Charlie Munger Made Over $50 Million Betting On Coal At 99—After Avoiding It For 60 Years and Calling The Panic 'Horse Feathers'

Core Insights - Charlie Munger, vice chairman of Berkshire Hathaway, made a surprising investment in coal in 2023, resulting in over $50 million in paper gains [1][4]. Investment Strategy - Munger had avoided coal for six decades but decided to invest in Consol Energy and Alpha Metallurgical Resources, believing that many coal producers were undervalued, particularly those producing metallurgical coal essential for steelmaking [3][4]. - His investment in Consol Energy saw its stock double, while Alpha Metallurgical Resources also experienced significant gains by the time of Munger's death in late November 2023 [4]. Personal Context - Munger continued to engage in investment discussions with Warren Buffett, maintaining an active role despite not being involved in day-to-day operations at Berkshire Hathaway [5].