does munger sound like a dinosaur here?r the past however many years in america we've pushed people to the stock market as a vehicle for retirement, for their investments. a smart guy, a podcaster named john said, well, yeah, but most people shouldn't day trade you have to walk a fine line between letting people more freely invest, back the companies they care about, which was very hard to do before, and play the stock market like a casino where we know they're probably just going to lose. >> right nilay, some might argue this is a start. the average person shouldn't be day trading, but it's that experience of learning, learning from their mistakes that leads to more education, more participation in the stock market, more long-term holding, right? >> yeah, and i think gamestop itself right now as you watch is a really good example. it's rallying because of an emoji of ice cream posted by one of the board members and maybe the first gamestop rally was triggered by a technical argument about the amount of short position that

the charlie munger idea is as good as anything i've heard. i was wondering if roaring kitty was the can cfo. i made that up, i literally made that up. who knows? can. >> careful >> i can't believe it's back this quickly and that the whole cost, everything i think i saw best buy getting a bid. i don't know what to make of it. if you saw what happened three weeks ago, maybe, not even a month, both the shorts and the longs got burned people made money on either side, but this is a powder keg i wouldn't touch it. >> we should note that -- i check the twitter feeds of course everybody does these days. the kitty has not posted anything since february 20 cohen who is a major shareholder, he is the co-founder of chewy. he posted a picture of a soft serve vanilla ice cream kohn maybe 15 minutes before the rise in gamestop started. i don't think that's correlated. but for full disclosure, that's what happened on twitter related to the gamestop story. tim. >> yeah. maybe the good humor man is going to take a board seat i don't know but i do think you ha

munger is outraged, but we want you to decide. and guess who else is going to weigh in?he founder of the reddit room that sparked the retail investor rebellion, jaime rogozinski. with the closing bell ringing in 36 and a half minutes, dow jones industrials falling 569, the nasdaq down 463. we are coming right back, please don't move. ♪ ♪ idelity -- a visual snapshot of your investments, key portfolio events, all in one place. because when it's decision time, you need decision tech. only from fidelity. how am i doing? you need decision tech. some say this is my greatest challenge ever. governments in record debt; inflation rising and currencies falling. but i've seen centuries of rises and falls. i had a love affair with tulips once. lived through the crash of '29 and early dot-com hype. watched mortgages play the villain beside a true greek tragedy. and now here i am, with one companion that's been with me for millennia; hedging the risks you choose and those that choose you. the physical seam of a digital world, traded with a touch. my strongest ally and my closest asse

munger commented on many things. this was two hours where he took questions from shareholders.id it's going to be here for a very long time that doesn't necessarily mean it's going to be a big business. even if you stop using oil and gas for transportation, you need it for feed stocks, chemicals. he thinks there's no way it's going away any time soon my favorite may have been some of the things he commented on in terms of how to live a happy life 97 years old, pretty happy guy when he was asked how to live a happy life he said the key to a happy life is having low expectations if you have unrealistic expectationsyou're always goin to be miserable. those are words of wisdom. >> that's charlie happy, okay? >> yeah. >> all right some of us are happy when we're cranky i am happy i'm very happy here's my question because i have a problem with this i think there's a time and place for a fun wager, as you know, and the way he was just talking, does he mean that gambling, if it intersects with investing, is dirty? >> yes i think he's never been a fan of gambling period. >> is he a puri

kate rooney joins us with all of this >> robinhood responding to charlie munger's criticism, in partt new investors have a, quote, mindset of racetrack bettors is disappointing and elite st they've been at the center of the sanaa. and valuation, appear to be stronger than ever that could bode well for a public listing bids for pre-ipo shares surged during the mania last month, according to rainmaker securities demand rose again after robinhood's ceo testified last week before congress, and it's the most bid-upon stocks rainmaker is seeing in markets and it's estimated they added 3 million accounts in january alone. the growth and demand are seen as a vote of confidence for the company and the ceo. i spoke to a few robinhood vc investors who said tenev did pretty well during that hearing. but gamestop is up as much as 80% today. we'll see how well robinhood handles the volatility this time around. >> in addition to robinhood seeking to go public, coin base also filing. this is the first major cryptocurrency, it's the first glimpse into how they make money. most is on transaction fees.

