As Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B)’s vice chairman and Warren Buffett’s right-hand man, Charlie Munger knows time is money, so he doesn’t waste yours with wordy theses.
Munger delivers his investment advice and market opinions in candid nuggets. Here's what he had to say Wednesday at the annual meeting of Daily Journal Corporation DJCO, where he serves as chairman.
On Financial Opportunities
By Munger's assessment, long-term treasuries are ultimately a losing bet, and banking is a “dangerous” investment as CEOs are tempted to focus on the near term.
He does think things can improve at Wells Fargo & Co WFC. Munger conceded the bank relied on improper incentive systems and was slow to address issues, but believes it will be “better off” for having made mistakes and called for regulators to ease up.
On Bitcoin
Munger has long criticized the bitcoin “craze” but came back Wednesday with harsher assessments: the trade is “totally asinine.”
“Bitcoin is noxious poison,” he said, charging the government with the onus to “step on it hard.”
On General Electric
General Electric Company GE is down 51 percent year over year, and fundamentals have analysts concerned. Munger posited the struggles could stem from instability in executive assignments.
On Health Care
Finally, he lauded the efforts of Berkshire Hathaway, Amazon.com, Inc. AMZN and JPMorgan Chase & Co. JPM to improve the U.S. health care system, which he claimed is “out of control on the cost side.”
“It’s not right to bleed so much money out of our dying people,” he said, accusing system participants of “regrettably” and “evil” behavior.
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At Berkshire Hathaway General Meeting, Charlie Munger Apologizes For Not Buying Google And Walmart
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