Berkshire executive Charlie Munger says China was ‘correct’ to ban crypto

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According to Warren Buffett’s right-hand man Charlie Munger, the current market is “even more insane than the dotcom era” and China made the right call by banning cryptocurrencies.

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The 97-year-old Berkshire Hathaway vice chairman said Friday: “The dotcom boom was maddening at valuations compared to ours now, but overall, I consider this era to be even more insane than the dotcom era.” According For the Australian Financial Review.

The outspoken executive said that share prices for “good companies” are currently so high that investors who buy now are having a hard time ensuring higher returns in the future.

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Munger also praised China’s ban on cryptocurrencies as the “right decision”, saying I wish digital coins were never invented and accusing those involved in the crypto industry of being greedy.

According to Forbes, Munger said, “Trust me, people who are getting into cryptocurrencies are not thinking about the customer, they are thinking about themselves.” “Just look at them. I don’t want any of them to marry into my family.”

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Munger — who headlined this fall for designing and funding a controversial and mostly windowless mega-dorm at the University of California, Santa Barbara — for his harsh attitude toward what he sees as market excesses and greed. Known for.

In June, Munger called commission-free trading app Robinhood “under contempt” as a “gambling parlor”.

“It’s a gambling parlor as much of a respectable business,” said the 97-year-old at the time. “And it’s telling people they’re not paying commissions when the commission is just disguised in the trade.”

Charlie Munger said that the current market is “even more insane than the dotcom era” and made the right call when China banned cryptocurrencies.
Reuters

“It’s basically a lazy, contrived operation. And the interesting thing about it is that some good people you’d be happy to marry into your family have supported it.

In this Friday interview, Munger also praised Amazon CEO Jeff Bezos, but said Amazon is under threat from Costco, one of Munger’s favorite companies.

“Amazon may be more afraid of Costco than Reverse in terms of retailing,” Munger said. “Costco will eventually be a huge Internet player. People trust it and they have tremendous purchasing power.”

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