. >>> charlie berger making some strong comments, as he often does becky quick has -- >> charlie mungerisoners. he's always speaks his mind. he isn't holding back, insulting almost everybody and anybody associated with wall street. i'm even turning it off, because there's a new one about every minute he started off with spacs, what do you think about spacs the investment banking will sell crap, as long as crap can be sold, except he used forexplicit things he also started talking about what he's seeing about wells fargo. why has when berkshire has selling so much? he said, i don't think it's required that we absolutely have the same sort of situation as berkshire. he did sit he was disappointed by the former management, but they definitely made some bad decision, and he said you can understand why warren got disenchanted to explain berkshire shares i'm a little more tolerant i expect less out of bankers that he does he's never been a fan of bitcoin. a few years ago, i think he called it rat poison this time he was quiet her at first. he said it's the equivalent of digital gold since i n

you know they're starting to doubt their own reality right that's charlie munger the partner of warren buffett says show me the incentive of the outcome so when it comes to was a paradigm or was it purposefully done to ratchet late down to 0 percent fact is it does benefits use corporations fantastically if you used all that cheap money to buy back their own stock in a war themselves executive stock options that were guaranteed to increase 510-2030 x. and that's where all the wealth in america has come from gaming the system and now it's time to put toys back into the toy chest and let markets do what they do well you know who saw the last. break in the matrix of the financial system and the exposure of a flaw in it where he can make money the big short michael burry so he's back and of course signaling something in his tweets that is the underlying cause of this and what everybody is starting to sense just like any collective of people group of people mass group of people we all sense what's coming and he was talking about hyperinflation and why my germany everybody is talking about w

who pays them then i'll show you the incentive and the incentive structure is really monger charlie munger so you know you tune into the cable news you tune into any political debate and what you see is the fact that as dominic frisby points out in the interview that you're about to see is all of these measures go back to ancient mesopotamia star as a temporary thing always the population only allows it if there is a war or a crisis so thus it becomes especially in afia age a permanent crisis we have permanent financial class we have permanent wars i don't know. how many my taxes right now go to support around the world but there are plenty of them right now happening so you have permanent you know bad times permanent pessimism that's what that's why in big point what we call it that was the title of our new year's eve show is relentless optimism because all the incentives are not to have war not to waste it on killing people around the world that you don't even know for no reason at all so i think we can change that and it's funny because back in the medieval times the problem or despots

gotten a lot of attention behalf robinhood, reddit, everybody from congressional lawmakers, to charlie munger, i'm wondering whether you see robinhood as a competitor i think people can argue whether there's similar dynamics i think most people still trade and buy stocks for long-term wealth creation, not for recreation and entertainment, but certainly i think there are some that might, but we don't see it as a competition. you had a really incredible do you think that changes once people start going back to work, once we're not so concerned about the pandemic and protection >> first, thank you, and, you know, we did talk about this a bit on the earnings call, as we thought about our guidance last year, we did build a bit of conservatism into into the back half of the year, with the expectation there may be softening of tailwinters it's hard to determine what was actually driving some of this increased momentum i think certainly the industry itself is picking up momentum. we have come a long way in terms of optimizing our product, but you have to think at least a good chunk was coming up with

. >> danny, finally, just to comment on spacs as a tool, you know, yesterday charlie munger said at this better off without spacs thinks it's a crazy speculation in is enterprises not found or picked out yet he called it an irritating bubble what does the spac world think when they hear that from a guy like munger? >> i thad a great conversation with him two weeks ago he was eating a big piece of chocolate cake and he told me how much he liked shake shack, which i thought was the biggest compliment from a guy in world who owns dairy queen listen, the spac world is absolutely on fire right now, and fires tend to be put out over some period of time and i think the reason people are asking that question, which is a fair question, is that it's a very special company that is actually ready to become a public company and if the number of spacs exceeds the number of bona fide businesses that are ready to be public, he is potentially right. that said, when we got into the hamburger business, it's not like there weren't a lot of hamburger businesses out there it's not like there weren't a whole l

