Legendary Investor Says Current Era is ‘Even Crazier’ Than Dotcom Boom
December 2, 2021
Charlie Munger, Warren Buffett’s right-hand man and a legendary investor in his own right, told an economic conference that today’s markets are wildly overvalued, going on to note that the current environment is “even crazier” than the dotcom boom of the late 1990s, which subsequently led to a massive crash.
Munger was also highly critical of cryptocurrencies, telling the audience “I wish they’d never been invented.” He went on to praise the Chinese government’s crackdown on cryptocurrencies, saying “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 remarks came at the Sohn conference in Sydney, where Munger told the Australian audience that the nation should play a larger role in easing geopolitical tension between the U.S. and China.
“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.