Warren Buffett's Close Friend Dies at 99... Quotes Spark Attention
"Koreans Work 84 Hours a Week for Over 10 Years"
"Children Study Late at School and Hagwon"
Charlie Munger, vice chairman of Berkshire Hathaway and longtime partner of "investment genius" Warren Buffett, passed away on the 28th (local time) at the age of 99. As tributes to Munger continue, his remarks about Korea are also being revisited.
"Koreans rose from nothing"
The 2017 book Tao of Charlie Munger contains descriptions about Korea. The book, authored by David Clark, reviews Munger’s words and writings and compiles and explains the wisdom he left on investing, business, wealth, and life.
According to the book, Munger said about Korea, "Koreans rose from nothing in the automobile business. They worked 84 hours a week for over 10 years without overtime," adding, "At the same time, every Korean finished elementary school and returned home to be guided by their Tiger Mom, studying with a tutor for four hours in the afternoon and evening."
He continued, "Is it surprising that such people succeed? Only if you are a complete fool." The term Tiger Mom refers to Asian parents who educate their children with strict schedules.
Munger also mentioned Korea in a 2014 interview with the German economic newspaper Handelsblatt. When asked about the biggest investment opportunities, he said, "Asia, primarily Korea and China," adding, "These two countries are like the new Germany to me."
'Buffett’s Partner' Charlie Munger, Berkshire Vice Chairman, Passes Away
'Investment genius' Warren Buffett (left)'s closest aide and lifelong partner, Charlie Munger (right), Vice Chairman of Berkshire Hathaway, passed away on the 28th (local time). [Image source=AP Yonhap News]
Meanwhile, Berkshire Hathaway officially announced that Munger passed away peacefully at a California hospital surrounded by family.
Known as the "Sage of Omaha," Munger worked alongside Warren Buffett, chairman of Berkshire, since 1978. Buffett expressed his condolences in a statement, saying, "Without Munger’s inspiration, wisdom, and involvement, Berkshire would never have achieved its current status."
Munger met Buffett in 1959 and joined Berkshire as vice chairman in 1978 after Buffett acquired a textile mill and established the investment company.
Before joining Berkshire, Munger was already known as a successful investor. He established his own investment partnership in 1962 and achieved an impressive average annual return of 19.8% until 1975. CNBC estimated earlier this year that Munger’s net worth was approximately $2.3 billion (about 3 trillion won).
He sat alongside Buffett on the podium at Berkshire’s annual shareholder meetings every year, sharing Berkshire’s investment approach and his own investment philosophy with investors.
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