but munger shared a view that it's probably a mistake being anti-capitalist. state's high taxes >> i have frequently said i wouldn't move across the street. with 500 million in taxes. so i have -- that's my personal view of the subject. but i do think it is is stupid states to drive out their wealthiest citizens. the old people that don't commit any crimes they donate to the local charity, it's -- who in the hell would in their right mind would drive out the rich people? florida, places like that are very shrewd, and places like that are stupid. it's contemprary to the intereso the states >> we were able to spend more time with munger and buffett about their friendship and partnership as well. we'll bring that to you later in a prime time event later this month. joe and andrew >> that's fine, i'm looking forward to that. >>> when we come back after this, though, the white house is betting it can turn the current tax debate in washington into a winning issue. we're going to hear why. and then we're going to talk to congressman kevin brady, a member of the house

recent criticism, we heard from buffett and munger over the weekend.ely, focused on major sources of dilution for new shareholders things like the promote. how much of the proceed does yours make up and how did you think about it in the process? >> it's important in light of all everything, you know, all the noise in the spac market to kind of keep all ofthis in perspective. ultimately this is just one financing option for companies that need to grow. companies looking for growth, capital. they have a couple different options. it is not, you know, necessarily the best option for all companies. really depends on the facts and circumstances of the company itself in the case of enjoy, like i said a public-ready company with a great business model and global aspirations. really was a great fit. >> did you do anything differently? how much was your promote and did you include typical price of about 1150 >> largely standard terms. not exactly sure a few tweaks largely standard, yes. >> now, ron, i know that you're here to talk about enjoy and the spac, but i

the parents of more than 70 businesses that buffett and vice chair charlie munger built 56 years ago hitting an all-time high right now, up 2.25% at 421,581. stock has never split, that's why it's so expensive. the meeting was held virtually in california without the usual 40,000 buffett faithful who every year make the annual trek to omaha where they pour through the front doors, they rush right in to hang on the billionaire's every single word. but this time the oracle began virtually by taking a swing at online brokerage robin hollywood, bankrupt9ly calling those who trade on the free app gamblers. >> well, that is really waving the red flag at the bull. [laughter] finish i think it's just god awful what something like that would draw investment from civilized man and decent citizens. it's deeply wrong. liz: buffett saving kinder words for apple's ceo tim cook seen here with me during the berkshire meeting three years ago, and he issued a mea culpa about something he did with apple's stock. >> facebook -- tim cook was underappreciated for a while. he's one of the best managers in

munger >> there was a very good comment about short-term apple call buying i do think there is too much call buying. i also think that if you rely on what people say, where they get their ideas, wall street bets, that means that you bought gamestop, and you bought amc, and there really isn't much more to it, so david, my take is, is that we're not getting a correct sample, and that both men have contempt for millions of people who are smarter than having money in a checking account. and they're trying, and you don't want to discourage them. but if you listen to these two, i think you find that they talk about the generation as fools and i disagree with that. >> carl? go ahead. >> i was going to say, i mean robinhood's statement, if you haven't heard it so far this morning, if the last year has taught us anything, people are tired of the warren buffetts and charlie mungers of the world, acting like they're the only oracles of investing if you missed what the two said over the weekend, take a listen to this. >> i do want to say, i'm concerned about how they handle the source of income whe

to consumer spending highest ever stock markets all time high and let's 1st look at charlie munger he's a partner with warren buffett over as berkshire hathaway and of course is from the 1920 s. he was born in 1904 so he will remember as a little child baby flapper you know that the wrong twenty's charlie monger on bitcoin today quote i should say modestly that i think the whole damn development is disgusting and contrary to the interests of civilization he owns banks that launder billions per year and have been charged criminally give me a break says ethen he promptly i know right right path makes a good after vaishnav there you know 75 percent of the berkshire hathaway portfolio he break it down is banks and the banks are the 1st in line from the central banks to get all the bailout money member berkshire hathaway's been bailed out twice without those bailouts they would have been bankrupt long ago they're under performing even. with the bailouts they're still underperforming the s. and p. and nasdaq for more than 10 years these guys are their bombs their charity cases right so when y

