Charlie Munger has never been known to mince words, but lately he’s stepped up his patented wry criticisms of the financial world. In a little over a year, the Berkshire Hathaway vice chairman has likened Bitcoin to “rat poison,” blasted “gambling parlor” stock brokerages for encouraging risky investing, and compared meme stock traders to heroin addicts. And over the weekend, he continued a long-running tradition of criticizing his own industry.
Investment managers are nothing more than “fortune tellers or astrologers who are dragging money out of their clients’ accounts,” he told the Financial Times in a wide-ranging interview published Sunday, arguing there’s currently a “glut of investment managers that’s bad for the country.”
