Charlie Munger has commented on Bitcoin and Elon Musk. Looking back today, some of his views may have been right, some wrong, and some of his reflections on mistakes may not be entirely accurate (for example, his failed investment in Alibaba, which he attributed to it being a damn retailer); some still require further verification.
Compiled as follows:
Munger's comments on Bitcoin:
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Munger stated: "Bitcoin is stupid, evil, and makes people feel foolish."
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"In my life, I try to avoid things that are stupid, and evil, and make me look bad in comparison to someone else, and bitcoin does all three."
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Munger stated: "Bitcoin is very likely to go to zero, and it undermines the integrity of the Federal Reserve and the national currency system."
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"It’s stupid because it’s very likely to go to zero, and it’s evil because it undermines the Federal Reserve System and national currency system, which we desperately need to maintain its integrity and government control and so on."
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Munger said: "China's leaders wisely banned Bitcoin, and with all our presumed advantages of civilization, we are a lot dumber than the communist leader in China."
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"He was smart enough to ban bitcoin in China, and with all our presumed advantages of civilization, we are a lot dumber than the communist leader in China."
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Munger said: "Bitcoin is disgusting and contrary to the interests of civilization.”
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"Bitcoin is disgusting and contrary to the interests of civilization.”
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Munger said: "Trading cryptocurrencies is nauseating, like trading excrement."
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“It’s like somebody else is trading turds and you decide, ‘I can’t be left out’.”
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Munger also analogized: "If you could make money by trading freshly harvested baby brains, would you do it? Bitcoin is almost equally repulsive."
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“Imagine if you could profit from trading freshly harvested baby brains. You wouldn’t engage in that, would you? It’s an abhorrent idea. To me, Bitcoin is nearly as objectionable. I see it as a mix of insanity and immorality. Those promoting it are a disgrace.”
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Munger said: "I am not proud of my country for allowing this crypto garbage — it's worthless, very crazy, and absolutely harmful."
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"I'm not proud of my country for allowing this crap — well, I call it crypto shit. It's worthless, it's crazy, it's not good, it ..."
Munger's comments on Elon Musk:
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Munger said: "I wouldn't buy his stock, nor would I short it."
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"I wouldn’t buy his stock, nor would I short it."
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Munger on Musk: "He is a genius, but overconfident; never underestimate a man who overestimates himself."
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“Never underestimate the man who overestimates himself.”
Munger's comments on Alibaba:
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Munger said: "I consider investing in Alibaba one of the biggest mistakes I ever made."
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"I regard Alibaba as one of the biggest mistakes I ever made."
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Munger said: "At the time, I was charmed by their position in the Chinese internet sector and didn't realize that at its core, it was still a damn retailer. The internet industry is fiercely competitive; it won't be a cakewalk for everyone."
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"I got charmed by their position in the Chinese internet; I didn't stop to realize they're still a goddamn retailer. It's going to be a competitive business, the internet — it's not going to be a cakewalk for everybody."
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Munger criticized Jack Ma for being "very arrogant" in dealing with the Chinese government, stating that his public criticism of regulators was a "very stupid" move.
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"Jack Ma was — made mistakes in dealing with the Chinese government. I think he was very arrogant for publicly taking shots at Chinese regulators. Pretty stupid, it's like poking a bear in the nose with a sharp stick. It's not smart. And Jack Ma got way out of line by popping off the way he did to the Chinese government. And of course it hurt Alibaba."
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Munger admitted to constantly reflecting on his investment in Alibaba: "I keep reminding myself of the mistakes I've made because I think it's good for me."
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"I keep rubbing my own nose in my own mistakes like I'm doing now because I think it's good for myself."
This further tells us that everyone should be an independent thinker. Blind faith in books is worse than having no books at all.
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