Some of his notable quotes include his comparison of derivatives trading desks to casinos, his criticism of former Lehman Brothers CEO Dick Fuld, and his skepticism of the hype around artificial intelligence in investing. Munger was particularly critical of Bitcoin and other cryptocurrencies, referring to them as "rat poison" and "crypto shit," and expressing disappointment in the US for not banning crypto transactions.
Key takeaways:
- Charlie Munger, known for his wit and investing success, passed away on Tuesday at the age of 99.
- Munger was a key figure at Berkshire Hathaway and was known for his sharp criticisms of cryptocurrencies, calling them "rat poison" and "crypto shit".
- He also made notable comments on the 2008 financial crisis, blaming it on a combination of "megalomania, insanity and evil" in investment banking and mortgage banking.
- Despite the hype around artificial intelligence in investing, Munger remained skeptical, stating that "old-fashioned intelligence works pretty well".