Skip to comments.'Civilized People Don't Buy Gold': Berkshire's Munger
Posted on 05/05/2012 9:07:27 AM PDT by BenLurkin
Warren Buffett's right-hand man doesn't like gold as his boss does, Charles Munger told CNBC Friday on the eve of Berkshire Hathway's annual meeting.
"Gold is a great thing to sew into your garments if youre a Jewish family in Vienna in 1939," the Berkshire vice chairman said, "but I think civilized people dont buy gold, they invest in productive businesses."
Munger, 88, said he loves Berkshire Hathaway's [BRK.A Loading... () ] portfolio of such businesses, which includes, among many others, the Burlington Northern railroad, specialty chemicals firm Lubrizol and Geico insurance.
"We just have a wonderful portfolio in business, if you average them out," Munger said. "By and large they're doing productive, useful work. Its not outsmarting the computer systems in the trading markets."
For the most part, he agrees with Buffett's "simple" investment strategy, which he said is "pretty agnostic." "Weve always been opportunistic" in investing, he said.
Munger said that unlike Buffett, who announced he is fighting early-stage prostate cancer, he doesn't even bother to get his PSA levels checked.
But he understands the concerns about succession at Berkshire. While Buffett's successor has not been publicly named, Munger said he has "never been more comfortable about succession or duration of [Berkshire's] culture than ... right now. Our new investment people show enormous promise."
One ugly aspect of the Obama era: The anti-Semites seem to be open and emboldened.
I’m speechless. This is Front Page News. If any Libtard ever says, “Well, Buffett likes Bobo.”, this is what I’m going to hit them with. He thinks your a chump for buying those Krugs you got stored in your gun safe, and he’s an anti-Semite to boot.
If someone from Fidelity or Vanguard said this...they’d be fired within three days. The company would waste one of those days just verifying what was said and talking to witnesses to make sure it wasn’t something else the guy said.
I realize this was his VC’s statement, but the tree don’t grow too far from the apple...
Gold is a great thing to sew into your garments if youre a Jewish family in Vienna in 1939,
Yeah, cuz that could never happen again>s<
I am speechless to think a highly paid and supposedly educated man could actually say that.
I guess he didn’t include blacks sewing gold into the clothing as they were being carted off by other blacks since he knew they wouldn’t have gold.
that last sentence is sarcasm to show how equally disgusting Buffett’s guy was
Indeed, this is yet the most hateful statement to date, right out of the Nazi animal play book, making fun of jews sewing and saving while they go about ransacking Europe like some animals at hunger games.
We are run by dangerous retards.
And, by the way, while Gold might not be the best, picking berries at the automatic Fed Reserve fund is the worst and laziest animal instinct ever. But that is what the culture at the Feds has become: being fed automaticaly interest rate berries, with the bigotry of it all.
Communists, NAzies, corrupt politicians and loser workers unite your scum and come out the closet.
In other words buy gold.
“Civilized people” don’t “overwhelm the system,” either.
Typical thieving evil Democrat party crony capitalist anti-Semitic piece of human feces.
I”m not sure that actually counts as an anti-Semitic remark. It’s pointing to the role of gold as a convenient asset in a SHTF scenario by pointing to one from the past. The same would apply to Russian noblemen in 1918.
Ignoring physical assets’ role as a hedge seems a bit odd for a hedge fund manager, though, now doesn’t it?
IDIOT of the day. These are why (ANY) People buy GOLD...
1. Your bank account has been confiscated by the government.
2. Your bonds in General Motors have been “cancelled”
3. All your customers have been laid off as the factory went out of business last Wednesday.
4. You have enough fuel to get the hell out of the state, but the gas stations have been ordered closed.
5. You suddenly realize you cannot take your house with you for shelter who knows where.
6. Your hard earned LAND is forfeit.
7. Your stock certificates are not worth the price of the rubber band holding them.
8. OCCUPY the WORLD burnt down the business block where your emporiam was located. The insurance company folded last Monday. Sorry about that.
9. You thankfully realize that the ONE and ONLY thing you can use to salvage your continued existence is the GOLD and few DIAMONDS you have stashed. Best of luck.
Buffet and Soros have both called gold a bubble, within the past few months. Not to argue the technicalities of what is or is not a bubble, isn’t it interesting that two market movers with open support for the administration and assorted statists have both said gold is due for a correction?
I personally expect PMs to decline in price before they gain. FWIW, I also believe we will see a deflationary environment before we resume accelerated inflation. I am agnostic on USD hyperinflation as long as the banks are sterilizing their cash infusions. When lending terms loosen and domestic interest rates rise, I will begin to worry and act accordingly.
This is a manipulated market in almost all sectors, IMO. Sometimes it may be more prudent to pay attention to the statements of the manipulators &/or the beneficiaries of that manipulation than to technical or even fundamental signals.
If Hussein is allowed to continue usurping the office, American Christians will need to review what the Jews had to do in NAZI Germany
Where are you, “you can’t eat gold” guys or do you only come out after a drop in the price of gold?
Absolutely. If you watch television, you’ll also notice that “G-d D—n” is not bleeped out anymore, either. The Libs seem to think hate speech is Avante-garde, I prefer to describe it as “sick-making”.
‘Domesticated Sheep Don’t Buy Gold’
Seems not to grasp the concept of the degradation of civilization.
3 months after the last food shipment to your local grocer, things will be pretty uncivilized.