JULIA LA ROCHE 00:00
Our next shareholder question comes from Simon Jacobs, he write many observers see market behavior that reminds them of the Dot Com bubble: wild speculation, endless SPACs, and IPOs soaring on their first day of trading. Do you agree that there is a close parallel to the late 90s and that this, therefore, “must end badly?”
CHARLIE MUNGER 00:30
Yes, I think it must end badly but I don’t know when.
JULIA LA ROCHE 00:35
You know, an another shareholder Bill Roberts ask about SPACs, and he points out it seems like everyone — including actors, athletes, singers, and politicians — are getting into the business of promoting their own SPAC. Why do you think all these SPACs and the promoters – What do you think of all of the SPACs and the promoters pushing them?
CHARLIE MUNGER 01:04
Well, I don’t participate at all. And I think the world would be better off without them. I think this kind of crazy speculation in enterprises not even found or picked out yet is a sign of an irritating bubble. It’s just that the investment banking profession will sell shit as long as shit can be sold.
Beware of the promoters and follow the facts. And remember;
"The investment banking profession will sell shit as long as shit can be sold." ~Charlie Munger