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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 family 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."
Originally posted by David134
It doesnt matter. If and when TSHF happens, Gold sliver and dollars will be worthless. Food, clothing, bullets, things of this nature will be the true currency of the future. I would much rather be the village wine maker than the village goldsmith. Reminds me; need to pick up a pallet of toilet paper at Sam's. Can you imagine what that would be worth in a post apocalyptic.