'Civilized People Don't Buy Gold': Berkshire's Munger
Warren Buffett's right-hand man doesn't like gold as his boss does, Charles Munger told CNBC Friday on the eve of Berkshire Hathway's annual meeting.
"Gold is a great thing to sew into your garments if you’re a Jewish ****** in Vienna in 1939," the Berkshire vice chairman said, "but I think civilized people don’t buy gold, they invest in productive businesses."
Munger, 88, said he loves Berkshire Hathaway's [BRK.A 121950.00 150.00 (+0.12%) ] portfolio of such businesses, which includes, among many others, the Burlington Northern railroad, specialty chemicals firm Lubrizol and Geico insurance.
"We just have a wonderful portfolio in business, if you average them out," Munger said. "By and large they're doing productive, useful work. It’s not outsmarting the computer systems in the trading markets."
