At 99 years old, Charlie Munger demonstrated the power of investment genius

Autumn of life could have been a time of peace, but for the famous investor, it became a period of the boldest decisions. Charlie Munger, Vice Chairman of Berkshire Hathaway, spent his last years as few would dare at his age: forming new business partnerships, entering industries he had always avoided, and actively shaping a legacy that would outlive him. Days before his passing in the hospital, he asked loved ones to step aside so he could hear Buffett’s voice one last time — the final farewell between two legendary architects of the financial world.

Why Charlie Munger Suddenly Invested in the Coal Industry

For an investor who had ignored the coal sector for six decades, Munger’s 2023 decision was a real surprise to analysts. According to The Wall Street Journal, while most market players saw only decline and degradation due to falling demand, Charlie Munger saw a completely different growth logic.

His stance was paradoxical: amid rising global energy needs, coal would remain a necessary resource. Producers stayed profitable, and their stock prices were significantly undervalued by the market. “He read an article declaring the coal industry doomed,” recalls Hal Bortvik, his stepson. “His response was straightforward: ‘Nonsense.’”

In May of that year, Charlie Munger bought a substantial stake in Consol Energy, later adding a share in Alpha Metallurgical Resources, which mines coking coal. By the time of his death, the first asset doubled in value, and the second also showed significant growth. The total unrealized profit exceeded $50 million. This was not speculation but a strategic choice by someone unafraid to go against the crowd.

How Charlie Munger Helped a Young Neighbor Build an Empire

But the most characteristic investment was the friendship across generations. In 2005, 17-year-old neighbor Avi Mayer knocked on Charlie Munger’s door. The boy faced academic difficulties and doubted his future. Munger became his listener and mentor, convincing him to skip college in favor of practical learning through observation and activity.

When Mayer and his childhood friend Reuven Gradon later turned their attention to real estate, Munger didn’t just support the idea — he became an active partner. Starting in 2017, the trio bought apartment complexes in Southern California, accumulating a portfolio of about 10,000 units. His involvement was comprehensive: from choosing locations and assessing construction quality to selecting color schemes and landscaping.

Following his advice, Afton Properties entered long-term loan agreements at favorable rates and held onto the assets, avoiding speculative schemes. The strategy proved flawless: the current value of the portfolio exceeded $3 billion. Remarkably, Charlie Munger continued making business decisions until the last weeks of his life — a major real estate deal near a Costco branch was closed just days after his death, based on instructions he had given earlier.

Fighting Time: Health, Loneliness, and Perseverance

The last decade brought serious challenges. A failed cataract surgery in 1978 left his left eye completely blind. Around 2014, issues also affected his right eye: optic nerve problems threatened total blindness. According to his friend Lee Lu, Munger faced this prospect with rare calmness, even preparing to learn Braille. Fortunately, his right eye gradually recovered.

Mobility declined — he gave up golf, started walking with a cane. But his spirit remained unbroken. He joked about his longevity, attributing it to Diet Coke, and once told a guest, “Oh, if only I were 86!” When it came to food, his family had long capitulated to his preferences for Costco hot dogs and In-N-Out burgers.

Charlie Munger was aware of the danger of social isolation in old age. Every Tuesday, he had breakfast at the Los Angeles Country Club, surrounded by like-minded people and younger businessmen, generously sharing investment ideas and life philosophies. “At my age,” he told friends, “you either find new allies or end up completely alone.” Regular socializing became his antidote to alienation.

The Last Contact: How Charlie Munger Said Goodbye to Buffett

Although in recent years Charlie Munger participated less in Berkshire Hathaway’s current operations, his bond with Warren Buffett remained unbreakable. They communicated every seven to fourteen days, but the geographic distance (Los Angeles versus Omaha) and worsening hearing made communication difficult. According to Buffett’s widow, Whitney Jackson, their conversations sounded almost comical: “They shouted into the phone. Whatever was supposed to stay confidential, everyone within a mile heard it.”

When Charlie Munger was taken to a clinic near Montecito, he knew his time was limited. He asked his family to leave the room and dialed his old friend’s number. They didn’t talk business — just heard each other’s voices one last time. It marked the end of a partnership spanning over seventy years, culminating in a quiet hospital room where two billion-dollar architects simply said to each other: “Goodbye.”