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Charlie Munger attends the annual Berkshire shareholders meeting in Omaha, Neb., in 2019. Photo: Johannes Eisele/AFP via Getty Images

Berkshire Hathaway's Charlie Munger said at a conference Friday that markets are now overvalued and "even crazier than the dot-com era," the Australian Financial Review reports.

The big picture: Warren Buffett's right-hand man also praised China's ban on cryptocurrencies, which he said should never have been invented, according to the AFR.

  • The S&P 500 has more than doubled since the beginning of the COVID-19 pandemic, sparking fears among some investors that the market is overpriced, Bloomberg reports.

What he's saying: "The dot-com boom was crazier on the valuations even than we have now but overall, I consider this era even crazier than the dot-com era," said Munger, who has served on Berkshire's board since 1978.

  • "You have to pay a great deal for good companies and that reduces your future returns," he added.

When asked about China, Munger said, "I admire the Chinese, I think they made the correct decision, which was to simply ban them. In my country, English-speaking civilization has made the wrong decision, I just can't stand participating in these insane booms, one way or another."

  • "Believe me, the people who are getting in cryptocurrencies are not thinking about the customer, they're thinking about themselves."

In the wide-ranging interview, Munger declared that American millennials are "very peculiar" and told the Australian audience "they're very self-centered and very leftist."

  • He also offered some praise for Tesla founder Elon Musk and said he might bet on wholesale retailer Costco over Amazon.
  • "[Musk] thinks he's even more able than he is and that's helped him. ... Never underestimate the man who overestimates himself," he said.
  • He later added, "Amazon may have more to fear from Costco in terms of retailing than the reverse. Costco will eventually be a huge internet player. People trust it and they have enormous purchasing power."

Go deeper

Dec 15, 2021 - Technology

Elon Musk says Tesla will accept Dogecoin for merchandise

Photo: Patrick Pleul/picture alliance via Getty Images

Elon Musk says Tesla will experiment with accepting the cryptocurrency Dogecoin for merchandise — but he didn't mention cars.

Why it matters: Musk has 66.5 million Twitter followers, and his continuing embrace of crypto helps fuel alternative finance.

Scoop: Stephanie Ruhle to replace Brian Williams on MSNBC

Photo: Nathan Congleton/NBCU Photo Bank/NBCUniversal via Getty Images via Getty Images

MSNBC will soon announce plans to move morning anchor Stephanie Ruhle to the 11 pm ET hour that Brian Williams turned into an elite destination, two sources familiar with the move tell Axios.

Details: The 9 am ET hour, currently hosted by Ruhle, will become part of MSNBC's flagship morning show, "Morning Joe," which currently runs from 6 am to 9 am ET.

Oath Keepers leader denied bail on Capitol riot sedition charge

Oath Keepers co-founder Elmer Stewart Rhodes. Photo: Susan Walsh/AP

A federal judge ordered Oath Keepers leader Stewart Rhodes to remain jailed Wednesday until trial on charges stemming from the Capitol riot.

Why it matters: The judge said the most prominent far-right figure charged in the Jan. 6, 2021, insurrection had access to weapons and his alleged "continued advocacy for violence against the federal government" gave credence to prosecutors' view that, if released, Rhodes could endanger others.