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Berkshire Hathaway: Bitcoin Is Disgusting, Detestable, Noxious Poison

•, C. Edward Kelso

If it's not a religious affair, it sure has that feel. The grand cardinal of retail finance, Charlie Munger, was plopped into a chair, and assembled hordes gathered to hear investment wisdom from the Oracle of Omaha's saintly priest. To say Mr. Munger is a successful investor is to place too general praise on the man: arguably he is among the most bankable gurus of all time.

From Los Angeles, Mr. Munger came right out with it: "I never considered for one second having anything to do with [bitcoin], I detested it the minute it had been raised. The more popular it got, the more I hated it. It's just disgusting that people have been taken in by this."

The focus of his remarks was not bitcoin per se, as the question and answer period, interview style, lasted over two hours. He discussed a myriad of economy related questions and subjects, including regulating banks such as Wells Fargo, Berkshire Hathaway's large stock holding of nearly 30 billion dollars. There, Mr. Munger came to the embattled bank's defense, suggesting government regulators had gone far enough in efforts to get it to right past wrongs; indeed, Mr. Munger suggested regulators had done too much. Wells Fargo was accused of creating fake accounts to buttress numbers, adding automobile insurance charges to customers who didn't ask, and monkeying with mortgage extensions.

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