Loading ...“I don’t think we’ll have a long-lasting Great Depression…. But we may have a different kind of a mess. All this money-printing may start bothering us.”
By Wolf Richter for WOLF STREET.
There is something refreshing during these insane times when a guy in his mid-90s who has seen it all and has been successful at navigating it, and who, during the last Financial Crisis, was buying stocks and entire companies hand over-fist, now says that he has never seen anything like this before, and that he doesn’t know what to do except to sit tight. And they’re not buying the rally, and they weren’t buying the crash.
Charlie Munger, vice chairman of Berkshire Hathaway, was talking with The Wall Street Journal about the current situation and how he and Warren Buffett are looking at it. And they’re not buying.
During the Financial Crisis, they were lending money to Goldman Sachs and GE and getting warrants too that turned out to be very profitable, and they bought stocks, and they bought BNSF outright after the partial stake they’d acquired before the Financial Crisis went sour.
