Charlie Munger, a longtime business partner of Warren Buffett, said the tensions between the United States and China were “massively stupid,” and separately said cryptocurrencies should have been barred, calling them “beneath contempt.”
According to Reuters, Munger, 98, responded to nearly two hours of questions at DJCO.O, the newspaper publisher in Los Angeles that provides courthouses with software, at its annual meeting.
Munger is best known for his role as vice-chairman of Berkshire Hathaway Inc (BRKa.N) which Buffett founded in 1978.
Munger has long been bullish on China, leading Berkshire’s investment in electric car maker BYD Co. (002594.SZ) and doubling the Daily Journal’s stake in online retailer Alibaba Group Holding Ltd.
On the other hand, he said that recent tensions between the United States and China have nothing to do with the fact that the two countries have different systems of government or accomplish some things more efficiently than the other.
“We wish that China and the United States got along better,” he said. “Think about how massively stupid both China and the United States have been to allow the existing tensions to rise… They should like us and we should like them.”
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Despite that, he said that cryptocurrency would have been better off banned from the start.
“I’m proud of the fact that I avoided it. It’s like some venereal disease,” Munger stated.
“I just regard it as beneath contempt. Some people think it’s modernity, and they welcome a currency that’s so useful in extortions and kidnappings [and] tax evasion.”
According to Munger, Apple Inc (AAPL.O), Google parent Alphabet Inc (GOOGL.O), and Microsoft Corp (MSFT.O) will be “really strong” for a half-century from now.
According to him, 50 years ago he mistakenly thought that would also apply to newspapers, and he lamented their extinction due to media outlets telling people only what they want to hear.
“This is no substitute for Walter Cronkite and all those great newspapers of yesteryear,” Munger said, referring to the legendary CBS News anchor.
The Berkshire Hathaway-owned newspaper portfolio was sold to Lee Enterprises in 2020.
