In the year before his passing, Charlie Munger, Warren Buffett's longtime partner, made surprising investments—including a $50 million profit from an industry he had avoided for six decades—while also ramping up his real estate ventures.

Munger, who graduated from Harvard Law School and co-founded the Los Angeles-based law firm Munger, Tolles & Olson, left his legal career in 1962 to focus on investing. By 1978, he joined Berkshire Hathaway, becoming Buffett’s trusted advisor. He famously urged Buffett to shift from bargain-hunting to investing in high-quality companies. "In business decisions, Charlie and I are interchangeable," Buffett once remarked in 1982.

In his final decade, Munger reduced his formal ties to Berkshire but maintained biweekly calls with Buffett. Their conversations, often loud due to mutual hearing difficulties, were described by his granddaughter-in-law Whitney Jackson as "audible from a mile away—maybe for secrecy, but everyone heard."

**Betting on an Unlikely Industry** For decades, Munger avoided coal stocks. But in 2023, he saw opportunity where others saw decline. Despite coal’s waning demand, he argued that global energy needs would sustain the industry. "He read an article predicting coal’s demise and called it 'nonsense,'" recalled his stepson Hal Borthwick.

That May, Munger invested in Consol Energy and later Alpha Metallurgical Resources. By his passing, Consol’s stock had doubled, and Alpha surged, yielding over $50 million in unrealized gains. "It was a big bet—and a hugely successful one," Borthwick noted.

**A Real Estate Venture with a Young Protégé** In 2005, 17-year-old neighbor Avi Mayer, struggling with ADHD and uncertain about his future, sought Munger’s guidance. Impressed by Mayer’s intellect, Munger mentored him outside traditional education, dubbing it "Munger University."

Years later, when Mayer and his childhood friend Reuven Gradon launched Afton Properties, Munger backed them. Together, they amassed nearly 10,000 garden-style apartments in Southern California, becoming one of the state’s largest low-rise apartment owners. Munger micromanaged details—from paint colors to landscaping—and advocated long-term financing over short-term debt. Afton’s portfolio now stands at ~$3 billion.

**Final Years: Resilience and Legacy** Health challenges marked Munger’s last decade. After a botched 1978 cataract surgery left him blind in one eye, his right eye’s optic nerve faltered around 2014. Undeterred, he adapted—listening to audiobooks and joking about learning Braille.

Despite mobility issues, he hosted weekly breakfasts at Los Angeles Country Club, debating investments with figures like Uber’s Ron Sugar and ex-Activision CEO Bobby Kotick. "He’d say, ‘Berkshire’s returns are mediocre without its top five investments,’" an attendee shared—a lesson on concentrated bets.

Munger’s wit endured. When a Ford executive joined one breakfast, Munger dissected the automaker’s truck-dominated profits before quipping, "Why bother making cars?"

Food remained a joy. Fridays featured buttered chicken sandwiches (crusts optional), cherry pie, and Costco hot dogs—a nod to his $100 million stake in the retailer. His last meal? An In-N-Out burger and Diet Coke.

Days before his death at 99, Munger called Buffett for a final goodbye. "His mind never stopped working," Borthwick said. "He showed how to age with purpose."