Charlie Munger (right) and Warren Buffett.Scott Morgan/Reuters
Charlie Munger built a $300 million stock portfolio from scratch at a small newspaper publisher.
Daily Journal Corporation warned the investor’s death will likely weigh on its future returns.
Warren Buffett’s business partner had racked up $138 million in paper profits as of September.
Charlie Munger quietly built a $300 million stock portfolio at a little newspaper publisher, which warned its shareholders this week not to expect the same stellar returns following the legendary investor’s death in November.
“Although the Board will work to ensure that the portfolio remains well-managed, it’s impossible to ever replace Mr. Munger,” the Daily Journal Corporation said in its latest annual report. “Given the loss of Mr. Munger, the Company does not expect the future financial performance of its marketable securities portfolio to rival its past performance.”
Munger, best known as Warren Buffett’s right-hand man and the vice…
2023-12-29 14:08:06
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