Charlie Munger’s Final Years: Still Investing Boldly at 99, Supporting a Young Neighbor to Build a Real Estate Empire

Charlie Munger’s final chapter of life was not a tranquil retirement by the seaside, but a vibrant period of contrarian investment and new challenges. Until the very end, this investment titan remained actively making investment decisions, forging new friendships, and calmly facing health challenges. According to a recent profile by The Wall Street Journal, in his later years, Munger abandoned his ocean-view mansion in Montecito, California, opting to stay in his old Los Angeles home—which didn’t even have air conditioning—simply because it was closer to the people he admired and the projects that excited him. In his last year of life, Munger made a bold bet on the coal industry—a sector he had avoided for 60 years—and earned more than $50 million in paper profits. He also partnered with a young neighbor to deeply engage in real estate investments, building an apartment empire worth about $3 billion. Meanwhile, the legendary vice chairman of Berkshire Hathaway also faced health challenges, such as declining eyesight, but he handled these with composure and humor, combating the loneliness of aging through regular breakfasts and gatherings with friends. Through recollections from his family and friends, the report pieces together a little-known side of Munger, who, even in his final moments, maintained a sharp mind, strong business acumen, and an eagerness to learn. Contrarian Bet on Coal Stocks Delivers Rich Returns For an investor who had avoided the coal industry for 60 years, Munger’s actions in 2023 surprised the market. According to The Wall Street Journal, many investors at the time were bearish on the industry due to the long-term decline in coal usage, but Munger saw a different logic. He believed that, with growing global energy demand, coal would still be necessary, that many producers remained profitable, and their stock prices were quite cheap. “He read an article claiming the coal industry was finished,” his stepson Hal Borthwick recalled, “He said, ‘Nonsense.’” So, in May 2023, Munger purchased shares in coal producer Consol Energy, and later that year, bought shares of metallurgical coal producer Alpha Metallurgical Resources. By the time of his death, Consol’s stock price had doubled and Alpha’s had also surged, with these two investments netting him over $50 million in paper profits. A Friendship Across Generations and a Real Estate Empire Another extraordinary investment in Munger's later years began with a friendship across generations. In 2005, 17-year-old neighbor Avi Mayer knocked on Munger’s door. Mayer was struggling academically and uncertain about his future. Munger became his listener and mentor, encouraging him to forgo college and instead enter “Munger University”—learning through observation and practice. A few years later, when Mayer teamed up with childhood friend Reuven Gradon for real estate ventures, Munger observed their early operations and decided to support their company, Afton Properties. Starting around 2017, the trio acquired nearly 10,000 low-rise apartments in Southern California. Munger was deeply involved in every aspect of the business, from site selection and building assessments to paint colors, even personally deciding to spend hundreds of thousands of dollars planting new trees to improve landscaping. On Munger’s advice, the company opted for long-term loans to lock in favorable interest rates and hold assets over the long term. This strategy paid off handsomely. Citing informed sources, The Wall Street Journal reported that Afton Properties’ current assets are valued at about $3 billion. Right up until his final days, Munger remained involved in decision-making; a property acquisition across from a Costco store was only finalized days after his passing. Facing Aging with Calm and Humor In his last decade, Munger began facing health challenges. The Wall Street Journal reported that a botched cataract surgery in 1978 left him blind in his left eye, and around 2014, he developed issues with the optic nerve in his right eye, at one point facing possible total blindness. According to his friend Li Lu, Munger handled this with serenity, even preparing to learn Braille. Fortunately, his right eye’s vision slowly improved. With increasing physical limitations, he gave up hobbies like golf and needed a cane to walk. Yet he always countered aging’s troubles with humor. He joked that the secret to his longevity was Diet Coke, and once quipped to a visitor, “Oh, if only I could be 86 again.” Eventually, his family gave up imposing a strict diet, and he enjoyed takeout foods like Costco hot dogs, In-N-Out burgers, and Korean fried chicken. Munger worried about loneliness and feeling insignificant, so he chose to enrich his life through closer social connections. Every Tuesday, he had breakfast at the Los Angeles Country Club with a group of businesspeople, sharing investment insights and life philosophy. He once told friends, “At my age, you either make new friends or end up with none at all.” A Final Farewell with Buffett Though Munger’s involvement in Berkshire Hathaway’s daily affairs decreased over the last decade, his friendship and partnership with Buffett continued unabated. The two spoke by phone weekly or biweekly. Since Munger lived in Los Angeles, Buffett in Omaha, and both had hearing problems, communication was increasingly challenging. According to Munger’s granddaughter-in-law Whitney Jackson: “They would shout into the phone. The conversation might have been intended as confidential, but anyone within a mile could hear it.” The Wall Street Journal reports that a few days before his death, Munger was taken to a hospital near Montecito. He asked his family to leave the room so he could call Buffett one last time—the two legendary partners said their final farewell. Risk Warning and Disclaimer Markets have risks; investments require caution. This article does not constitute personal investment advice, nor does it consider the specific investment goals, financial situation, or needs of individual users. Users should consider whether the opinions, views, or conclusions in this article suit their particular circumstances. Investing based on this is at your own risk.