Latest News

Berkshire’s Munger Says Now ‘Even Crazier’ Than Dotcom Bust

0

(Bloomberg) — Berkshire Hathaway Inc.’s Charlie Munger told a conference Friday that markets are wildly overvalued in places and that the current environment is “even crazier” than the dotcom boom of the late 1990s that subsequently led to a bust.

Most Read from Bloomberg

‘Ghost Signs’ Haunt London’s Reviving Neighborhoods

Reliving the New York Subway Map Debate

Automating the War on Noise Pollution

China Cash Flowed Through Congo Bank to Former President’s Cronies

‘Pension Poachers’ Are Targeting America’s Elderly Veterans

“I consider this era an even crazier era than the dotcom era,” Munger, 97, said at the Sohn conference in Sydney, The Australian Financial Review reported.

Munger also said that he wished cryptocurrencies didn’t exist, and praised China for taking action to ban their use, according to the AFR.

“I wish they’d never been invented,” he said. “And again I admire the Chinese, I think they made the correct decision, which was to simply ban them. In my country, English-speaking civilization has made the wrong decision, I just can’t stand participating in these insane booms, one way or another.”

The veteran investor also weighed in on China’s global relations, urging Australia to play a role in bridging differences between the Asian nation and the U.S.

“I think Australia with its deep involvement in China can be in a constructive position, Australia can encourage the U.S. and China to be more reasonable,” he said.

Munger, who was speaking after Berkshire’s cash pile hit new heights at $149.2 billion of funds in the third quarter, also said he was bullish on renewable energy.

“I love the fact that we’re rapidly reducing the burning of coal and the burning of gasoline and diesel,” he said. “I think that’s a smart thing for the world to be doing and it would be smart even if there were no global warming.”

(Updates with further commentary from fifth paragraph)

Most Read from Bloomberg Businessweek

The Meme Stock

Paige Bueckers, a College Athlete Who’s Cashing In

Karen Lynch, the Shot Caller at CVS

David Baszucki, Roblox’s ‘Builderman’

Charlie Penner, the Investor Reshaping Exxon From the Inside

©2021 Bloomberg L.P.

Morgan Stanley Pounds the Table on NIO Stock

Previous article

Is QQQ Stock A Buy Right Now? Here’s What Earnings, Charts Show

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News