In a series of tweets, the president addressed an unusual controversy stemming from a speech Thursday that New York Fed President John Williams delivered.Marketsread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
Earlier, Williams said in a speech that "it's better to take preventative measures than to wait for disaster to unfold."The Fedread more
The University of Michigan's preliminary print on its consumer sentiment index ticked up to 98.4, from 98.2 in June. Economists polled by Refinitiv expected the preliminary...Economyread more
The mega-cap tech stocks that have led much of the record-long bull run have started to lose steam, but investors are still giving them the benefit of the doubt.Marketsread more
Houston, we have liftoff. Fifty years ago, man landed on the moon and McDonald's and a handful of other stocks took off into the stratosphere. Two of them have more fuel in...Trading Nationread more
Amazon's PillPack was informed this week that it will soon be cut off from patient medication data, according to people familiar with the matter.Technologyread more
An Israeli cybersecurity company has reportedly developed spyware that can scrape data from the servers of Apple, Google, Facebook, Amazon and Microsoft products.Technologyread more
House Speaker Nancy Pelosi is rejecting the White House's most recent debt ceiling proposal, Bloomberg reports.Marketsread more
The country's Revolutionary Guards say they will soon releasePoliticsread more
The U.S. stock market should move higher from near-record current levels, says the co-founder of the world's largest money manager.Marketsread more
Charlie Munger has no patience for bitcoin.
During a two-hour question-and-answer session Wednesday at the Daily Journal shareholder meeting, the vice chairman of Berkshire Hathaway and longtime sidekick to Warren Buffett said he considers the current bitcoin craze to be "totally asinine."
"Bitcoin is noxious poison, " Munger said in response to a question. Munger, 93, is chairman and a director at Daily Journal, a Los Angeles-area publishing company, and his appearance at its annual meeting is a chance to hear his views on a wide range of subjects.
On bitcoin, the technology might be interesting but the investing frenzy around it over the last year should have prompted a government crackdown like the one in China, he said. "Our government's more lax approach to it is wrong. The right answer to something like that is to step on it hard."
Munger also tried to pre-empt questions about Berkshire's biggest stock holding, Wells Fargo. The bank has been struggling with intense regulatory and media scrutiny since 2016, when a massive fake account scandal came to light. Since then, Wells has admitted it also sold car insurance to customers who didn't need it and improperly charged fees on some mortgage rate lock extensions.
Berkshire owns $27 billion of Wells shares, about 9 percent. On Wednesday Munger said it was time for regulators to "let up" on it.
The bank had employee sales incentive systems that were too strong in the wrong direction and it was too slow in reacting, he said. But it is working to fix the problems. "I think Wells Fargo will be better off for having made those mistakes."
Munger said a fledgling effort by Berkshire to work with J.P. Morgan Chase and Amazon on a new healthcare solution for their thousands of employees will take a while to sort out. "The existing system is not only regrettable, it's evil," he said, citing soaring costs and misaligned incentives. "That's a very difficult thing to take on. I don't know how it will work out."
On the current economic climate and the government's plans to increase the deficit, Munger said, "Of course I'm concerned about the rising level of government debt. On the other hand, it's possible the world will function well even with a different pattern of government behavior."
He added, "Don't expect the world to go totally to hell."