KEY POINTS
- Munger highlighted how much risk investors are taking when investing, particularly in China. “In China, … they love to gamble in stocks. This is really stupid,” Munger said.
- Munger also highlighted the proliferation of EBITDA as a profit metric as another sign of wretched excess, calling it “ridiculous.”
- “I don’t like when investment bankers talk about EBITDA, which I call bulls— earnings.”
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