An investing legend dies

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In today's big story, we're looking back on the life of investing legend Charlie Munger.

What's on deck:

• Markets: Investment strategies to bet on heading into 2024.
• Tech: The Tesla Cybertruck's debut is approaching, but buyers have been left in the dark.
• Business: Contrary to popular belief, Wall Street is not to blame for the housing market chaos.

But first, remembering Charlie Munger.

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The big story

RIP Charlie Munger

He was number one at being number two.

Charlie Munger, the billionaire investing legend who led Berkshire Hathaway alongside Warren Buffett, died Tuesday at age 99. He passed peacefully at a California hospital, according to his family.

Munger grew to prominence as the right-hand man to the world's most famous investor, Warren Buffett. And while Munger never achieved Buffett's astronomical wealth, he did all right, amassing a net worth of over $2 billion.

Munger's wealth could have been even greater, but he sold or donated more than 75% of his Berkshire Hathaway stock since 1996.

The man who built a career making smart investments had a unique perspective on handling his own money later in life.

"I'm deliberately taking my net worth down," he told The Omaha World-Herald in 2013. "My thinking is, I'm not immortal," he continued, "and I won't need it where I'm going."

Despite being overshadowed by Buffett, Munger wasn't afraid to share his opinion.

Whether it was why it's ok to eat donuts — albeit with some discipline — or his displeasure for venture investors, Munger's takes were blunt but witty. In a recent interview, he credited his economic success to his love of reading.

His greatest life lesson was also beautifully simple: Cut out toxic people.

It's fitting advice from a man who found so much success in a relationship he held for over 60 years.

Buffett and Munger first met at a dinner party in their hometown of Omaha, Nebraska, in 1959. The two had both worked at Buffett's grandfather's supermarket, but never ran into each other. By 1978, Buffett had convinced Munger to join him at Berkshire Hathaway as vice chairman.

More than 40 years later, they'd built a conglomerate with a market cap north of $750 billion.

More on Charlie Munger:

• What Charlie Munger's death means for Warren Buffett and Berkshire Hathaway
• Charlie Munger revealed weeks before his death the one thing he wished he had done in his lifetime
• The business world is shaken after the death of 'financial genius' Charlie Munger
• Here's some of the best advice offered by late investing legend Charlie Munger
• 6 longevity tips Charlie Munger believed in for a long and happy life
• In death, Charlie Munger is loved by China
• Charlie Munger revealed why he lived in the same house for decades instead of upgrading to keep up with his rich friends

3 things in markets

1. Deutsche Bank says the S&P 500 will hit an all-time high in 2024. The bank's strategists said they see the index hitting 5,100 points by the end of 2024, a 12% bump from its current level. It's the latest firm to turn bullish on the stock market's future.
2. But not everyone is sold on the market surging next year. BCA Research said the S&P 500 could crash as much as 27% from current levels when a recession hits. Wells Fargo's 2024 outlook isn't quite as dreary, but it's not much better. And famed economist Mohamed El-Erian said investors are too optimistic about the economy because factors driving the recent market rally will face headwinds.
3. How to set up your portfolio for success in 2024. Bank of America and BMO Capital Markets are predicting 2024 to be a strong year for the market. (BMO's feeling confident even if a recession hits.) These are the five sectors they're most bullish about in the new year, from financials to energy.

3 things in tech

1. Tesla Cybertruck buyers still don't know how much it'll cost — days before delivery. On Thursday, the car company is expected to deliver 10 vehicles to unknown order holders. But the majority of people still don't know the cybertruck's basic details: horsepower, charge range, or even price.
2. There's little evidence that internet use harms mental health. A new global study found that there's no "smoking gun" linking social media use and mental health harm. But researchers noted that tech companies need to disclose the data they have for more thorough research.
3. These 16 influential talent management firms and agencies help micro influencers build businesses. Firms like Kensington Grey and SevenSix Agency have helped micro influencers land brand deals with major companies like Delta Air Lines, Toyota, Gucci, and Google. Check out all the agencies here.

3 things in business

1. Average homebuyers are beating out Wall Street landlords. The percentage of American households who own their home has been on the rise since the start of the pandemic. Meanwhile, Wall Street's foray into the housing market has slowed substantially since last spring.
2. TikTokers offer Gen Z advice on how to survive a 9-to-5 job. Their survival tips include eating lunch away from your desk and setting boundaries. They also recommended taking screen breaks every hour and giving yourself little rewards.
3. Many Americans are delaying costs with buy now, pay later programs. Americans broke a record for spending on Black Friday. But the delayed payments could lead to bigger problems in the spring when bills start coming due.

In other news

• Here's why China's weak economy is good news for the US stock market.
• Nikki Haley is now the top GOP alternative to Trump, but her window to maintain momentum is narrow. Can she pull it off?
• JPMorgan boss Jamie Dimon says the US is addicted to debt, and it's created a dangerous sugar high in the economy.
• The best and worst career advice I ever got.
• Sports Illustrated reportedly published articles by fake AI-generated writers.
• Ukraine says its Patriot missile system once took out five Russian aircraft in five minutes.
• Billionaire CEO Marc Benioff says he gets around eight hours of sleep a night and starts every morning the same way.
• How much the typical first-time home buyer puts toward a down payment and where they get the money.
• 25 promising sports startups to watch, according to VCs and other top investors.

What's happening today

• The Rockefeller Center 2023 Tree Lighting Ceremony is tonight. The annual ceremony will be broadcast live on NBC and Peacock.
• The New York Times DealBook Summit is today. Speakers include Vice President Kamala Harris, President of Taiwan Tsai Ing-wen, Elon Musk, Bob Iger, Jamie Dimon, Lina Khan, Shonda Rhimes, and other major execs.
• Earnings today: Salesforce, Okta, Dollar Tree, and other companies.

For your bookmarks

Tiny living x Costco

"I shopped at Costco for a 2-week road trip in a 75-square-foot van." Our writer could easily fill an entire cart with meals, snacks, and goods for the trip, including eggs and Liquid I.V.

The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York.