Munger was 99, and would have turned 100 on January 1. He died peacefully, Berkshire said. No cause was given.
QUINCY KROSBY, CHIEF GLOBAL STRATEGIST, LPL FINANCIAL IN CHARLOTTE, NC
"There was an honesty about his comments that many who worked on Wall Street would say, 'If only we could say that and get away with it'. He cut right into what everyone was thinking about something that didn't seem quite right. ... Every new idea that we all thought was so brilliant, he would come out and pierce that balloon. And you know, invariably, he was correct, and he didn't embellish his comments with jargon. He went right to it, and that was his brilliance."
RICK MECKLER, PARTNER, CHERRY LANE INVESTMENTS, NEW VERNON, NEW JERSEY
"He was certainly one of the greatest investors, as a team with Buffett. I'm sure it is an enormous loss for Buffett personally."
"The most amazing thing about him was how cogent he remained and how his views still rang true for so many investors even at a very advanced age. He obviously was still at or near the top of his game right up until almost the end."
DOUG KASS, FOUNDER AND PRESIDENT, SEABREEZE PARTNERS MANAGEMENT LP
"Being the credentialed bear and sitting next to Charlie and Warren (Buffett) at Berkshire's 2013 annual meeting was the highlight of my investment career. A legend and voice of reason - anti-meme, practical and witty."
THOMAS RUSSO, PARTNER, GARDNER RUSSO & QUINN, LONGTIME BERKSHIRE SHAREHOLDER, LANCASTER, PENNSYLVANIA,
"It's a shock. It will leave a big void for investors who have modeled their thoughts, words and activities around Munger and his insights. He gave so much advice over how to live life, as well as how to manage assets and investments."
"He was an extraordinary partner and sounding board for Buffett. There will be a lot of impact on Buffett. I expect him to feel this loss very deeply."
"I wouldn't think Berkshire will look much different, apart from Buffett no longer being able to share ideas with Munger. Berkshire may be a little less fun without him."
CATHERINE SEIFERT, VICE-PRESIDENT, CFRA RESEARCH, NEW YORK
"Berkshire Hathaway shareholders are not going to be directly or negatively impacted from the passing of Charlie Munger. His impact has been felt positively. Shareholders have benefited from his years of collective and very candid counsel that he's provided Berkshire Hathaway and, more specifically, Warren Buffett, but at this juncture, I do not expect any material adverse effect to the company or to the shares as a result of his passing."
"He's one person at a large corporation that has a systems of checks and balances in place. He was a vice chairman of the company. There was already a transition plan in place and there's a transition plan in place when Warren Buffett passes away. So while this transition plan may be tested, it's you know, this is not going to be again the company has benefited from his wisdom."
ANTHONY SAGLIMBENE, CHIEF MARKET STRATEGIST, AMERIPRISE, TROY, MICHIGAN
"Munger was a gifted investor who had a knack for providing a measured and rational perspective when the market at times seemed irrational."
THOMAS HAYES, CHAIRMAN, GREAT HILL CAPITAL, NEW YORK
"I think what may be most underestimated about Charlie was his willingness to generously share his intellect and thought processes. That positively impacted so many people around the world. It certainly had an immense impact on how I think about investing. I think the big change that Charlie brought to the value investing community was not just looking for what was cheap but looking for what was out of favor but high quality - which means buying businesses that were still compounding capital not just that you could buy at a discount to liquidation value. That was an immense contribution.
"He was a wealthy guy and he didn't have to share it. He didn't have to spend time speaking publicly. He gained nothing by doing so yet he was unrelenting generous with his time, intellect, philosophy and secrets."
(Compiled by the Global Finance & Markets team)