American billionaire and Berkshire Hathaway vice chairman Charlie Munger has died aged 99. According to a statement released by the conglomerate, he passed peacefully at a hospital in California (28 November).
In the same statement, CEO Warren Buffett commented: "Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation."
Munger was the owner of the 25.9-metre Channel Cat, which he built alongside Captain King Williams in the late 90s. The two met by chance in Stearns Wharf, Santa Barbara and became "unlikely all[ies]", as the story is told in Janet Lowe's biography on the billionaire. The three-year project sprang from a conversation between the pair: "Charlie once asked me, 'King, if you could do anything in the world, what would it be?' I said I'd build the biggest catamaran I could and sail off across that ocean and you'd never see me again."
Williams succeeded: Channel Cat was, however briefly, the world's largest catamaran upon her delivery in early 1999. She then embarked on her maiden voyage – 7,300 miles in the middle of hurricane season – before landing safely at Santa Barbara Harbor, where she still lies available for charter. While Munger never admitted how much Channel Cat cost, total expenditures were estimated at $6 million.
Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He was also chairman of the Daily Journal Corporation, based in Los Angeles, California and a director of Costco Wholesale Corporation. He is survived by his six children.