Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Wednesday, November 29th, and I'm your host, Kim Com. Our top story so far.

Investing ICON Charlie Munger, Warren Buffett's right-hand man, passed away Tuesday morning at a hospital in California at the age of 99.

Buffett said, Berkshire Hathaway could not have been built to its present status without

Charlie's inspiration, wisdom, and participation. Munger was vice chairman of Berkshire and one of its biggest shareholders

holding some 2.1 billion dollars of stock as of March 2nd in 2022.

Like Buffett, Munger was born in Omaha and the team transformed Berkshire Hathaway from a textile

manufacturer into a giant conglomerate in a partnership that lasted nearly 60 years. Munger was also a real estate lawyer, a philanthropist, an architect, and chairman and

publisher of the Daily Journal Corp. Munger was known for his insightful and brash remarks.

Among some of his most memorable market quotes are

the world is full of foolish gamblers and they will not do as well as the patient investors

capitalism without failure is like religion without hell.

It takes character to sit with all that cash and to do nothing.

I didn't get to be where I am by going after mediocre opportunities.

And mimicking the herd invites regression to the mean.

In the markets, the soft landing trade remains intact for now with a Goldilocks revision

of Q3 GDP.

In the second estimates, real GDP growth was revised up to 5.2% from 4.9%.

While that would normally scare some inflation hawks, inflation measures for the quarter were revised down. The core PCE price

index, most closely watched by the Fed, was revised down to 2.3% from 2.4%.

Schwabs-Lisandres says that's still on the higher side of comparing it to post-Great Financial Crisis

pre-Pandemic levels, but nowhere near surges in earlier decades like the 1970s.

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