becky, where do we start warren and his deputy charlie munger, were coming out swinging it was like ali let's start with the markets in general. buffett advocated investing for the masses that is what has happened. u.s. households had 40% of tota assets in stock. that is more than before the way the individuals are putting their money in the markets is concerning. he thinks many are playing the markets invest of investing. he thinks robinhood app is to blame. he is closely reading the registration form when it files to be public >> i'm wondering how they handle the source of income when they don't charge the customer anything it will be interesting to watch it they, they have attracted maybe set out to attract, but attracted -- i think i read where 12% or 13% of their casino participants were dealing in -- i looked up on apple the number of 7-day calls and 14-day calls are outstanding. i'm sure a lot of that is coming through robinhood. they are gambling on apple there is nothing illegal about it or immoral. i don't think you build a society around people doing it >> his point has been

think it's a greater threat charlie munger innisfail or because i'm. janet yellen running the treasury is a bigger threat than all of them i mean look she can get it right it shall reserve i did a presentation in switzerland. and there are a couple slides here's one of them about general yellen is use at the central bank machine instruction in central banks right now she's paid $8000000.00. lobbying organizations in big i guess that's where she got the issue a treasury issue she looking out for she's already said she's going to declare war on because we won't know exactly what that means but as i've said many times a little more going on is an alternative asset class we've all to use externally high and it's i think it's why narration if you go to a 1000000 or you go to 0 and so people should have it worse it is in there or only one should be part of it they shouldn't we shouldn't why into any investment if they can afford to lose money on it in the short term because there's no guarantees wondering you can tell you is that valuations in the stock mark

. >> garry, we can keep the empire rebels analogy going sure you heard buffett and munger's commentsn crypto over the weekend. munger hating on what he called the bitcoin success and calling it contrary, and disgusting to interests of civilization. i'm sure you have strong thoughts on this >> you know, i mean -- >> what are they missing >> they are incredible legends, obviously. buffett and munger we have a ton to learn from them, but one of the things that buffett said he learned early was to not do the one last sort of investment. end of its life value bet. look and zoom out on the economy, you might find that like we said productivity generating software is coming for every segment of the economy. talked about uber. we have companies like shelf engine, for instance literally replacing the guy with the clipboard in a grocery store. so this is a company that is bringing smart software into grocery stores they're in more than 1,000 stores now, growing very quickly. saved more than 1 million pounds of food since they started actually fighting food waste. but the most important part of

so while i wouldn't put it in the value category that we were talking about with munger and buffet, ittarting to show signs of real usage picking up, backing up the price rise here as well. >> jill, you mentioned banks and obviously berkshire has a sizable amount of shares in a number of the big banks. what was the point you were going to make when it comes to crypto and the banks >> look, crypto currency has a bad wrap in terms of legal versus illegal usage if you look at the actual numbers, in 2020 according to one of the leading firms out there doing this kind of study and analysis, crypto currencies activity, only 34 basis points of it was used in dark or underground markets. then you look at what goes on in the banking system, and you know, the sort of light banking system, and okay, maybe it's not exactly kidnapping and extortion, but you certainly see enough money laundering finds coming at the banks that, again, munger and buffet have made so much money on. if you're going to take this moralizing investing stance, you have to look at your own portfolio. >> given the broader con

doing and so you don't you don't need to be any smarter than a monkey and some people say charlie munger cow looks like one but you know the fact is you anybody can make money and that is shown in as you mention warren buffet buys more of his new favorite stock berkshire hathaway but is a net seller on market as s. and p. $500.00 set record highs and the buffett indicator raises the alarm total u.s. market cap is now equal to 2. 226 percent of us g.d.p. way of of 1 the 100 percent that buffett sets his bubble threshold so over it's price is high anybody who bet on the bubble is winning of course says value investors are the sort that will get out of the market thinking oh this is a bubble you know he would have got out at 100 percent certain scaling our and it's now doubled since then but this is the roaring twenty's right well this is where it gets pernicious and ugly in the fia money world war monger and buffett because they use the billions that the government gives them to lobby the government to do things like repeal glass steagall under the clinton administration or to get rid of t

and p. 500 for the past 20 heiress and charlie munger now say that it is that co i am not feel what's not only quote disgusting but i threat to manchester of civilization what do you think of the greater threat charlie munger innisfail or bekele i'm let's. janet yellen running the treasury is a bigger threat than all of them i mean look she can get it right it's no reserve i did a presentation insincerely and zoom and were a couple slides here's one of them about general yellen when she is at the central bank machine instruction in central banks right now she's paid $8000000.00 by lobbying organizations and big guy that's where she got the treasury she who she looking out for she's already said she's going to declare war on what exactly will be as i've said many times a little more going on is an alternative asset class with all juniors extremely high and it's i think it's binary sheer if you go to a 1000000 or you go to 0 and so people should have it worse in their only or it should be part of it we should we shouldn't buy into any investment if they can afford to lose money on it in

