Investor, Stock, Stock market Charlie Munger: A Dire Warning for Stock Market Investors

Advanced civilization has gotten ahead faster than any century that exists before, and nothing else is even close, it’s utterly without president, in real terms, it just it’s unbelievable. I watch the whole damn thing practically because i’ve lived so long and it’s been absolutely astounding. You expect the next 10 years to have lower returns in the equity markets than the last 10.. It doesn’t give us an idea why the answer is yes, could you give us a hint as to why that might happen? Yes, because so many people are in it and the frenzy is so great and the systems of management, the reward systems are so foolish that that i don’t think it’s going to work at all. I don’t think i think the returns will go down. Yes, in real terms, the returns will be lower, so uh schuler, coolin, bachelor’s degree 1995 uh is going to ask about political economy. So two different questions: what do you think of the combinations of quantitative easing and large fiscal deficit, and where are they going to lead us? Well, there i’ve got a very simple answer and that is it’s one of the most interesting questions. Anybody could ask and we’re in very uncharted waters. We have nobody has gotten by with the kind of money printing we’re doing now for a very extended period without some trouble and i i think we’re we’re very near the edge of playing with fire, so uh. It is remarkable how much we’ve expanded the money supply.

How low interest rates are and how little initial response there’s been not too strong? A word astounding would be more. I like it. I will let you choose the adjective charlie it’s it’s, unbelievably extreme. Some european government borrowed money recently for some tiny little fraction of one percent for a hundred years. Now that is weird some kind of a would loan money to a european government for a hundred years, less than one percent so can i can i ask you a question that sort of falls out of this, but from a different perspective, which is that for a Long time, a lot of the policy making in the world was because capital is scarce. For a long time, the world economies were poor, and since world war ii, we’ve been creating wealth at a very, very high rate, have the rules change to some extent, because in some sense the developed economies are just very wealthy. Well, of course, it’s changed to some extent, because the developing county economies are very wealthy it’s changed enormously in my lifetime. Advanced civilization has gotten ahead faster than any century that exists before, and nothing else is even close. It’S utterly without president, in real terms: it’s just it’s unbelievable. I watched the whole damn thing practically, because i’ve lived so long and it’s been absolutely astounding. I can remember having a five course: filet mignon dinner in omaha for 60 cents. When i was a little boy. The world has really changed so our our next question, which is the converse wealth, can be high because we’ve accumulated a lot of wealth or because the value of that wealth is high.

So doctor uh, so david whitner, who is an associate degree in 1975 asked? Is it nasdaq in a bubble and will it blow up and do we know when is the nasdaq in a bubble? Well, i i nobody knows when bubbles are going to blow up, but just because it’s nasdaq doesn’t mean it’ll have another run like this one very quickly again, this has been unbelievable again, there’s never been anything quite like it. If you stop to think about it, think what apple is worth compared to john d, rockefeller’s old oil empire it’s been the most dramatic thing. That’S almost ever happened in the entire world.

What do you think?

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