Buffett's long-time partner Charlie Munger, vice chairman of Berkshire Hathaway, passed away on Tuesday local time at the age of 99.
Munger was famous for his unabashed advice on life during his lifetime. He said earlier this year that success may depend on who you work with. He advises staying away from harmful people because they can hinder your success.
When talking about harmful people, Munger said, “The most important lesson in life is to kick them out of your life. Be quick.”
Speaking about the path to success at Berkshire Hathaway's annual conference in May of this year, Munger said, “It's very simple. Measure what you get, invest wisely, avoid harmful people and harmful activities, live until old age, and do many things that delay satisfaction. If you do all of these things, you'll almost certainly succeed. If you haven't done that, you're going to need a lot of luck.”
Before Munger made these remarks, Buffett also expressed similar views at the annual meeting. Buffett said people need to recognize that others can manipulate themselves and avoid falling into this kind of behavior.
Buffett said, “I've never seen a kind person die without friends. I also know a lot of wealthy people who didn't have friends when they died.”
Buffett and Munger's friendship is probably the best example. Buffett once said in an interview in 2021 that early in their careers, both of them worked hard to “get involved with people we want to be in a relationship with. If we date bastards, that's our problem, but we don't have to do that.”
Buffett said, “What's really great is that you can do what you want in life and socialize with the people you want to be in a relationship with. Both of us have always been in this spirit.”