{"id":7370,"date":"2021-12-03T13:02:52","date_gmt":"2021-12-03T13:02:52","guid":{"rendered":"https:\/\/www.futuresandoptions.gr\/en\/?p=7370"},"modified":"2021-12-03T13:02:52","modified_gmt":"2021-12-03T13:02:52","slug":"berkshire-hathaways-munger-wishes-crypto-had-never-been-invented","status":"publish","type":"post","link":"https:\/\/www.futuresandoptions.gr\/en\/berkshire-hathaways-munger-wishes-crypto-had-never-been-invented\/","title":{"rendered":"Berkshire Hathaway&#8217;s Munger wishes crypto had never been invented"},"content":{"rendered":"<div id=\"story-description\">\n<p class=\"selectionShareable\">Today&#8217;s stock market is \u201ccrazier than the dot-com bubble,\u201d <a href=\"https:\/\/www.berkshirehathaway.com\/\">Berkshire Hathaway<\/a> (BRKA) vice chairman C. Munger told the Sohn Hearts &amp; Minds Investment Conference. The valuations we saw in the dot-com era were higher, Munger said and added that overall, I consider this as being even crazier than the dot-com boom which blew up back in 2000.<\/p>\n<\/div>\n<p class=\"selectionShareable\">Many stocks trading at prices that represented 35 times earnings \u2013 making it harder for investors to\u00a0get good returns.<\/p>\n<p class=\"selectionShareable\">\u201cIt is hard to get results which could be called normal results in investing,\u201d Mr Munger said.<\/p>\n<h2>Munger on Cryptocurrencies<\/h2>\n<p class=\"selectionShareable\">C. Munger said that <a href=\"https:\/\/www.futuresandoptions.gr\/en\/category\/cryptocurrencies\/\">cryptocurrencies<\/a> should never have been invented and China had done the right thing by banning cryptocurrencies. Munger added the purveyors of cryptos were \u201cnot thinking about the client, they are just thinking about themselves&#8221;.\u00a0\u201cMy country has made the wrong decision (not to ban them),\u201d he said.<\/p>\n<h2>Munger on Bezos and Musk<\/h2>\n<p class=\"selectionShareable\">C. Munger described Amazon (AMZN) founder Jeff Bezos as a very brilliant man. Bezos worked very hard and had a remarkable result, he caught the big internet wave and played it hard. Berkshire Hathaway is a major shareholder in Apple (AAPL).<\/p>\n<p class=\"selectionShareable\">Munger said that Tesla&#8217;s (TSLA) Elon Musk was also very capable, but was overconfident in himself. Elon Musk was \u201calso very able, but he thinks he\u2019s even more able than he is and that\u2019s helped him. You should not underestimate the man who over-estimates himself. It is obvious that some of the extreme successes will come from people who try extreme things because they\u2019re overconfident. And when they succeed, well there you get Elon Musk.\u201d<\/p>\n<p>Berkshire Hathaway (BRKA) vice chairman prefers Costco as it has the right model and a focus on holding down costs. He predicts that Costco will eventually become a major internet player.<\/p>\n<p class=\"selectionShareable\">Munger also likes the Chinese electric car company BYD (SEHK: 1211). Berkshire Hathaway (BRKA) has been a shareholder in the company that has pioneered the development of electric cars in China. Charlie Munger said. \u201cBYD is one of the best companies in the world.\u201d<\/p>\n<p class=\"selectionShareable\">\n<div class=\"story-image secondary-asset landscape\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Today&#8217;s stock market is \u201ccrazier than the dotcom bubble,\u201d Berkshire Hathaway (BRKA) vice chairman C. Munger<\/p>\n","protected":false},"author":2,"featured_media":7373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[758,14,111,22],"tags":[1707,1708,1706],"class_list":["post-7370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments","category-financial-news","category-stocks-2","category-wall-street","tag-berkshire-hathaway","tag-brka","tag-munger"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Berkshire Hathaway&#039;s Munger wishes crypto had never been invented -<\/title>\n<meta name=\"description\" content=\"Today&#039;s stock market is \u201ccrazier than the dotcom bubble,\u201d Berkshire Hathaway (BRKA) vice chairman C. 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