**Charlie Munger, Renowned Investor and Warren Buffet’s Right-hand Man, Passed Away at the Age of 99**
The widely-recognized Warren Buffet’s right-hand man, Charlie Munger, passed away at the age of 99 on Tuesday, leaving behind an outstanding legacy of investing success and plenty of memorable quotes.
**Known Wit and Humor**
Charlie Munger was noted for his intelligence and wit as well as his decades-long successful run at Berkshire Hathaway. In his late 90s, he exhibited the same sense of humor that made him so popular with the public. Even in his final years, he remained a prominent figure known for his funny and sometimes brutal remarks about various topics, including cryptocurrencies and the stock market.
**Legendary Quotes**
Munger’s dry humor and incredibly insightful comments about investing and markets made him a highly-regarded figure in the business world. Here are eleven of his most memorable quotes about the stock market, the Federal Reserve, artificial intelligence, and cryptocurrencies.
**The Stock Market**
1. “The bubble in America was caused some combination of megalomania, insanity and evil in, I would say, investment banking, mortgage banking” –Munger at a 2011 conference in Pasadena, CA.
2. “I bet Richard Fuld doesn’t have an ounce of contrition. It’s just megalomania. When it’s like that, you need rules to prevent catastrophe. When banks are borrowing the government’s credit rating, you need rules to prevent stupid things” – Munger in a 2010 interview with CNBC.
3. “What do you think a derivatives trading desk is? It’s a casino in drag. They make the witch doctors look good” – Munger at the 2015 Daily Journal annual meeting.
4. “I have a friend who’s a fisherman. He says, ‘I have a simple rule for success in fishing. Fish where the fish are.’ You want to fish where the bargains are. [It’s] that simple” – Munger at the 2020 Daily Journal annual meeting.
5. “What we’re getting is wretched excess and danger for the country. A lot of people like a drunken brawl, and so far those are the people that are winning, and a lot of people are making money out of our brawl” – Munger at the 2021 Daily Journal annual meeting.
To read more of Munger’s best quotes, please visit the original article on Business Insider.
**The Federal Reserve**
6. “Alan Greenspan is a smart man. He just totally overdosed on Ayn Rand at a young age” – Munger at the 2011 conference in Pasadena, CA.
**Artificial Intelligence**
7. “I am personally skeptical of some of the hype that has gone into artificial intelligence. I think old-fashioned intelligence works pretty well” – Munger at the 2023 Berkshire Hathaway annual meeting.
**Bitcoin and Crypto**
8. “I think it’s rat poison” – Munger in a 2013 interview with Fox Business when bitcoin was trading at $150.
9. “So it’s more expensive rat poison” – Munger in a 2018 follow-up interview with Fox Business when the token was valued at $9,000.
10. “I’m proud of the fact that I avoided it. It’s like some venereal disease. I just regard it as beneath contempt” – Munger at the 2022 Daily Journal annual meeting when discussing dodging the crypto craze and subsequent crash.
11. On the US not banning crypto transactions: “I am 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’ll do nothing but harm, it’s antisocial to allow it… I think the people that oppose my position are idiots” – Munger at the 2023 Daily Journal annual meeting.
Charlie Munger will be remembered for his exceptional acumen, his blunt and humorous commentary, and his incredible financial legacy that will continue to impact the world of business and investment.
I’m a cryptocurrency and blockchain technology journalist. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.
