Charlie Munger and the Art of Standing Beside Greatness

Since yesterday, my business news alert app has been inundated with news that the legendary investor Warren Buffet was retiring from the company that brought him immense wealth at the end of the year. It’s deserved praise. His is a story of sticking to one’s conviction and going right when everyone was going left. He merits all the accolades he’s getting.

For me though, on this occasion, when the discussion is about the legacy at Berkshire Hathaway, I think it’s a fantastic opportunity to remember Charlie Munger. I am sure Buffet would not mind.

You see, in a world obsessed with being number one, with titles such as founder, CEO, and top dog, there’s something almost countercultural about choosing to be number two. Yet, sometimes, history is shaped not just by the person in the spotlight, but by the one standing just behind them. Such is the legacy of Charlie Munger, the man Warren Buffett called “the architect” of Berkshire Hathaway and whose influence may very well be one of the greatest investment stories never fully told.

When Munger passed away on November 28, 2023, at the age of 99, tributes poured in, not just for a brilliant mind, but for a partnership that defined one of the most successful companies in American history. At the 2024 Berkshire Hathaway annual meeting, Buffett, six years younger and preparing for his own retirement, reminded the world how deeply he valued his longtime friend and business partner: “I would rather have a partner like Charlie than $100 billion.”

Buffett met Munger in 1959 through mutual acquaintances. Munger was a lawyer turned investor with a sharply logical mind and a moral compass that rivaled Buffett’s own. Though Buffett was already making waves as a promising young investor under the tutelage of Benjamin Graham, Munger challenged his worldview.

Graham’s philosophy of “buying dollar bills for 50 cents” had served Buffett well, but it was Munger who urged him to look beyond undervalued scraps. Instead, Munger encouraged investing in “wonderful businesses at fair prices,” not just cheap ones with problems. That shift, from cigar-butt investing to owning high-quality companies with long-term advantages, was revolutionary for their business. And it became the bedrock of Berkshire Hathaway’s modern strategy.

Munger never sought the limelight. While Buffett appeared on magazine covers and spoke at shareholder meetings, Munger preferred concise, devastating one-liners and the occasional speech packed with timeless wisdom. He wasn’t a sidekick—he was a co-pilot.

As Vice Chairman of Berkshire, he played a pivotal role in shaping investments in companies like American Express, Coca-Cola, and especially Apple. He wasn’t the one shaking hands at press conferences, but he was in the room when it mattered. And Buffett was the first to say it: “Charlie and I think alike… I never have a phone call with Charlie without learning something.”

Munger’s greatest value wasn’t blind loyalty, it was principled opposition. He didn’t flatter Buffett. He questioned him, poked holes in logic, and kept the Berkshire philosophy grounded in reality and ethics. Munger brought a multidisciplinary approach to investing, combining economics, psychology, history, and law in ways that turned the idea of financial analysis on its head.

And it wasn’t just about money. Munger helped craft the culture of Berkshire Hathaway. It is one of patience, integrity, and long-term thinking in a world driven by quarterly results. He wasn’t just an investor. He was a teacher and philosopher.

There’s a lesson here for all of us, not just in business, but in life. In an age when everyone wants to be the founder, the star, the icon, we overlook the extraordinary power of support. Munger could have been Buffett. He could have insisted on running his own empire. But instead, he chose to build one with someone else.

That choice didn’t diminish him. It elevated him.

In sports, we celebrate dynamic duos like Xav and Iniesta, Jordan and Pippen, Serena and Venus, and even the Messi-Suarez-Neymar trio. But in business, we tend to over-celebrate the CEO and forget the thinker beside them. Munger was a rare example of the right-hand man whose loyalty and intellect made him indispensable.

As Buffett prepares to pass the baton to Greg Abel at the end of 2025, the story of Berkshire Hathaway will inevitably turn to its future. But its soul was forged by a partnership that spanned over six decades.

I have experienced such partnerships in my little way, and there is nothing quite like it. As I mentioned in my last webinar, there is little appetite for partnerships and collaboration in our world as everyone wants to hug the limelight, yet “one will chase a thousand, and two will put ten thousand to flight”.

Charlie Munger didn’t need the title of CEO to be one of the most important people in business history. He just needed someone who got him, and whom he got in return.

Because sometimes, the right partner is worth more than $100 billion.