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Holly LaFon
Holly LaFon
Articles (9202)  | Author's Website |

Charlie Munger Discusses Economy on CNBC, Says Bitcoin Is a Bubble

Buffett's business partner says, 'None of these people know what they're doing'

January 10, 2018 | About:

Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) vice chairman Charlie Munger (Trades, Portfolio) joined in an on interview with Warren Buffett (Trades, Portfolio) on CNBC Wednesday morning.

The witty investor and business partner to Warren Buffett (Trades, Portfolio) made the following comment on the economy:

"The whole situation is quite weird. Whoever would have guessed you coudl have real interest rates at zero in a lot of advanced nations. And who could guess we could print as much money as we did and have as low inflation as we did. My attitude toward the economic situation has always been one of skepticism. I don't think any of these people know what the hell they're doing. the economics profession. They've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work int he next. Economics is a difficult subject. and a lot of overconfidence has been removed from the economics profession over the last 20 years. They've been really surprised."

Munger also commented on the role of tax policy, the necessity of investors to "suffer a fair amount of agony," and bitcoin, which he says is a bubble.

About the author:

Holly LaFon
I'm a financial journalist with a master of science in journalism from Medill at Northwestern University.

Visit Holly LaFon's Website

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