Charlie Munger’s Legacy: A Master of Wit and Investing
This week the investment world suffered a great loss with the passing of Charlie Munger, aged 99. Munger was known for his sagacious sense of humor and his remarkable financial success during his fifty-year stint at Berkshire Hathaway. Throughout his career, he assembled a treasure trove of life lessons and investment wisdom, as well as delivering countless memorable quotes.
The Stock Market
During a 2011 conference in Pasadena, Charlie Munger reflected on the 2008 financial crisis, attributing it to “megalomania, insanity, and evil.” His remarks touched on the influence of investment and mortgage banking. Additionally, in a 2010 interview with CNBC, Munger criticized former Lehman Brothers CEO Dick Fuld, remarking that Fuld lacked remorse for his actions. Munger also shared his thoughts on derivatives, likening them to a “casino in drag,” and expressed the belief that value investing is akin to “fishing where the bargains are.” In 2021, Munger lamented the rise of meme stocks, deeming it “wretched excess and danger for the country.”
The Federal Reserve
Munger’s views extended to the Federal Reserve, where he opined that former Fed Chair Alan Greenspan had become overly influenced by Ayn Rand’s philosophy.
Artificial Intelligence
Regarding artificial intelligence, Munger expressed skepticism about its potential, preferring to rely on “old-fashioned intelligence.”
Bitcoin and Crypto
Munger was notorious for his disdain of Bitcoin and other cryptocurrencies. In 2013, he famously referred to Bitcoin as “rat poison.” Five years later, despite the surge in value, he doubled down on his sentiment, calling it “more expensive rat poison.” Lamenting that he avoided the crypto craze, Munger compared it to a venereal disease and regarded it as “beneath contempt.” Beyond just expressing his personal disapproval, Munger also criticized the allowance of crypto transactions, labeling them as “worthless” and “antisocial.”
Forever Remembered
With the passing of Charlie Munger, the world has said goodbye to one of the most prolific and influential figures in the investment community. His wisdom, humor, and incisive commentary on financial matters left an indelible mark. As the investment world continues to evolve, Munger’s legacy and teachings will remain a cherished part of the world of investing.
I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin