Charlie Munger, business partner of Warren Buffett, has entrusted a stake of his personal wealth to a Melbourne-based investment company, and endorsed the founder as a “soulmate” of Berkshire Hathaway.
Legendary investor Charlie Munger has entrusted a stake of his personal wealth to a Melbourne-based investment company and endorsed the founder as a “soulmate” of Berkshire Hathaway.in an exclusive interview that the little-known Stonehouse Corporation, run by American-turned-Australian Charles Jennings, was successfully emulating the Berkshire “playbook” to acquire and manage businesses for the long term.
and the close business partner of the world’s most famous investor, Warren Buffett. Mr Munger has an estimated net worth of about $US2 billion, according toBerkshire’s listed market capitalisation is about $US600 billion, and it has total assets of almost $US1 trillion, including companies such as Apple, American Express, Bank of America, Chevron, Coca-Cola, Kraft Heinz and General Motors.
Before being acquired by Stonehouse, the three subsidiaries were typically family-owned businesses contending with business succession and ownership exits.Mr Munger said the audited accounts of Stonehouse’s businesses were “ridiculously good”.“He’s got just three big businesses in 12 years.Charlie Munger and Charles Jennings together at Mr Munger’s home in California in January.Mr Munger said Berkshire and Stonehouse had many similarities in their investment and management approach.
Mr Munger and Mr Jennings came into contact via the University of Chicago’s endowment manager who endorsed Stonehouse to the Berkshire vice chairman.Throughout 2021 during the pandemic, Mr Munger and Mr Jennings got to know each other over Zoom calls before meeting in-person for the first time in January this year for a meal on the patio at Mr Munger’s LA home.
Former AGL chairman and Macquarie banker Mark Johnson has been a backer of Mr Jennings’ investment company.With the support of Mr Johnson, who is now a non-executive director of Stonehouse, Mr Jennings founded the Melbourne-based investment holding company and set a goal of building an Australian version of Berkshire.
Stonehouse classifies itself as an active acquirer of businesses worth between $20 million and $150 million to hold indefinitely as independent and autonomous businesses.
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