The financial community is reflecting on the life and legacy of Charlie Munger, who passed away at the age of 99. As the Vice Chairman of Berkshire Hathaway and Warren Buffett's long-time collaborator, Munger's influence in the world of investing has been profound. His passing on Tuesday (November 28) night in California marks the end of an era in global finance.

Ramesh Damani, veteran investor and member of BSE, spoke about Munger's lasting impact, noting that his insights into investing, corporate governance, and personal conduct will continue to resonate for generations. “Charlie Munger’s influence, despite his 100 years of a ripe life, will extend for the next 100 years and beyond," said Damani.

Berkshire Hathaway confirmed Munger's peaceful passing in a California hospital. Warren Buffett, CEO of Berkshire Hathaway, shared his deep respect for Munger, stating that the company's success was significantly shaped by Munger's wisdom and involvement.

Damani highlighted Munger's investment philosophy, particularly his approach to buying great businesses at fair prices. This strategy, Damani noted, has influenced not only his own investment decisions but also those of many investors in India.

Reflecting on Munger's investment choices, Damani mentioned Coca-Cola and Costco, with the latter being highly regarded by Munger and Buffett as a major force in American retail and one of the best globally.

Damani also shared insights from Munger and Buffett about the importance of long-term investments. “What I learnt from Warren Buffett and Charlie Munger is the power of holding a business for a long time,” he remarked, emphasising this key aspect of their investment philosophy.

Damani believes Charlie Munger's legacy continues through his impactful teachings and will continue to shape the investment world for many years to come.

"The best thing is that he's actually guru to Warren Buffett himself. So he's more like Krishna – Krishna and Arjun jodi, where I think action is done by Warren Buffett, and he amassed almost half a trillion dollar but I know the journey where Charlie contributed a lot to what he is today," Raamdeo Agrawal, Group Chairman & Co-Founder, Motilal Oswal Financial Services told CNBC-TV18.

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(Edited by : Shweta Mungre)