CNBC: Charlie Munger warns there are ‘lots of troubles coming’ because of ‘too much wretched excess’

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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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