Sou Hu Cai Jing·2025-11-28 05:04Core Insights - Charlie Munger's later years were marked by active investment decisions and new challenges rather than a quiet retirement [2][3] Investment Strategies - Munger made a significant investment in the coal industry, an area he had avoided for 60 years, resulting in over $50 million in paper gains [3][5] - He purchased shares in Consol Energy and Alpha Metallurgical Resources, both of which saw substantial stock price increases, with Consol's price doubling by the time of his passing [6][5] Real Estate Ventures - Munger collaborated with a young neighbor, Avi Mayer, to invest in real estate, leading to the establishment of Afton Properties, which now holds assets valued at approximately $3 billion [7][9] - The trio acquired nearly 10,000 low-rise apartments in Southern California, with Munger actively involved in various operational aspects [7][9] Personal Challenges and Social Engagement - Munger faced health challenges, including vision problems, but maintained a humorous outlook and engaged in social activities to combat loneliness [10] - He emphasized the importance of forming new friendships in his later years, participating in weekly breakfast meetings with business associates [10] Relationship with Warren Buffett - Munger maintained a close friendship and collaboration with Warren Buffett, communicating regularly despite challenges due to hearing issues [11][12] - Their final conversation occurred shortly before Munger's passing, highlighting the enduring bond between the two investment legends [12]