and p. 500 for the past 20 heiress and charlie munger now say that it is it. not fair what's not only quote disgusting but a threat to mantras of civilization what do you think is a greater threat charlie munger innisfail or bekele i'm let's. janet yellen running the treasury is a bigger threat than all of them and he looks she can get it right it show reserve i did a presentation in general and. and there were a couple slides here's one of them about general jaan was used at the central bank machine instruction in central banks and you know she's paid $8000000.00. lobbying organizations in big i guess that's where she got it is she who she looking out for she's already said she's going to declare war on cuomo and know exactly what that means as i've said many times and we're going on is an alternative asset oss we've all to use externally high and it's i think it's binary sheer if you go to a 1000000 or you go to 0 and so people should have it were sitting in there or only or because she'd be part of it we shouldn't we shouldn't buy into any investment if the

wage plus government transfer payments that are being stuffed into their mailbox as well charlie munger and warren buffett their income is by billions because a study getting $800.00 or $2000.00 from the government they get $101520000000000.00 from the government but they're no different then the because they've never invented anything they've never built anything they just sit in their chair omaha nebraska and wait for the government to send the money and that's all they do in their bombs and their parasites the thing as it does expose his statement doesn't expose 1st of all he said you know big claim he hates the success of back line and with the success of does is exposed the entirety of the lie of the financial system of weights he has benefited enormously but it also shows too that for all their smarts and all their value investing and looking into digging into the books and examining the books of these companies and meeting the c.e.o.'s and doing all the due diligence like that's a waste of time and money in a roaring twenty's when money is being thrown out the door like spankie b

. $500.00 for the past 20 heiress and charlie munger now say that it is it and not feel what's not only quote disgusting but i threat to mantras of civilization was serious think of the greater threat charlie munger and his fear or bet climb let's. janet yellen running the treasury is a bigger threat than all of them i mean look she can get it right it's no reserve i did her presentation in switzerland. and there are a couple slides here's one of them about general jaan is use at the central bank machine instruction in central banks right now she's paid $8000000.00. lobbying organizations and big banks that's where she got the issue treasury issue who she looking out for she's already said she's going to declare war on because we won't know jack we will meet as i've said many times and we're going on is an alternative asset class we've also used it should be high and it's i think it's binary shit if you go to a 1000000 or you're going to 0 it so people should have it were sitting in there or only or should be part of it but we shouldn't we shouldn't buy into any investment if they can a

his partner, charlie munger com 97 years old. you might warren buffett's 90. we talked a little bit about that point. munger called it dangerous he thinks that anytime big media organization or big financial organizations hacked. they're paid in bitcoin and it's a legal go that. keep in mind buffett and munger dinner tech stocks them 1890's and it took 15 years for get involved. they'll be long dead before we can judge whether right or wrong that point neither seem to like each, ok. they're not fans, at least not right now anyway. >> and we have touched quickly on verizon. big headline coming out of there. they sold yahoo and aol for 5 billion, which sounds like a lot of money, but i think they took a loss on that, didn't they. >> and they paid 4.4 billion for aol and 4.5 from yahoo. i bring it up and start again. brought up the beached whale beach this weekend. that wasn't. well, that was me. the kids were trying to push back the yahoo's. but a foil and everyone's trying to figure out eyes and just can't feel like they're dead. they're internet superhighway r

. >> i'll tell you what, munger and buffett, they took no prisoners on robinhood, on bitcoin, on spacs, remarkable news thanks to becky for getting those headlines over the weekend. >>> in the morning we will start with earnings once again let's get to the half. >>> carl, thanks so much welcome to "halftime report. front and center this hour, your money in may and whether stocks are about to take a new leg higher we invest that with our investment committee joining me for the hour today, tiffany mcgee is the ceo and c.i.o. at pivotal advisoers. let's take a look at the wall most of the critical earnings are about over, most above expectations i wonder what is the next catalyst earnings great, stock reaction not great. what's up? >> yeah. well, i think you have to respect the price action last week, scott. we talked about it last week you're bringing it up now. it was frankly not good. it wasn't terrible, but it certainly meh, tepid after blowing out earnings from tech you do have a bunch of industrials and energy names reporting this week. i think they're going to be good, but honestly

warren buffett and charlie munger talking to becky over the weekend with the virtual meeting. jim bullard said we could hit 75% vaccination and we could taper in the rates we could hit that number based on math in july. is there any chance, any risk, i guess, if you want to call it that, rob, that the fed reverses course and starts to raise rates a lot earlier than the market thinks that could be the temper tantrum that rocks the world >> that is the biggest risk out there, brian fed watchers are pursing chairman powell's comments he will at least drop hints that the $120 billion bond buyback program will be tapered. the most recent fed meeting would have been a perfect opportunity for that the commentary will stay the course when those comments first come out, i would expect we'll see some type of minor pull back in stocks >> rob morgan of sethi good to see you on the tuesday morning. we'll see. maybe not the summer of love, but higher rates rob, thank you very much >> thanks, brian >>> let's hope it is a summer of love when we come back, as the economy booms, many parts of i

