Munger: The current stock market is crazier than the Internet bubble. China is right to ban cryptocurrencies!

Cailian Press (Shanghai, editor Xiaoxiang) reported that Charlie Munger, the old partner of "stock god" Buffett and vice chairman of Berkshire Hathaway, said at an industry conference held in Australia on Friday (December 2) that the current global market environment is even more "crazy" than the Internet bubble in the late 1990s. At the same time, he still disdained the recent surge in cryptocurrencies, saying that he would never hold cryptocurrencies.

In his latest speech, Munger, 97, highlighted the challenges of investing in a world of high valuations, saying the current investing environment is "more extreme" than anything he has seen in his decades of investing experience.

"I think the valuations of many stocks right now are out of line with fundamentals. The Internet boom was probably more exaggerated in terms of valuations than it is now. But overall, I think this era is crazier than the Internet bubble. High stock prices make it more difficult for investors to outperform the market," Munger said.

Munger also again pooh-poohed the cryptocurrency craze and praised China's move to ban cryptocurrencies. "I will never buy cryptocurrencies. I wish they were never invented," Munger said.

Munger noted, “Again, I admire China, and I think China made the right decision to just ban them outright. My country made the wrong decision.”

Munger added, “I want to make money by selling people things that are good for them, not by selling them things that are harmful to them. Believe me, the people who create cryptocurrencies are not thinking about their customers, they are only thinking about themselves. I personally cannot stand to participate in these crazy booms, no matter what form they take.”

Munger's old partner, Berkshire Hathaway Chairman Buffett, has always been completely unsupportive of cryptocurrencies. Since he first mentioned cryptocurrencies in 2013, the price of Bitcoin has risen from less than $130 to $60,000 in eight years, and this rising trend has not changed Buffett's views on cryptocurrencies.