- Charlie Munger, who died Tuesday, was as known for his trademark wit as he was for his investment success.
- The "Oracle of Pasadena" still had a sense of humor well into his 90s.
- Here are some of his best quotes about the markets, including his savage attacks on cryptocurrencies.
The late Charlie Munger, who He died on Tuesday at the age of 99.He was known for his trademark sense of humor, as well as his meteoric success during five decades in office. Berkshire Hathaway.
Warren Buffett's right-hand man leaves behind decades of life lessons โ as well as a good amount of jokes, including savage takedowns of bitcoin and other cryptocurrencies.
Here are 11 of the best quotes from the Pasadena Oracle on investing and markets.
The stock market
1. About the 2008 financial crisis: "The bubble in the United States was caused by a combination of megalomania, madness and evil in, I would say, investment banking and mortgage banking" โ Munger in a 2011 conference in Pasadena, California.
2. About former Lehman Brothers CEO Dick Fuld: "I bet Richard Fuld doesn't have an ounce of regret. It's just megalomania. When it's like that, you need rules to avoid catastrophes. When banks borrow the government's credit rating, you need rules to avoid stupid things" โ Munger in a 2010 interview with CNBC
3. In derivatives: "What do you think a derivatives trading desk is? It's a drag casino. They make quacks look good" โ Munger in the Annual meeting of the Journal 2015
4. What does value investing have in common with fishing?: "I have a friend who is a fisherman. He says, 'I have a simple rule for success in fishing. Fish where the fish are.' You want to fish where the bargains are. [It's] "It's that simple" โ Munger in the Diary Annual Meeting 2020
5. In meme actions: "What we are seeing are miserable excesses and dangers to the country. Many people like a drunken fight, and so far those are the people who are winning, and many people are making money from our fight" โ Munger in the Daily Journal Annual Meeting 2021
The Federal Reserve
6. About Alan Greenspan, Chairman of the Federal Reserve in the run-up to the financial crisis: "Alan Greenspan is a smart man. He just completely overdosed on Ayn Rand at an early age" โ Munger in a 2011 conference in Pasadena, California.
Artificial intelligence
7. On the AI โโinvestment craze powered by ChatGPT: "I'm personally skeptical of some of the hype around artificial intelligence. I think old intelligence works pretty well" โ Munger in the Berkshire Hathaway Annual Meeting 2023
Bitcoin and crypto
8. In bitcoin when it was trading at $150: "I think it's rat poison" โ Munger in a 2013 interview with Fox Business
9. Five years later, when the token was valued at $9,000: "So rat poison is more expensive" โ Munger in a 2018 follow-up interview with Fox Business
10. On how to avoid the cryptocurrency fad and its subsequent fall: "I'm proud to have avoided it. It's like a venereal disease. I simply consider it worthy of contempt" โ Munger in the Daily Journal Annual Meeting 2022
eleven. On the United States not banning crypto transactions: "I'm not proud of my country for allowing this crap; well, I call it crypto crap. It's worthless, it's crazy, it's no good, it will do nothing but harm, it's antisocial to allow it... I think the people who are "Those who oppose my position are idiots" โ Munger in the Daily Journal Annual Meeting 2023
