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[ad_1] Charlie Munger, long regarded as CEO Warren Buffett's right-hand man at Berkshire Hathaway, has died at age 99.  Munger died Tuesday in a California hospital, Berkshire Hathaway said in a statement posted on its website. Munger, who was Berkshire Hathaway's vice chairman, is credited with helping Buffett build the company into a legendary financial firm known for its canny investments in companies such as Apple and GEICO, leading to spectacular stock gains over the past several decades. "Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom and participation," Buffett said in the statement. Indeed, Buffett's 2022  annual letter  to shareholders calculated that Berkshire Hathaway's shares had gained more than 3,787,000% from 1965 through 2022, compared with a 24,700% gain in the S&P 500 over the same period.  Munger served as a sounding board on investmen

[ad_1] OMAHA: Warren Buffett 's company has reported a nearly $13 billion loss in the third quarter as the paper value of its investments fell, but the companies it owns - particularly the insurers - generally performed well. Berkshire Hathaway said Saturday that it lost $12.8 billion, or $8,824 per Class A share, in the quarter. That's significantly bigger than the $2.8 billion loss, or $1,907 per Class A share, that it reported a year ago. But most of those investment losses are unrealized because Berkshire didn't actually sell most of its stocks with its biggest holding being a massive stake in Apple. Accounting rules require it to include the value of its investments, which it put at $341.1 billion at the end of the quarter, in its earnings. Last quarter, it said its stock portfolio was worth $353 billion. That's why Buffett has long said investors are better served focusing on Berkshire's operating earnings, which exclude the value of its investments t