkshire may be a little less fun without him.”

He continued: “I wouldn’t think Berkshire will look much different, apart from Buffett no longer being able to share ideas with Munger.

Munger’s death comes just one month before his 100th birthday. He would have become a centenarian on January 1 2024.

The press release said that he died peacefully. No cause was given.