. >> berkshire hathaway charlie munger shared his thoughts on btcoin ntptidn't hold back his wh at hed in a moment power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinknavigate change.nic coms faster. vmware. welcome change. what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. this past year has felt like a long, long norwegian winter. into strategies for the road ahead. but eventually, with spring comes rebirth. everything begins anew. and many of us realize a fundamental human need to connect with other like-minded people. welcome back to the world. viking. exploring the world in comfort... once again. municipal bonds don't usually get the media coverage the stock market does. in fac

wage plus government transfer payments debt are being stuffed into their mailbox as well charlie munger and warren buffett their income is by billions because instead of getting $800.00 or 2 $1000.00 from the government they get 10.

berkshire hathaway charlie munger hates bitcoin success.m quoting disgusting and contrary to the interest of civilization. will, if charlie munger hoped to affect the price he actually sent it up because bitcoin this morning is at $59000 per coin. ♪♪ ♪♪ dignity. it demands a rapid covid test, because we all deserve an answer. it demands your heart stays connected to your doctor, so you know it's beating as it should. and a rapid test to help evaluate concussion, in case something were to happen. at abbott, we fight for these moments, developing life-changing technologies. because dignity demands it. ♪ ♪ stuart: checking the futures, monday morning looking pretty good. at the dow jones will be up all over-- almost a 200 points. lucas with us this morning, dennis gartman. dennis, a lot of people laughed at you over the years because you don't buy tech, you don't like spac, you don't like anything you can drop on your fight and hurt yourself, so tell us how are you doing with the stocks you said you like so much, u.s. steel, goodyear, how are

some interesting comments regarding bitcoin we saw that berkshire hathaway vice chairman charlie munger call of bitcoin disgusting and contrary to the interest of civilized nation he went on to say i don't welcome a currency that so useful to kidnappers and extortionists and so forth nor do i like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air ok a lot of accusations made there but is this a design theory of crypto currency. yeah i mean that just shows kind of how ignorant some people are and that unfortunately that's the view of many who just like to bury their heads in the fan and ignore the change happening around them because they either don't like it or just don't understand it so that old thing adapt innovate or die that has never been more appropriate monger is 97 years old and a part of the old banking guard that is just being phased out right now so the fact that he's highlighting decline as a currency that useful to kidnappers or shyness that's an sure ignorance because once again the curre

the existing financial relationship, through the portal they deal with the other money, their fiat munger and able to do that you have greater adoption and basically they will have as they turn this on access to clients, customers of these community and regional banks that sign on for this go to the bank app and look inside and see crypto all right next to their other deposits and savings. >> it's interesting because it raises issues. it is part of the bull case to own bitcoin because more exposure to it the more you adds to the demand potential. does it undermine the places like the cash app, paypal, other apps that offered this in the past remind me of zell banking technology become what venmo was in terms of sharing payments but there's a couple big shifts. a lot of the time dealing with bitcoin taxable events if you sell it, use it to buy something that's a taxable event and i wonder opening this up to people are they aware of how many times using bitcoin they're facing tax problems? >> lots of great points. on the last point there's nowhere to hide if you've got bitcoin and it's sitt

berkshire hathaway shareholder meeting saturday, but this time the billionaire ceo and vice chair charlie mungering from cryptocurrency to robinhood to inflation. and even o

