Charlie Munger, the 99-year-old vice chairman of Berkshire Hathaway and longtime friend and business associate of Warren Buffett, said that he’s still a fan of many big bank stocks, even as Berkshire Hathaway has trimmed its top financial holdings.
He also stepped up his long-time criticism of cryptocurrencies, calling them “noxious poison.”
Munger’s comments come as Berkshire Hathaway has trimmed its top financial holdings, including Wells Fargo, Bank of America, and JPMorgan Chase.
“I might have different ideas [than Buffett],” Munger said about bank stocks at the annual meeting for the Los Angeles-based newspaper publisher Daily Journal. Munger’s comments come as Berkshire Hathaway has trimmed its top financial holdings, including Wells Fargo, Bank of America, and JPMorgan Chase.
Daily Journal Corp. (DJCO) is a conglomerate that also owns some individual stocks. The company’s portfolio is much smaller than Berkshire Hathaway’s. But the company does own stakes in four notable companies: Bank of America (BAC), US Bancorp (USB), and Wells Fargo (WFC) as well as China’s Alibaba (BABA).
Charlie Munger, vice chairman of Berkshire Hathaway Inc., listens before the Daily Journal Corp. shareholder meeting in Los Angeles, California, U.S., on Thursday, Feb. 14, 2019. DJCO is a conglomerate that also owns some individual stocks. The company’s portfolio is much smaller than Berkshire Hathaway’s. But the company does own stakes in four notable companies: Bank of America (BAC), US Bancorp (USB), and Wells Fargo (WFC).
“It’s not so bad for us. We’re not in a normal position. We’re willing to hold them for a while,” he said of ChatGPT. Munger, occasionally sipping on a Diet Coke (Coca-Cola (KO) is one of Berkshire’s top stock holdings) and chewing on peanut brittle from Berkshire-owned See’s Candies, was also asked about ChatGPT and how it might impact the Daily Journal’s newspaper business.
“It’s not so bad for us. We’re not in a normal position. We’re willing to hold them for a while,” he said of the rapidly growing chat site. Munger, occasionally sipping on a Diet Coke (Coca-Cola).
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