Charlie Munger only trusted one person besides Warren Buffett with his personal fortune. Here's a look at Li Lu's tribute to the legendary investor.

Warren Buffett (left) and Charlie Munger.Scott Morgan/Reuters
  • Charlie Munger's close friend and confidant, Li Lu, recently penned a tribute to the late investor.

  • Warren Buffett's business partner was uniquely committed to morality and fairness, Li said.

  • Munger showed the world it's possible to live virtuously while embracing capitalism, Li said.

A close friend and confidant of Charlie Munger recently published a tribute to the legendary investor who died last week, highlighting the values and principles that made him unique.

Li Lu, the only person other than Warren Buffett who Munger trusted to invest his personal fortune, penned a eulogy titled "Remembering my teacher Charlie Munger" on Facebook. The hedge fund manager recalled meeting Munger at a Thanksgiving lunch 20 years ago, and striking up a deep conversation that ran for hours.

"It began an investment partnership that has now endured two decades," he wrote. "Charlie became my mentor, partner, dear friend and above all, life-long role model."

Munger was so impressed by Li that he invested nearly $90 million in a fund he launched a few months after their first meeting. Li has roughly quintupled the sum since then, making it little surprise that Munger — Buffett's right-hand man and Berkshire Hathaway's vice chairman — has dubbed him the "Chinese Warren Buffett."

Li also introduced Munger to BYD, paving the way for both Berkshire and Daily Journal — a newspaper publisher which Munger chaired for over four decades — to invest in the Chinese EV maker and score monster gains.

The key message of Li's tribute was that Munger prized ethics, fairness, and integrity above financial returns.

"In our capitalist society, where do virtue, moral responsibility, truth-seeking and public service fit in?" Li wrote. "Charlie Munger answered those questions through his long exemplary life."

The Himalaya Capital Management boss explained that Munger only struck deals where he would be comfortable taking the other side, and devoted his wealth to worthy causes instead of material things. Munger also pursued lifelong learning, made rational decisions unclouded by emotions, navigated tough times without panicking or losing his cool, poured himself into his personal relationships, and worked hard to share his wisdom far and wide, Li said.

Munger is widely followed in China with the definitive book about the investor, "Poor Charlie's Almanack," selling over 1.2 million copies in the past decade, Li said. He noted that Buffett's late partner was seen by many as "the embodiment of modern-day Confucianism, maintaining a virtuous and enlightened life while embracing the market forces of capitalism."

Li ended his tribute by predicting Munger's "eternal legacy" is that his singular approach to investing will "continue to spread, inspire and impact the world even more profoundly."

Read the original article on Business Insider