Home / Business / Warren Buffett’s right-hand man broke Bitcoin, slammed SPACs, and humiliated Robinhood at Berkshire Hathaway’s annual meeting.Here are 16 of the best quotes | Currency News, Finance & Business News.

Warren Buffett’s right-hand man broke Bitcoin, slammed SPACs, and humiliated Robinhood at Berkshire Hathaway’s annual meeting.Here are 16 of the best quotes | Currency News, Finance & Business News.

Warren Buffett, Charlie Munger
Warren Buffett and Charlie Munger

  • Charlie Munger tore into bitcoin, Robinhood and SPAC at Berkshire Hathaway’s annual meeting.
  • Warren Buffett’s business partners stop worrying about big tech competition.
  • Munger said proactive federal spending could not go on forever.
  • You can find more stories on our Business Insider page.

Warren Buffett̵

7;s right-hand man Charlie Munger blasted bitcoin Robinhood and SPAC at Berkshire Hathaway’s annual meeting on Saturday.

Berkshire’s 97-year-old vice chairman Munger also defended the big tech companies from claims of breaking up, and he said unverified federal spending would end in disaster.

Here are Munger’s 16 best quotes from the conference, slightly edited and condensed for clarity:

1. “It’s crazy to think anyone would be smart enough to hug money and then come out in a frenzied crisis and spend it all over. That’s too hard a standard. Will be depleted in his heart “- Ignoring the idea that Berkshire could adopt a huge pile of cash when the market closed last spring..

2. “Warren and I don’t have to agree on the little things we do” – Comment on Berkshire leaving his position at Costco, Munger’s favorite.

3. “I don’t want to see our current giants downgrade for any competitive reason. I don’t think they are doing much harm to their competitors. The market gives credit to our civilization. ”- The controversy over the destruction of big tech companies.

4. “There is a good chance that this extreme behavior is more likely than everyone thought. But I know that if you keep doing it without limits it will end in disaster. ”- Point out that loose monetary and fiscal policies may be more sustainable than they fear. But cannot go on forever.

Read more: GOLDMAN SACHS: Buy 24 high-growth stocks investing in future cash cows at the highest rates in the S&P 500.

5. “It’s a moral failure, to some extent, easy money gained from things like SPACs and derivatives, for example – you push that too much, it creates terrible problems with civilization. It reflects that there isn’t.” Credit for the people who did it and There’s no credit to regulators and monitors to allow, it’s just stupid. But shameful “

6. “I don’t mind the poor fish who gamble. I don’t like the professionals who fish” – He stressed that he was concerned about amateur investors being less speculative than he was about trading apps taking advantage of them..

7. “We are used to shooting fish in tanks. But it’s more difficult “- Lamenting the lack of bargain stocks in the market..

8. “Bernie Sanders wins. Basically everything with huge growth and very low interest rates, Millennials will have a wealthier time compared to our generation. Different between the rich and the poor of the era The increasing generation is much less, Bernie won, he did it by accident, but he won. “

9. “If you buy back stock just to raise it up, it is extremely immoral. But if you buy back shares, because it is fair to do it for the benefit of the former shareholders, it is an act of virtue and the people. Who criticized it as crazy “

10. “It might be a mistake to resist capitalism. Capitalism is what increases GDP for everyone. I’m a little wary of being mad at people all the time because they have a little more money.”

11. “It is stupid for states to drive out their richest citizens, non-criminal elderly people who donate to local charities, who in hell, in the right mind, will evict. Rich people leave Florida and places. That kind is very smart, and a place like California is so stupid it goes against the state’s interests. “

12. “I hate bitcoin’s success. I don’t welcome a very useful currency for kidnappers and extortionists and so on. Newly invented person New financial products, I should humbly say that I think all developments are disgusting and against the interest of civilization.

13. “Oh Warren, even if you miss a shot. But at least you can shoot elephants.Medical bills in Singapore account for 20% of what is in the United States, and their medical systems work better. Shooting a big elephant But as you will find it is very difficult for people to be so eager to lose a portion of their income. ”- Commented on Haven, a Berkshire joint venture with Amazon and JPMorgan, to cut employee healthcare costs and improve care..

14. “It’s horrible that something like that will draw investment from civilized men and good citizens. It’s so wrong. We don’t want our money to sell things that are bad for people” – It accused Robinhood and other trading apps of encouraging investors to bet on stocks and dabble in options trading..

15. “States have replaced the mafia as owners in the numbers game. They pushed the mafia away and said, ‘That’s our business, not yours.’ It doesn’t make me proud of my government. ”- Compare state lotteries with “Italy’s lottery” run by the mob..

16. “If you are not a little confused by what happened, you do not understand. We are in a land that no one has noticed” – Arguing that no one knows of the medium-term effects of the probe, the near-zero interest stimulus and aggressive federal spending on the stock market and the economy.

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