Charlie Munger: Berkshire, Billionaires, & the Blockchain 11/15/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 15 November 2022

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

Berkshire Hathaway Vice Chairman Charlie Munger, at 98, weighs in on the market’s latest hyped asset–and its collapse: crypto. As exchange FTX crumbles and its CEO faces regulatory and social scrutiny, Charlie Munger, a longtime partner and friend of Warren Buffett, compares this stock market story to all the ones he’s seen before. In an extended interview with Becky Quick, Munger considers the real value in the blockchain, examining the claim that bitcoin is the “new gold.” Plus, he might not tweet, but the seasoned billionaire has thoughts on Elon Musk and on Tesla, his “minor miracle.” In this episode: Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Hi, I'm C. NBC producer Katie Kramer, today on Squack Pod.
0:06.0	Berkshire Hathaway Vice Chair Charlie Munger sits down with our own Becky Quick, virtually.
0:12.0	Well, I'm very old. I have to draw the line somewhere and I draw it
0:15.5	until me. The 98 year old billionaire weighs in on China Elon Musk's miracle the
0:21.6	FDX crypto meltdown.
0:23.2	It's partly fraud and partly delusion.
0:26.4	That's a bad combination.
0:27.9	I don't like either fraud or delusion.
0:30.2	And the delusion may be more extreme than the fraud.
0:33.6	Charlie Munger rejects the crypto Kool-Aid
0:36.2	and issues a warning for what's to come.
0:38.2	This is one classic investor who has a healthy dose of skepticism.
0:42.1	What is Bitcoin doing for anybody?
0:44.0	It's Tuesday, November 15th, 2022.
0:48.0	Nobody's going to say, I've got some shit that I want to show you.
0:51.0	This special squawk pod begins right after this.
0:57.0	This is squawk Pod from CNVC.
1:07.0	98 year old Charlie Munger is a longtime vice chairman of Berkshire Hathaway,
1:11.5	the conglomerate run by his friend of some six decades,
1:14.1	Warren Buffett, Munger speaks his mind, especially when it comes to thoughtful
1:18.8	investing. And to Munger, innovations like cryptocurrency are not the way to go.
1:23.7	In comments and interviews at recent Berkshire Hathaway annual meetings
	...

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