HomeBusinessBuffett business partner Munger laments US-China tensions, calls crypto 'venereal disease'

Buffett business partner Munger laments US-China tensions, calls crypto ‘venereal disease’

Charlie Munger, the longtime business partner of Warren Buffett, on Wednesday stated it’s “massively stupid” for tensions to escalate between the United States and China, and individually stated cryptocurrency ought to have been banned, calling it “beneath contempt.”

Munger, 98, spoke whereas fielding almost two hours of questions on the annual assembly of Daily Journal Corp, the Los Angeles newspaper writer and supplier of software program to courthouses that he chairs.

He is healthier generally known as vice chairman of Buffett’s conglomerate Berkshire Hathaway Inc since 1978.

Munger is a longtime bull on China, spearheading Berkshire’s funding in electrical automotive maker BYD Co and lately doubling Daily Journal’s stake in e-commerce firm Alibaba Group Holding Ltd.

But requested about political pressures from China, he stated current deterioration in U.S.-China relations wasn’t justified by their totally different methods of presidency, or as a result of one nation does some issues higher than the opposite.

“We wish that China and the United States got along better,” he stated. “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.”

He confirmed no such mercy for cryptocurrency, saying he wished it had been banned from the beginning.

“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.”

Munger additionally predicted that Berkshire holding Apple Inc, Google mum or dad Alphabet Inc and Microsoft Corp will likely be “really strong” 50 years from now.

He stated he thought incorrectly a half-century in the past that may even be true for newspapers, and lamented their being displaced by media telling individuals on each side of the political spectrum solely what they need to hear.

“This is no substitute for Walter Cronkite and all those great newspapers of yesteryear,” Munger stated, referring to the legendary CBS News anchor.

Berkshire bought its personal newspaper portfolio in 2020 to Lee Enterprises Inc.

Yahoo Finance broadcast the Daily Journal assembly.

(Reporting by Jonathan Stempel in New York; enhancing by Diane Craft)

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