Charlie Munger is a close friend of Warren Buffet.
The pictures are by JoAnnes Eisen.
Charlie Munger said markets are even crazier than they were during the dotcom bubble.
According to the Australian Financial Review, Munger said that people who invest in cryptocurrencies are just thinking about themselves. He called the US generation "self-centered."
The 97-year-old is vice chairman of the conglomerate and has been a close friend of Buffett for decades. He has a net worth of over $2 billion.
The valuations of the dotcom boom were crazy. He said in a Friday interview that the era is even crazier than the dotcom era.
You have to pay a lot for good companies and that reduces your returns.
The dotcom boom was a period of rapid growth in technology stocks. As excitement built up around the potential of the internet, investors poured money into companies with little in the way of revenue or profits.
The stock-market crash in 2000 happened in one day, with the index falling as much as 9%.
The current stock market has been compared to the dotcom bubble by many investors. The electric-vehicle startup went public last month. It is now worth 95 billion, making it the sixth-biggest carmaker in the world.
Munger said that China was right to step hard on booms and not let them go too far.
The executive from the company told the conference that he wished digital assets had never been invented. He said that the Chinese made the correct decision to ban them.
The people who are getting into cryptocurrencies are thinking about themselves, not the customer. Look at them. I don't want any of them to marry into my family.
Munger said the US's young people are very self-centered and left-wing.
His comments came a month after the company's latest earnings showed its cash pile had hit a new high.
Munger said that finding good companies to buy was difficult because of high stock prices.
"You want companies that have high earnings on capital and have a durable competitive advantage, and if you can add to that, they've got a good management instead of a bad one," he said.
The great companies of the world have been discovered. They are very expensive to buy.
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Business Insider has an original article.
