Investing.com -- Berkshire Hathaway Vice Chairman Charlie Munger passes away at 99, leaving behind a legacy burnished by a brilliant business career and a fruitful partnership with investment icon Warren Buffett. Elsewhere on Wednesday, U.S. futures push higher after stocks rose in the prior session following dovish comments from a top Federal Reserve official.
1. Charlie Munger dies at 99
Charlie Munger, a superlative investor and billionaire vice chairman of Berkshire Hathaway (NYSE:BRKa), died on Tuesday at a California hospital. He was 99.
Known as the right-hand man of Berkshire's head Warren Buffett, Munger often sparred with him over investment strategies. Munger's tactic of snapping up stakes in solid companies with strong potential future cash flows contrasted with Buffett's plan to buy up mediocre firms cheaply.
Buffett has written that he was eventually persuaded by Munger to ditch what he called «cigar-butt» bets. Buffett called himself a «slow learner.» Together, the men worked to turn Berkshire from a rundown textile manufacturer into an investment empire worth almost $800 billion.
But Munger, a lawyer by training, was also a stellar investor in his own right. Prior to joining Berkshire's board, Munger founded a separate partnership in 1962 that posted average annual gains of just over 24% — far outpacing returns from the S&P 500.
2. U.S. futures edge higher
U.S. stock futures ticked into the green on Wednesday after dovish comments from Federal Reserve Governor Christopher Waller fueled a rise in equities on Wall Street in the prior session.
By 04:57 ET (09:57 GMT), the Dow futures contract had gained 97 points or 0.3%, S&P 500 futures had added 14 points or 0.3%, and Nasdaq 100 futures inched higher byRead more on investing.com