Di Yi Cai Jing·2025-11-27 05:04Investment in Coal Industry - Charlie Munger, known for avoiding the coal industry for 60 years, made significant investments in coal companies in 2023, resulting in over $50 million in profits [1][4] - Munger purchased shares in Consol Energy and Alpha Metallurgical Resources, with Consol's stock price doubling by the time of his passing [4][6] - Despite the general perception of a declining coal industry, Munger believed that coal remains essential due to increasing global energy demand [3][4] Real Estate Investments - Munger collaborated with a young neighbor, Avi Mayer, to invest in real estate, leading to the acquisition of nearly 10,000 garden-style apartments in Southern California [5][6] - The real estate company, Afton Properties, is now valued at approximately $3 billion, with Munger actively involved in various aspects of the business until his death [7] - Munger encouraged long-term financing strategies over short-term debt, emphasizing the importance of favorable interest rates and asset retention [6][7] Personal and Professional Legacy - Munger's final years were marked by health challenges, yet he maintained an active engagement in discussions about investments and life principles with friends and colleagues [8][10] - His approach to investing and life provided valuable lessons for investors, showcasing the importance of continuous learning and thoughtful decision-making [11]