Legendary investor Charlie Munger trashes crypto, labels Elon Musk smart but strange, and bemoans his Alibaba bet in a new interview. Here are the 16 best quotes.
Munger bemoaned purchasing Alibaba stock, and cast doubt on the artificial-intelligence boom sparked by ChatGPT's release. Moreover, he joked that munching on See's Candies and never exercising was key to reaching his ripe age of 99.1."It's asinine, it's massively stupid, and of course it's very dangerous, and the governments were totally wrong to permit it. I'm not proud of my country for allowing this crap, what I call the 'cryptocrappo' or 'cryptoshit.
6."We've made one better investment, you know what it was? We paid an executive recruiter to get us an employee and he came up with Ajit Jain. The return that Ajit has made us compared to the amount we paid the executive recruiter — that was our best investment at Berkshire." 9."I regard Alibaba as one of the worst mistakes I ever made. I got charmed by the idea of their position in the Chinese internet; I didn't stop to realize they're still a goddamn retailer. It's going to be a competitive business, the internet — it's not going to be a cakewalk for everybody."
12."All factors considered, and with Berkshire buying in its own shares when they're reasonable priced, I think Berkshire's a pretty damn good bet for shareholders to hold for the long term. Everybody that bought Berkshire and held it for 20 years has done well. I think that will be true for those who buy it at the current price."
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