Charlie Munger's Unconventional Final Bet: A $50 Million Paper Gain from Coal Companies and a New Real-Estate Focus.

Charlie Munger, Berkshire Hathaway vice chairman, made a $50 million paper gain from two coal companies, Consol Energy and Alpha Metallurgical Resources, in 2023. Despite industry skepticism, he saw the setup as attractive. Munger also accelerated his real estate focus, working with partners Avi Mayer and Reuven Gradon to expand Afton Properties. Before his passing, he was negotiating a building acquisition across from a Costco supercenter and maintained rituals around friendship, food, and humor.