Charlie Munger: How the investment legend has battled time in recent years

A few days before Charlie Munger’s passing, he asked his loved ones to leave his hospital room near Monrovia so he could hear the voice of his faithful partner Warren Buffett one last time. The two giants of finance spoke on the phone, as they had done for seven decades of collaboration, but this time they were saying goodbye. According to family members, due to hearing issues on both sides, they shouted so loudly that they could be heard throughout the neighborhood, turning a private conversation into a spectacle worthy of their legendary partnership.

Charlie Munger’s life in the last decade was full of paradoxes. Someone who could afford a luxurious house overlooking the Pacific in Monrovia chose an old house without air conditioning in Los Angeles. The reason was simple: he was closer to the people who inspired him and to projects that ignited his imagination even at an age when most seek peace.

When experience defies intuition: betting on coal

The most shocking move by an investor who avoided the coal industry for 60 years was his trading in 2023. According to a special investigation by The Wall Street Journal, while the market unanimously believed in the decline of coal energy, Charlie Munger saw a different reality.

He analyzed the situation and concluded: increasing global energy needs mean coal will remain part of the energy mix, producers stay profitable, and their stocks are grossly undervalued by the market. His stepson Hal Bortvik recalled: “He read an article about the doom of the coal industry and simply said, ‘That’s complete nonsense.’”

In May of that year, Munger took a significant position in Consol Energy, then added shares of Alpha Metallurgical Resources, a coking coal producer. By the time of his death, the value of these holdings had doubled, with a paper profit exceeding $50 million — demonstrating how, even at 99, correct thinking can beat market consensus.

Intergenerational friendship as an investment in the future

But Charlie Munger’s most unusual portfolio was not stocks, but people. In 2005, 17-year-old neighbor Avi Mayer knocked on his door seeking mentorship. The teenager was lost, unsure of himself, and didn’t know where his life was headed. Instead of preaching morals, Munger simply listened, observed, and offered humble advice.

When Mayer and his childhood friend Ruvin Gradon decided to get into real estate, Charlie Munger, observing their first steps, didn’t leave them in trouble. He invested in their company Afton Properties and, from 2017, began jointly buying apartment buildings in Southern California.

No one can say Munger was a passive investor. He was involved in everything—from choosing locations and assessing buildings to the color of paint on facades. He personally decided to spend hundreds of thousands of dollars on landscaping, transforming ordinary residential complexes into attractive communities. On his advice, the company took out long-term fixed-rate loans and adopted a strategy of long-term asset retention.

The results speak for themselves: Afton Properties’ portfolio grew to about $3 billion. Just days after Munger’s death, a deal was completed to acquire property across from a Costco store — a testament to how his influence on business processes remained decisive until the very end.

Facing old age: humor as a weapon

Aging also brought hardships. A failed eye surgery in 1978 left him blind in his left eye. Around 2014, serious problems arose with his right eye — the optic nerve failed, and doctors warned of possible complete blindness. Charlie Lee Lu recalls that Munger faced the threat of blindness with remarkable calm and was even willing to learn Braille.

Fortunately, his vision in the right eye improved over time, but mobility steadily declined. Golf and other activities were left behind, replaced by a cane. Yet his spirit remained unbroken.

“Oh, if only I could be 86 again!” he joked with guests, demonstrating an incredible sense of humor. He attributed his long life to Diet Coke and good relationships. When family tried to persuade him to adopt a healthier diet, he would smile and refuse, happily eating Costco hot dogs, In-N-Out burgers, and Korean fried chicken.

Munger’s greatest fear was not physical — it was loneliness and uselessness. That’s why every Tuesday he met for breakfast at the Los Angeles Country Club with a circle of businessmen, sharing investment wisdom and life reflections. “At my age, you either make new friends or stay alone,” he told those around him. These meetings became his anchor in the turbulent ocean of aging.

A legend until the last day: resilience as philosophy

Although in recent years Charlie Munger was less active in Berkshire Hathaway’s daily affairs, his bond with Buffett remained sacred. They spoke weekly or biweekly, but the distance between Los Angeles and Omaha, along with hearing issues, made communication difficult. According to Munger’s daughter-in-law Whitney Jackson, their phone calls turned into a humorous spectacle: “They shouted at each other so loudly that conversations meant to be private could be heard for miles.”

The story of his final call symbolizes Charlie Munger’s life — even facing the end, he thought not of himself but of the people he valued. After asking his family to leave the room, he made sure his last conversation was with the person who had been his partner, confidant, and friend for seven decades.

Charlie Munger lived a life that challenges our notions of aging, success, and meaning. He didn’t just wait for the end — he created, mentored, invested, and loved. At 99, he remained true to himself: curious, courageous, and ready for new challenges. And perhaps that is Charlie Munger’s most genuine contribution to the world — an example of how to meet life while it flows, regardless of what the calendar says.