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One of the oldest and most popular names in traditional finance, Charlie Munger, has made significant statements. Charlie Munger, who has previously stood out with his negative comments about Bitcoin, did not do anything different in his recent interview. However, this interview, where he touched on many topics, can teach us something from his 99 years of experience.
Bitcoin and Charlie Munger
The 99-year-old Vice Chairman of Berkshire Hathaway addressed various topics, from Bitcoin to stocks, in his recent interview. Munger, who has a net worth of approximately $3 billion, is a noteworthy figure with his past achievements and individual wealth.
His mocking attitude towards Bitcoin continued, and he said the following:
“As far as we know, the only way that has worked so far to transition from hunting-gathering to civilization is to have a strong currency. It could be seashells, corn kernels, or many other things. It could be gold coins or promises in banking systems like in the United States and the United Kingdom. When you try to create an artificial currency, you throw your stinky ball into a system that has been around for a long time and works very well for many people.”
Advice from Charlie Munger
Perhaps due to his age, he may have difficulty understanding the trillion-dollar cryptocurrency industry that giants are interested in. However, Munger is better than all of us in many areas, including stocks. His comments on traditional investments were important, and he was first asked, “How can a modern investor be successful today?” Munger said the following:
“I think the modern investor has to get into a few stocks that are well above average to make progress. They try to have a few Apple or Google because they know that a significant percentage of the total gains of all shareholders will come from a few of these super competitors.”
His other advice to investors were as follows:
“I think there is less and less need for people in the stock picking business. Charging a fee of three percent per year or something similar to manage other people’s money is mostly charlatanism. Most people probably should only have index funds. It is a very sensible thing to do for someone who does not want to think too much about it and has no reason to believe that they have any advantage as stock pickers. Why try to pick your own stocks? They don’t design their own electric motors or egg beaters either.”