amy: the biden administration is also deporting a man named paul to haiti who new york congressman munger had worked to successfully stop the deportation just weeks ago before biden was sworn in. around 3:00 a.m. tuesday morning , he tweeted "at 3:00 a.m., my staff woke up to an urgent call. suddenly, in the dead of night, ice was into deport the beloved paul peerless to haiti, country where he has never been." for more, we're joined by two guests. in tijuana, mexico, erika pinheiro is an immigration attorney and the policy director for al otro lado -- in english, "the other side." also with us, aura bogado, senior reporter at reveal from the center for investigative reporting. we welcome you both. auro, let's begin with you. can you explain what is going on? you have these executive actions that are truly important concluding one that calls for a halt to deportations. this is the president of the united states. and yet hundreds of people have been deported under this new administration. what is going on? >> thank you for having me. what we're seeing is quite a departure from the previous

i remember charlie munger, the vice chair of berkshire hathaway, warren's bff forever and ever, useding it -- is the best run company that he felt was out there. people used to wonder would they buy it outright. i don't think paypal. i know that was on barron's list -- david: yeah, i don't think so either. liz: one thing, he does not buy at all-time highs. that is not a good thing. and you know this, dade, he says -- david, he says you want to buy the quarterback who's lying in the hospital with a sling. david: all these stocks are up double digits, twice as much as what they were at the low in march of 2020. there's been a tremendous runup in these stocks, but i think people have underestimated the power of these energy stocks. liz: it's coming out after the bell. 13-f filing, much awaited. ing thank you. david asman. >>> as the biden administration ramps up its infrastructure plan, today's countdown closer has the 3m, he says to use as building blocks as a foundation to your portfolio. -- the three ms. coming up, don't go away. ♪ ♪ my husband and i have never eaten healthier. shing

then there's this, you remember charlie munger, of course he is still around i think he's in his 90s,like, billionaire and warren buffett's right-hand man. he said he would not touch a bitcoin period, wouldn't touch it. he's known for saying fiery thinks. what else are two i think rat poison square, remember that infamous warren buffett quote on that coin. charlie munger says he's still not interested. >> the medium of exchange for the world, it's too volatile to serve well as a medium of exchange and it's really kind of a artificial substitute for gold and since i never buy gold, i never buy bitcoin. susan: also saying bitcoin reminds him of what oscar wilde said about foxhunting. he said it was a pursuit of the undefeatable by the unspeakable. deal like that cracks that also means people are fearful of missing out on the money trying to chase bitcoin with the fomo trade. he didn't know if it was tested at billion or bitcoin out of thousand he's also not familiar-- find out spac. >> enterprise with not even a founder picked out yet is a sign of irritating bubble, it's just that the i

the online trading frenzy coming under fire from charlie munger.make money. what's your reaction to what's going on in bitcoin? >> bitcoin's its own little animal. the move that bitcoin has had over the last let's say a month, it's remarkable. and this, again, -- that's fueled a little by musk and some of his tweets. these things are going up for no fundamental reason at all. i'm a very big believer in block chain. block chain is very important, it will be for many different industries and bitcoin will be useful down the road but right now is it worth the current valuation? i think it's hard to really make that argument. that being said, mining bitcoin can make a return really quickly. maria: all right. we will leave it there. brad, good to see you this morning. thank you very much. we'll be right back. stay with us. so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in

munger thinks brokers who attract inexperienced investors are essentially gambling services.mission free trading is a lie and the platforms have found a dirty way to make money is something that he said. no response. they are burning out as they enter into a second year of working from home. trying to bring some employees back into the office soon, at least half-time. there are only so many zoom calls you can do. zoom-fatigue is real and it needs to be taken seriously. that is the "bloomberg business flash." anna: the lng industry had a lot to contend with. what is the outlook for the specter? we get the head of shell in the conversation next. this is bloomberg. ♪ anna: welcome back. 20 minutes to go until the start of the trading session. modest gain of futures. a slightly different taste for investors, one that is focusing on growth and not fear of inflation. let's take a look at things we are watching out for. eu leaders will hold a two day summit. the italian prime minister and others will discuss the travel efforts. even i out for an update on the world's biggest economy