查理芒格最后的岁月：99岁仍在大胆投资，扶持年轻邻居打造地产帝国

Core Insights - Charlie Munger's later years were marked by active investment decisions and new challenges, rather than a quiet retirement [1] - Munger made significant investments in the coal industry, a sector he had avoided for 60 years, resulting in over $50 million in paper gains [2] - He also collaborated with a young neighbor to build a real estate empire valued at approximately $3 billion [3][4] Investment in Coal Industry - Munger's unexpected investment in coal stocks came in 2023, contrary to the prevailing market sentiment that was bearish on the sector due to declining coal usage [2] - He purchased shares of Consol Energy and Alpha Metallurgical Resources, both of which saw substantial price increases, leading to significant returns [2] Real Estate Ventures - Munger's involvement in real estate began with mentoring a young neighbor, Avi Mayer, leading to a partnership in Afton Properties [3] - The company acquired nearly 10,000 low-rise apartments in Southern California, with Munger actively participating in various operational decisions [3][4] - Afton Properties' assets are currently valued at around $3 billion, showcasing the success of their investment strategy [4] Health Challenges and Social Engagement - Munger faced significant health challenges in his later years, including vision problems, but maintained a positive outlook and humor [6] - He countered feelings of loneliness by engaging in regular social gatherings and maintaining friendships, particularly with Warren Buffett [6][7] Final Days and Legacy - Munger's communication with Buffett remained strong until his final days, highlighting the enduring nature of their partnership [7] - He made a final phone call to Buffett shortly before his passing, marking the end of a legendary collaboration [7]