Many of you are uncivilized in the eyes of Warren Buffet’s partner: Charlie Munger: Civilized people won't buy gold http://t.co/IUwtOFGv
To boil down the Berkshire Hathaway weekend media circus, the company’s earnings were weaker than forecast by analysts (media ignored the weaker than expected aspect). The only headline that had any attention grabbing potential to it was the Munger comment about gold. I don’t hold Munger in much contempt for making such a statement. What would you do, if you were an obscure (except to the CNBC crowd) 88 year old man, closing in on the drooling stage of life? Why, I would come up with some sort of outrageous statement. Good work Charlie, you grabbed their attention and avoided being completely overshadowed by that relative youngster associate of yours – Warren Buffett.
Of course, Buffett also stuck to his claptrap about the unproductiveness of gold vs the productivity of his companies – which still couldn’t meet the earnings estimates bar.