Statement by Treasurer Dale R. Folwell, CPA, on the Passing of Famed Investor Charlie Munger

I am saddened to learn of Charlie Munger’s passing. He has been called an investing genius, business titan, philanthropist, sharp-witted vice-chair of Berkshire Hathaway and Warren Buffett’s right-hand man. In the investment world he was legendary not only for helping Warren Buffett to build a powerful investment conglomerate revered globally, but as an influencer of decisions made by countless others. I first met Charlie and partner Warren Buffett in the early 1990s. Even though Charlie was a billionaire, we shared Southwest Airlines flights from time to time and traded handwritten notes. Charlie and I often spoke about the bigotry of low expectations in our society. He was coached by a former client of mine, the legendary Phil Fisher, also of California. Many individual and institutional investors have benefited from his wisdom, which included penetrating market analyses, living by simple rules and doing what is right. We will continue to stand on his investment shoulders.