. >> i saw what you did calling out munger and buffet. >> it was not square exactly. >> you did. >> i didn't say they had a combined age of 187 years or anything like that i was focusing on the 97. >> i know exactly what you were doing. rich saperstein, do you have something for scaramucci how do you view bitcoin for your own clients? >> i have more of a normalization question where, you know, our goal as market participants is to operate in a market without the support of the fiscal and the monetary policies now we're slowly getting into the position where the fiscal spend that might be coming is viewed negatively, as if it is too much we have enough stem. then on the monetary side, you know, maybe it is time to start tapering i'm curious, anthony, how you're viewing when and if the fed starts to talk about tapering, and also the reaction the markets might have if we do or do not get any fiscal stem it is in our goal towards getting into normal markets and also where we can get into hunt and fish and get a nice porterhouse. >> i noticed, saperstein, you deflected from the question. d

that was warren buffett and charlie munger this took place over the weekend at the analyst shareholderg slightly higher today of course year to date it's doubled. but the big story in crypto lande therm, the cryptocurrency surging 11% all-time high. well above 3,000 thanks to the nft craze and the network effect all about the transactions taking place $1.5 trillion in transactions in the first quarter alon which is more than the 7 prior quarters combined, tim it's amazing >> so the -- the validation for ethereum is front and center and whether it's the numbers you are talking about, seven new -- 7 million new ethereum addresses now to 5 a million, whether it's the eib issuing $200 million of bondsen a an ethereum network. there is no question there is a use case whereas people have questioned what a lot of digital tokens or alt coins could be used for. there is no question about what this could be used for so, you know, this is to me for the skeptics out there this is such an easier story to get behind especially in a world where nfts have run wild backup that development in terms of i

you may be up to how many i have, what did i say, becky, 4400, i think. >> this is why charlie munger this is, i don't know if he gets royalties for this t-shirt or not. it could be a meme and it's not going to be explained. >> i have nothing further to add. >> you're asking for it. it's going to be a meme and it's not going to be explained that you're just illustrating a point. >> illustrate, there is another view. >> this way. >> the t-shirt by the way, becky probably know, it's off the record, but becky knows where the t-shirt came from originally. >> i do. >> but we probably shouldn't talk about that on the air what did you say >> i do remember, i do >> you like props. tequila, like a fancy bottle of tequila there, and if i mention seltzer, you bring that out, you got to turn the camera around and show us the other junk you have sitting around. that's from like three years ago, isn't it? >> becky knows everything. it's from about three years ago. four years ago by the way, instead of buying, if i had not bought in dumb shirt but it actually bought bitcoin, think about what it woul

colonial pipeline ransom ware has stepped our government's influence in trying to figure out charlie munger-like what's really going on with the currency and maybe the scrutiny of governments is hurting the currency, or the asset, or the -- >> certainly the chinese scrutiny and their desire to potentially develop their own digital currency that they might mandate as what you have to use there, would be a blow as they continue to crack down in various areas not to mention of course, even on some executives and the like, i'm sure you saw the ceo - >> unexpected. >> 38 years old. >> we have to start, the prc does things that are unlike almost any other government. they are in charge of ceos i think they're on the compensation committee they're everywhere, the prc. but that's because it is a communist dictatorship younis yu would say communist dictatorship, they put a button down and they hold a button down and they don't want the chinese to hear that phrase. >> they had obviously very strict things to say about cryptocurrencies not really a currency at all in their view i wonder, jim, when you asse

. >> exactly right charlie munger has talked about the idea that these cryptocurrencies basically are evil well, it's what you pay your ransom ware. and i haven't paid, you know, but this is what i know. >> understood. >> the larger question continues to be i think jim, and carl, what, if an eastern european criminal gang has the capability to do this, what are our true adversaries in china and russia actually have the ability to do? >> they have a thousand people, there's apparently a room of a thousand people, according to someone i'm involved with. >> in russia >> you're talking about solar winds. >> not to mention the incredibly well organized chinese cyber espionage effort that's been going on for a decade. more than a decade. >> the people i'm involved with keep saying the same thing when will the united states play hardball >> that continues to be a key question when will we hit back in some way? >> yes. >> but the point is, if you can take control of a pipeline to this extent, you're just a criminal gang in eastern europe, that is potentially alleged here, our true adversaries

. >>> the war munger, a person that loves seeing our troops fighting, liz cheney. how about that?he has been censured and in her state her poll numbers have dropped faster than any human being i've ever seen. so hopefully they'll get rid of her with the next election. get rid of them all. >> so, that is, by the way, that is the same guy who, willie, attacked john mccain regularly while he was dying of cancer and continued to attack john mccain after he died after cancer. that's the same guy who, of course, stayed in an ivy league school that his daddy probably got him into and daddy kept him out of the war while john mccain was getting beaten up so badly in vietnam that he couldn't even raise his arms over his head for the rest of his life. and john mccain had a chance to get out of that hell, he stayed because his band of brothers were still left behind. that's the same guy right there, donald trump, that attacked john mccain and that's attacked liz cheney and that's attacked in the past ronald reagan. that's attacked everybody. >> attacked our country. >> and you hear those peop