Video Link: https://youtu.be/ndiEZgg3-DQ
In this episode, Charlie Munger was asked what he think of all of the SPACs and the promoters pushing them?
In this episode, you’ll learn:
Charlie Munger on SPACs and the promoters.
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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.