Charlie Manger, Warren Buffett’s deputy, said the market is now more crazy than the .com bubble – and he wouldn’t want any corrupt fans to marry into his family.

Charlie Manger (right) is a close associate of Warren Buffett (left).

  • Charlie Manger, Warren Buffett’s right-hand man, says markets are now more crazy than the .com bubble.
  • “I don’t want any of them to marry into my family,” he said of people investing in cryptocurrencies.
  • A Berkshire Hathaway executive said China was right to stamp down bubbles and take a hard line on digital assets.

Charlie Manger, Warren Buffett’s deputy, said markets were “even crazier” at the moment than the .com bubble.

Manger blew up cryptocurrencies, saying those who invest in them are thinking only of themselves, according to the Australian Financial Review. It also labeled American millennia as “self-centered.”

Buffett, 97, has been Buffett’s closest ally for decades and vice chairman of the vast Berkshire Hathaway Group. According to Forbes, its total value is $ 2.2 billion.

He said in an interview at the Sohan Hearts and Minds Investment Conference in Australia on Friday: I think it’s even more crazy. “

“You have to pay a high price for good companies and this reduces your future profits.”

.Com’s boom was a time of rapid growth in technology stocks. Investors invested in very few companies for profit or profit, as there was excitement around the potential of the Internet.

It ended in a major stock market crash in 2000, with Nasdaq falling 9% a day and 25% a week.

Many investors, pointing to companies like Raven, have compared the current stock market to a dot-com bubble. Electric vehicle startups have not yet made significant money, but went public last month. It is now valued at $ 95 billion, making it the sixth largest car maker in the world in terms of market capitalization.

Manger said China, which is tightening its grip on debt in the economy, was right to “take a hard line on the boom and not let them go too far.”

The Berkshire executive has long been a critic of cryptocurrencies, and told the conference that he wished digital assets had never been invented. He said the Chinese had made the right decision, which was to ban them.

“Believe me, the people who are getting cryptocurrency are not thinking about the customer, they are thinking about themselves. Just look at them. I don’t want any of them to get married in my family. Do. “

Manger said the American millennial is “very strange: very selfish and very left-wing.”

His comments came a month after Berkshire Hathaway’s latest earnings disclosure, when its cash reached a new high of 9 149.2 billion in the third quarter.

Munger told the conference that high stock prices meant it was difficult to buy good companies.

“You want companies with higher capital gains and a more sustainable competitive advantage, and if you can add that they have a good management rather than a bad one, that’s a big advantage. ,” They said. AFR

“But what you will find is that the world’s largest companies have been discovered. They are very expensive to buy.”

Read more: Table tennis champion Ariel Hessing has been friends with Warren Buffett for over a decade. She gives 7 life lessons from the legendary investor, and explains how being an Olympian helps her in her work.

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