Vice Chairman of Berkshire Hathaway, Charlie Munger, passed away at the age of 99.

BlockBeats reported on November 29th that Charlie Munger, long-time partner of Warren Buffett and Vice Chairman of Berkshire Hathaway (BRKa.N), passed away peacefully at a hospital in California on Tuesday morning at the age of 99. Berkshire Hathaway stated that Munger would have turned 100 on January 1st of next year. Buffett, the 93-year-old Chairman and CEO of Berkshire Hathaway, said in a statement, "Without Charlie's inspiration, wisdom, and participation, Berkshire Hathaway would not have reached the size it has today." Since 1978, Munger had served as Vice Chairman of Berkshire Hathaway, working closely with Buffett to manage the conglomerate's capital in Omaha, Nebraska, and quickly offering corrections when Buffett made mistakes. The investment community expects Munger's passing to have a profound impact on Buffett himself and the entire investment industry. He is considered one of the greatest investors to have worked with Buffett. Munger was known for steering Buffett away from so-called "cigar butt" companies - mediocre companies purchased at very low prices - and instead focusing on quality over quantity. Investors say Munger's passing is unlikely to have a significant impact on the operation of Berkshire Hathaway. The company's other two Vice Chairmen, Greg Abel and Ajit Jain, are responsible for overseeing Berkshire's non-insurance and insurance businesses, respectively. Once Buffett steps down, Abel is expected to become CEO. Berkshire's businesses include the Burlington Northern Santa Fe Railroad, auto insurer Geico, and a range of energy, industrial, and retail operations, as well as well-known consumer brands such as Dairy Queen, Duracell, Fruit of the Loom, and See's Candies. The company also holds billions of dollars in stocks, led by Apple (AAPL.O). Munger's passing will change Berkshire's annual weekend event, where he and Buffett would answer shareholder questions on stage for hours. Munger was known for his concise, frank, and honest comments, and differed from Buffett in that he spoke his mind and didn't care what others thought. Munger's death comes as Buffett recently donated about $866 million in Berkshire stock to four family charities. The news is significant as it indicates that Buffett has realized his time is limited and he is approaching the end of his legendary investment career. Buffett has once again pledged that more than 99% of his wealth will be donated to charity and said that Berkshire is a "perennial" company that will remain in good hands even without him. Although diagnosed with prostate cancer in 2012, he has never publicly stated plans to retire. Buffett said in last week's letter, "As a 93-year-old, I feel terrific, but I am fully aware that I am playing in extra innings."