Berkshire Hathaway Inc.’s Charlie Munger told a conference Friday that markets are wildly overvalued in places and that the current environment is “even crazier” than the dotcom boom of the late 1990s that subsequently led to a bust.
“I consider this era an even crazier era than the dotcom era,” Munger, 97, said at the Sohn conference in Sydney, the Australian Financial Review reported.
Munger also said that he wished cryptocurrencies didn’t exist, and praised China for taking action to ban their use, according to the AFR.
“I wish they’d never been invented,” he said. “And again I admire the Chinese, I think they made the correct decision, which was to simply ban them. In my country, English-speaking civilization has made the wrong decision, I just can’t stand participating in these insane booms, one way or another.”