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(Bloomberg) — Berkshire Hathaway Inc.’s Charlie Munger advised a convention Friday that markets are wildly overvalued in locations and that the present setting is “even crazier” than the dotcom increase of the late Nineties that subsequently led to a bust.
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“I take into account this period an excellent crazier period than the dotcom period,” Munger, 97, mentioned on the Sohn convention in Sydney, The Australian Monetary Assessment reported.
Munger additionally mentioned that he wished cryptocurrencies didn’t exist, and praised China for taking motion to ban their use, in accordance with the AFR.
“I want they’d by no means been invented,” he mentioned. “And once more I like the Chinese language, I feel they made the proper determination, which was to easily ban them. In my nation, English-speaking civilization has made the mistaken determination, I simply can’t stand taking part in these insane booms, a method or one other.”
The veteran investor additionally weighed in on China’s international relations, urging Australia to play a task in bridging variations between the Asian nation and the U.S.
“I feel Australia with its deep involvement in China may be in a constructive place, Australia can encourage the U.S. and China to be extra cheap,” he mentioned.
Munger, who was talking after Berkshire’s money pile hit new heights at $149.2 billion of funds within the third quarter, additionally mentioned he was bullish on renewable vitality.
“I like the truth that we’re quickly decreasing the burning of coal and the burning of gasoline and diesel,” he mentioned. “I feel that’s a sensible factor for the world to be doing and it could be good even when there have been no international warming.”
(Updates with additional commentary from fifth paragraph)
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