Charlie Munger, an investment genius who eventually became Warren Buffett’s right-hand man at Berkshire Hataway, the multinational conglomerate holding company headquartered in Omaha, Nebraska, died peacefully at age 99 Tuesday at California hospital.

Munger, who in 1978 rose to the position of vice chairman at the investment giant, would have turned 100 on New Year’s Day.

He had already made a fortune in investing and insurance before he joined up with Buffett, who credited him with changing his investment strategy from focusing on troubled companies to targeting higher-quality but underpriced businesses.

Buffett credited his longtime partner in a statement: “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation.” 

His outlook was not complicated but it was very effective:

Charlie Munger’s formula for success is simple and perfect:

- Spend less than you earn
- Invest prudently
- Avoid toxic people and toxic activities
- Defer gratification
- Never stop learning pic.twitter.com/8IiJNngsdg

— John LeFevre (@JohnLeFevre) November 28, 2023

Munger was something of a renaissance man and had other interests outside Berkshire Hathaway: he was also a real estate attorney, chairman and publisher of the Daily Journal Corp., a member of the Costco board, a philanthropist, and an architect.

His net worth was estimated at $2.3 billion, which is a tidy sum but nowhere near the size of Buffett's $100 billion fortune.

Despite his investment success and acumen, Munger was also known for his acerbic wit and probably could have headlined a comedy show. Here are some of his top quips:

Some of the best of Charlie Munger:

“Every time you hear EBITDA, just substitute it with bullshit”. Absolute legend. 🐐pic.twitter.com/yA0FmJExZH

— Geiger Capital (@Geiger_Capital) November 28, 2023

My favorite from that clip? "Warren, if people weren't often so wrong, we wouldn't be so rich." 

This is pretty good too: “Everybody wants fiscal virtue, but not quite yet. They’re like that guy who felt that way about sex, he was willing to give it up—but not quite yet.” 

Munger and Buffett were extremely close, and Munger was not afraid to tell his boss when he was wrong. 

Munger was known for steering Buffett away from purchasing what Buffett called “cigar butts” — mediocre companies at very cheap prices — and instead favoring quality over quantity.

“Charlie felt that buying very good businesses at fair prices that could keep compounding and reinvesting cash flow into continued growth was more consistent with how he and Warren were philosophically and liked to invest,” said Paul Lountzis, president of Lountzis Asset Management in Wyomissing, Pennsylvania. “They liked to own businesses forever.”

His passing will be felt in the investing community:

“It’s a shock,” said Thomas Russo, a partner at Gardner Russo & Quinn in Lancaster, Pennsylvania, and longtime Berkshire shareholder. “It will leave a big void for investors who have modeled their thoughts, words and activities around Munger and his insights.”

Rick Meckler, a partner at Cherry Lane Investments in New Jersey, said, “He was certainly one of the greatest investors, as a team with Buffet. I’m sure it is an enormous loss for Buffett personally.”

In a 2019 interview with CNBC, Munger taught us how to lead a happy life:

You don’t have a lot of envy, you don’t have a lot of resentment, you don’t overspend your income, you stay cheerful in spite of your troubles. You deal with reliable people and you do what you’re supposed to do. And all these simple rules work so well to make your life better. And they’re so trite.

And staying cheerful ... because it’s a wise thing to do. Is that so hard? And can you be cheerful when you’re absolutely mired in deep hatred and resentment? Of course you can’t. So why would you take it on?

He sounds like the kind of man who would have been a blast to have at the Thanksgiving table. RIP.