The dot-com bust has nothing on what investors are seeing from markets right now, said Berkshire Hathaway's vice chairman Charlie Munger.
That was the verdict of the vice chairman of Berkshire Hathaway BRK.A, +1.18% BRK.B, +1.49%, Charlie Munger, describing current stock markets and company valuations out of touch with reality, at the Sohn Hearts & Minds Investment conference in Sydney on Friday.
Specifically, Munger said many U.S. companies were trading 35 times earnings, making it tough for average investors to get a foothold, with valuations the most extreme he’d seen in recent history.One stock that is in favor with Berkshire Chairman Warren Buffett’s right hand man is discount retailer Costco COST, -0.82%, which the 97-year old said he likes over U.S. e-commerce giant Amazon.com AMZN, -0.18%.
Munger also singled out one of Berkshire’s holdings, China electric-car group BYD 1211, -2.49%, which he described as “one of the best companies in the world.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Where to Watch the Charlie Brown New Year's Eve SpecialApple TV+ premieres the latest addition to the Charlie Brown holiday lineup.
Read more »
The Taliban will discover that ruling is harder than fightingFor an international community facing both humanitarian disaster and an unreconstructed Taliban in Afghanistan, the choice will be to engage or isolate. Both carry risks WorldAhead
Read more »
Kim Kardashian West, Kanye West and North West Attend Virgil Abloh’s Final Louis Vuitton Show in MiamiThe former couple have been longtime friends with the late fashion designer.
Read more »
Apple told suppliers iPhone 13 demand is falling ahead of holidays: BloombergInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Amazon internal data shows Black Friday revenue jumpedLeaked internal data shows Amazon's Black Friday revenue jumped from a year earlier, crushing the broader industry which suffered declines
Read more »