- Charlie Munger, the vice chairman of Berkshire Hathawayspoke for the on a Wednesday shareholder meeting daily newspaper, a publisher based in Los Angeles.
- Munger said there were "many problems" due to "too much miserable excess". according to CNBC,
- "I don't like it when investment bankers talk about Ebitda, what I call bull income," he said report,
- He also talked about Chinese investors and technological innovations.
- Read more about Business Insider.
Charlie Munger, the vice chairman of Berkshire Hathaway and the business partner of the renowned value investor Warren Buffett is concerned about the future.
On a Wednesday shareholders' meeting for the daily newspaper, a Los Angeles-based publisher headed by Munger, warned that "there are many problems" because "too much abundance" CNBC reported on Wednesday.
Part of this surplus is due to Ebitda, Said MungerThis represents earnings before interest, taxes, depreciation and amortization. This metric is often used by companies like Uber to report quarterly and annual results.
"I don't like it when investment bankers talk about Ebitda, what I call bull income," he said Report. He continued: "Think of the basic intellectual dishonesty that arises when you talk about an adjusted Ebitda. You almost proclaim that you are a flake."
Munger also believes investors are taking too much risk today, highlighting China as part of the problem, saying, "It is difficult to imagine that something is stupid than the way the Chinese hold stocks," CNBC said.
"In China … they love to play in stocks. It's really stupid," said Munger.
In addition, the 96-year-old investor said he was concerned that innovation in his life could slow down, the report said.
"I think my generation had the best of all these technological changes," he said, noting improvements in medicine and air conditioning, according to the CNBC. "I don't think we will improve so much in the future because we have already achieved so much."
Investors flock to events where Munger or Buffett speak, as both have had successful careers for decades. Berkshire Hathaway released its in 2019 worst underperformance of the broader market in a decade – While the company's share price rose 11%, the S&P 500 rose 29%.
In the future, investors and analysts will be watching what Munger and Buffett have to say during the upcoming Berkshire Hathaway annual shareholder event in Omaha, Nebraska,