The remarkable final chapter of Charlie Munger's life reveals a billionaire investor who remained intellectually curious and financially active until his last days. Rather than retiring quietly, the Berkshire Hathaway vice chairman pursued bold investments, formed unexpected friendships, and confronted aging with remarkable grace.
An Unconventional Final Decade
Despite owning a spectacular ocean-view house in Montecito, California, which locals called "Mungerville," Charlie Munger chose to remain in his longtime Los Angeles home without air conditioning. During heat waves, friends brought electric fans and bags of ice to cool his library, but Munger didn't mind the discomfort. The location provided proximity to stimulating projects and people he enjoyed.
When Munger died two years ago, just weeks before his 100th birthday, he was celebrated as one of America's most beloved businessmen, known for his sharp wit and the crucial role he played alongside Warren Buffett in building Berkshire Hathaway into a trillion-dollar company. However, his active final years remain less known to the public.
Even in his late nineties, Munger maintained an insatiable curiosity about emerging technologies. "Even a week or two before passing away, he was asking questions such as, 'Does Moore's Law apply in the age of AI?'" recalls his friend Jamie Montgomery, referring to whether artificial intelligence would experience exponential growth similar to computational power.
Bold Investment Moves in Final Years
In the year before his death, Munger generated over $50 million from a surprising bet on an industry he had avoided for six decades: coal. While many investors saw a bleak future for coal producers, Munger recognized that many companies remained profitable and traded at inexpensive levels.
"He read an article that said coal was down the chute," recalls Munger's stepson, Hal Borthwick. "He said, 'Horse feathers.'" Munger argued that coal would remain necessary as global energy demand continued growing.
In May 2023, Munger purchased shares of Consol Energy and later invested in Alpha Metallurgical Resources, which produces coal for steel production. By the time of his death, Consol had doubled in value and Alpha had also surged significantly, generating paper gains exceeding $50 million.
Though both stocks have declined since Munger's passing, investor Mohnish Pabrai notes the investments would still be profitable if held today. The moves demonstrated Munger's continued investment acumen and taught valuable lessons about maintaining activity and engagement regardless of age.
Unlikely Friendships and Real Estate Ventures
Munger's final years were also marked by an unexpected friendship that began in 2005 when 17-year-old neighbor Avi Mayer knocked on his door. Mayer, struggling with ADHD and uncertain about his future, presented Munger with a Hebrew volume containing the Five Books of Moses, mistakenly thinking the investor was Jewish.
Their relationship blossomed into a meaningful mentorship. When Mayer considered skipping college, Munger suggested he could instead attend "Munger University"—learning directly from the investment legend. Munger even arranged for kosher food deliveries so they could dine together.
This friendship evolved into a significant business partnership. When Mayer partnered with childhood friend Reuven Gradon to invest in real estate, Munger studied their early moves and eventually backed their company, Afton Properties. Starting around 2017, the trio purchased nearly 10,000 garden apartments in Southern California, becoming one of the state's largest owners of these low-rise apartments.
Munger involved himself in nearly every aspect of their business—selecting neighborhoods, assessing construction, and even choosing paint colors. He had particular interest in landscaping details and insisted on low-density building complexes. His strategy of securing long-term loans rather than short-term debt proved prescient, with Afton's holdings now valued at approximately $3 billion.
Munger remained actively involved until his final days, helping negotiate the purchase of a building in Santa Maria, California, that closed just after his death. The location across from a new Costco supercenter made the transaction especially meaningful to the retail giant's superfan.
Health Challenges and Social Adaptations
During his final decade, Munger faced significant health challenges that he largely kept private. After botched cataract surgery in 1978 left him blind in his left eye, he learned to compensate by installing bright lights throughout his home. Around 2014, he experienced problems with the optic nerve in his right eye, confronting the possibility of complete blindness.
Rather than despairing, Munger adapted pragmatically, asking others to read to him and contemplating learning Braille. "I'll have to learn Braille," he told one friend, though his vision eventually improved enough to make this unnecessary.
Around 2016, Munger's mobility became restricted, ending his ability to play golf—a longtime passion—and forcing him to rely on a walking stick. Having lost his wife in 2010, he feared loneliness and irrelevance, choosing instead to intensify his social engagements.
Each Tuesday, he hosted breakfast meetings at the Los Angeles Country Club with business associates including investors John Hawkins and John Conlin, Uber Chairman Ron Sugar, and later former Activision CEO Bobby Kotick. Amgen CEO Robert Bradway made occasional visits. These gatherings typically began at 7:30 AM and could last for hours, featuring investment discussions, jokes, and philosophical exchanges.
"At my age, you make new friends, or you don't have any friends," Munger told the group, demonstrating his practical approach to aging.
Culinary Passions and Final Days
Food became a special passion in Munger's later years. Each Friday, friends visited his home for potluck lunches featuring chicken sandwiches with butter on soft white bread, sometimes with crusts removed. They brought fruit, salad, cherry pies, vanilla ice cream, and occasionally See's Candy for special treats.
Despite family efforts to maintain a healthy diet, Munger resisted vigorously. "He sipped water like it was poison," recalls Whitney Jackson, the wife of Munger's grandson. Eventually, the family relented and began ordering his favorite takeout meals.
His final delivery included Korean fried chicken, kimchi fried rice, and waffle fries. He maintained fondness for simple pleasures like Costco hot dogs, and one of his last meals in the hospital was an In-N-Out burger with Diet Coke, which he jokingly credited for his longevity.
As Munger approached his 100th birthday celebration planned for January 1, 2024, his health began faltering. When friends inquired about his condition, he responded pragmatically: "There's a lot wrong with me." He expressed comfort with his accomplishments and optimism about Berkshire's future without him and Buffett at the helm.
Late on Thanksgiving evening two years ago, just days before his death, Munger was admitted to a Montecito hospital. He asked family members to leave his room so he could share a final farewell call with Warren Buffett, closing one of business history's most remarkable partnerships.
Munger's final years offer powerful lessons about maintaining intellectual curiosity, forming meaningful connections, and approaching life's final chapter with purpose and equanimity. As his stepson Hal Borthwick observed, "To the day he died, that mind was running. He never stopped learning."
