Together, Buffett and Munger built Berkshire Hathaway (BRK-A, BRK-B) into one of the most successful and long-lasting business partnerships that enthralled millions worldwide.

In a statement on Tuesday, Buffett said, "Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom and participation."

Berkshire, originally a textile manufacturer, has grown into a multinational conglomerate that wholly owns popular brands like Dairy Queen and Fruit of the Loom and has stakes in Apple (AAPL), Coca-Cola (KO), and other large public companies.

Every year, thousands of Berkshire shareholders make the pilgrimage to Omaha, Neb., to listen to Buffett and Munger answer their questions for hours. Munger, known for his maxims about business, investing, and life, would sip Coca-Colas and nibble See's Candies peanut brittle alongside his partner.

Famously, he would often say, after Buffett finished speaking, "I have nothing further to add."