The long-time business associate of Warren Buffett spoke on a wide array of topics including his scepticism over joining the party on Tesla's scrip, especially in the backdrop of wild swings it has witnessed recently.
Renowned investor and Vice Chairman of Berkshire Hathaway Charlie Munger, on February 12, said that he would never invest or short sell shares of Tesla.
According to a CNBC report, Munger was speaking at the annual meeting of Los Angeles-based newspaper Daily Journal Corporation.
The long-time business associate of Warren Buffett spoke on a wide array of topics including his scepticism over joining the party on Tesla's scrip, especially in the backdrop of wild swings it has witnessed recently.
Telsa, which had been on a tear since the beginning of the year, more than double till February 4, 2020, hit a record high of $969 on an intraday basis.
The stock plummeted nearly 17 percent the following day amid news that Model 3 deliveries in China, which is potentially a huge market for Tesla, would be delayed due to the coronavirus outbreak.
The scrip has since pared some losses and closed at $767.29, down 0.92 percent on the Nasdaq on February 12.
Munger also said that Chinese companies were stronger and growing at a faster pace than their US counterparts.
On the backdrop of the upcoming 2020 US Elections, he raised concerns over the state of US politics, calling it “weirdly awful” because of the “excesses of hatred you see everywhere.”
“I think there are lots of troubles coming,” Munger said, adding that overall, “there’s too much wretched excess.”
Munger, who has made been a proponent of the compounding effect of long term investing was also baffled by how the Chinese “love to gamble in stocks,” calling it “really stupid.”Exclusive offer: Use code "BUDGET2020" and get Moneycontrol Pro's Subscription for as little as Rs 333/- for the first year.
