Charlie Munger describes the cryptomarkt as the crazier than the Dotcom bubble
Charlie Munger describes the cryptomarkt as the crazier than the Dotcom bubble
- Munger said that he would not take part in this "insane" crypto boom, which called him more crazy than the dotcom bubble.
- He added: "The people who create cryptocurrencies do not think of the customer, but of themselves".
Charlie Munger, the legendary investor and deputy chair of Berkshire Hathaway, is clearly unhappy about the booming state of the cryptocurrency market. In a speech to Australian investors on the son Hearts and Minds conference on Friday, December 3, Mr. Munger made a few hard comments on cryptocurrencies.
The legendary investor said that the current climate was crazy than the Dotcom bubble. During his conversation with Dr. Mark Nelson from the Hedge Gedon Caledonia said Mr. Munger that he would not take part in this "insane" crypto boom.
related : Warren Buffet's right hand names cryptocurrencies "disgusting"
I will never buy a cryptocurrency. I wish they had never been invented. I think the Chinese made the right decision to simply ban them. My country - the English -language civilization - made the wrong decision.
I just can't stand participating in these insane booms, either way. It seems to work; Everyone wants to participate and I have a different attitude. I want to earn my money by selling things that are good for them, not things that are bad for them. Believe me, the people who create cryptocurrencies do not think of the customer, but of themselves.
mungers views on the global markets
The global markets have recovered significantly this year, with the Dow Jones and the S&P 500 noted at their all -time highs. In general, Munger commented on the broader global markets that even the ratings of some of the quality listed companies appear to be far.
He further found that the investment environment was "a little more extreme" due to its decades. Munger added:
I think the Dotcom boom was crazy about the ratings than what we have now. But overall I think this era is even more crazy than the Dotcom era.
Interestingly, Munger also supported China's most recent approach to the leading technology companies in the country. He supported China's attempts to act against “some of the exuberances” of capitalism. "I think it was right that they drove some of the exuberances associated with capitalism," he added.Berkshire Hathaway has some important investments in China, including car manufacturer BYD Co. Ltd. Munger continues to see the company's long -term growth. However, he added that every capitalist was less enthusiastic about China than a year ago.
munger also noted that the high corporate ratings and the share price Value Investing made even more difficult at that time. "Of course this is possible, but you have to pay a lot more for the good companies now," he said.
Source: Crypto-news-flash.com
Kommentare (0)