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Charlie munger's view of the economy Charlie Munger of Berkshire Hathaway discussed his views on the economy oil renewable energy and cryptocurrency following his recent personal investment in an Australian Investment Company billionaire investor Meyer who has worked alongside Warren Buffett for decades spoke with the financial review in Australia about his thoughts Munger Berkshire Hathaway's Vice chairman invested in Stonehouse Corporation a melbourne-based investment firm because its founder is a soul mate to the conglomerate he said the amount invested was not disclosed Stonehouse Corporation a relatively unknown investment firm is run by Charles Jennings an American living in Australia for several years his strategy has been to mirror the conglomerates policy of buying and holding businesses Munger Buffett's right-hand man made the investment with his own personal wealth because Jennings operates similarly to birchers and employees why isn't oil going away Berkshire Hathaway now owns an 18.7 stake in Occidental having added another 12 million shares in July and also has a stake in oil producer Chevron CVX get Chevron Corporation report which is the conglomerates fourth largest holding according to Munger the global economy will be dependent on fossil fuels for several decades I believe we will continue to use fossil fuels for a long time because we must we will not eliminate fossil fuels rather we will use them less free quality stated Mugger on the other hand believes that renewable energy should be included in the mix I also believe that Renewables will generate more of the world's power be added both of these things will occur economic forecast inflation Mueller's investment strategy is unaffected by inflation I'm always aware of it he said but it doesn't stop me from working I'm nine thousand eight hundred and twelve years old and have witnessed a lot of inflation I intend to survive inflation I've seen a lot of it already in my long life it is not discouraging when making investment decisions Mueller largely ignores current macroeconomic trends I'm not particularly interested in macroeconomic Trends he admitted I just ignore the weather as I do everything else I simply try to invest whatever capital I have as well as I can and accept the results as they come I just take whatever opportunities come my way and hope to get my fair share Berkshire Hathaway's investment thesis Berkshire Hathaway is well known for keeping large amounts of cash on hand berkshire's recent cash levels were not accumulated because we were anticipating a big decline where you can spend it munner explained because investors were eager to deploy their Capital cash Reserve levels increased we accumulated cash because things became so competitive and prices for good businesses we couldn't find any good Investments he explained never buy crypto Mueller has always been brutally honest about his disdain for cryptocurrency investing claiming in the past that digital currencies are fraudulent and that Bitcoin is a scam noxious poison stupid and immoral Bitcoin and other virtual coin sellers are interest worthy and digital currencies are a mass Folly according to him I believe anyone who sells this stuff is either insane or evil munner told the financial review I'm not interested in undermining the world's National currencies I say of cryptocurrency he advises investors to stay away from them never touch it he instructed never ever buy it allow it to pass buying or trading in the stuff strikes me as almost insane I just avoid it like it's an open sewer full of dangerous organisms I just avoided it completely and advised everyone else to do the same investing in the stocks of profitable companies is a better strategy stocks are very interested in real businesses he explained crypto is an investment in nothing and the guy trying to sell you nothing says I have a special kind of nothing that's difficult to make more of I don't want to pay for nothing
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