you just call it munger coin it starts trading at -- it is crazy.r in some innovation. he became a regular user of zoom during the pandemic. he's not against new technology but he is against highly charged risky speculation that he thinks is rampant in the world of cryptocurrency, calls it dangerous. >> i like the speculative access of the best of the venture capitalists where they give us a new company like zoom or a new company like stripe or something. and i like the new companies they create and i'm glad we have new things being invented. so i'm not against everything that is new. i'm just ahead of everything new that is kind of magic and delusion, it is kind of a chain letter delusion carrying it along. of course, i don't like it these things do enormous damage, they rise and fall and not even -- these things, these big collapses, they could send into depressions. >> do you think that is the case with this, is this the beginning of a larger unraveling >> that is another subject a very famous man once said that a great civilization has a lot of

billionaire charlie munger's take on crypto investors

isn't somali as capital munger issue. the armed group laid siege to the villa rose hotel for nearly 24 hours. authorities say 60 people were rescued when smalley forces stormed the building. so key as for as the and says he's determined to create a 30 kilometer deep security corridor along the southeastern border with syria wedge of ty, but at the wireless threatened to launch a ground offensive against kurdish fighters in the region. a wise man, a lower volcano, interrupting for the 1st time in nearly 4 decades. so far, the love of flow is not endangered. any houses among the lower is the world's largest active volcano and takes up more than half of a wise big island. oh see your head lies. ah, and i will just here with you all a sort of a show, john duffy said with wow, a with british dupont with why don't i don't know a little bit about the how about you got what your opinion on it. so if you see that, did you, so what did you see? my love, my nose is so to, well i basically war and on the all ship of vineyard, mentall

you had charlie munger, 98 years old. warren bust's partner.id -- buffet's partner said delusion over fraud and used for kidnapper and charlie munger compared crypto to venereal disease, something you don't want. stu: that's a tad overblown but let's move on. show me china's stocks. they're all straight up big time gains. why is this happening? susan: i think many factors. you're looking at best month ever for china internet index. reopening of course so china is offering stimulus to the economy, especially to large realize sector. that's a big deal. realize is 20% of gdp and in china it's almost 50% and tamping down of u.s. china tensions with a biden xi meeting and beating down the stocks today. stu: it's all going on now. tell me what morgan stanley is forecasting for the market next year. susan: not much. you'll be down 2% by the end of next year, which i found surprising because they're saying that wall street hasn't really fully priced in the decline in earnings. you're expecting -- they're expecting profits to decline 11% for corporate a

charlie munger dives into the collapse of ftx and criticism of sam bankman-fried and those who workedith the exchange >>> also, a first on cnbc interview with the ceo of crypto.com at 7:10 a.m. eastern. >>> still ahead, walmart and home depot will report this week we will dive into the latest reports ahead of the holiday season what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. - [narrator] if your business kept on employees through the pandemic, and your digital transformation is helping getrefunds.com can qualify you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like you

stuart: do you know what his sidekick, charlie munger said about crypto? lauren: rat poison. venereal disease. that was charlie munger a couple of years ago. [laughter] lauren: got it. i'm a little behind. [laughter] >> what is happening here? stuart: silence on the set. lauren: be here for the commercial break. [laughter] stuart: a prestigious school wants laid-off tech workers to come back to classful we'll tell you which university waiving testing requirements for their mba program. >>> violent protests on the streets of china, are you kidding me? residents are in revolt against lockdowns in a major manufacturing city. that's a story. >>> there were more than 230,000 migrant encounters in october alone at the border, the high number in october in dhs history. we've got the border report and tom homan waiting in the wings. he's going to be in the studio. we'll be back. ♪ between a rock and a hard place ♪ at chewy, you can save on all the gifts you need for the gifts that keep on giving. smiles! because while they'll never understand this whole situation... they definitely g

billionaire charlie munger's take on crypto investors his full comments on latest on ftx later this hour. first up, turning to steve liesman from the new york fed. >> carl, thanks. total household debt according to new york fed's quarterly debt survey a record $16.5 trillion of course, new record. rose by $351 billion quarter on quarter. combination of demand. more demand for debt as well as inflation pushing up these numbers. mortgage debt up by $282 billion. biggest increase since 2006. credit card balances on the way of surge by $38 billion. largest increase in 20 years and concern of a sign of stress in here overall delinquencies remain low but early signs of increasing delinquencies. have to see if debt is getting out of control the other hand what's happened to asset side for consumers? back to you. >> thanks. and getting into the upcoming holiday season with that consumer kickoff home depot and walmart beat be estimates, a big boost in grocery business according to data our mastercard consumers set to keep spending estimate double-digit growth for retail spending on black friday.

what charlie munger said is crypto is the currency of kidnappers.lity is it's upon all of us that this should have been regulated more aggressively, but i don't think it's the end of crypto. remember the dot.com era? that was the end of that, but the strong came back. and i think winston churchill said it's not the end, it's maybe the end of the beginning, and crypto will be regulated. maybe we should have listened to the chinese a little more when they put up their flags and said this is a problem. it will be regulated. gerry: sarah, tech companies have been going through a hard time of rate. -- of late. big layoffs at amazon, meta. again, these companies which have been enormously influential politically, especially with a republican-controlled house, are we going to start seeing a maybe a little more oversight of what some of these companies are doing? >> that's one of the top items on the house republican agenda, right in they've been saying that long before the election. they wanted to have oversight over these companies not just, you know, the

iranian business leader, whose confident such bilateral trade is only set to increase those of interval munger. countries that have been severely sanctioned, but we have good geographic social and cultural relations with each other. we cooperate in many areas including agriculture, to be co production and resource abstraction, which we can provide ferocious needs or what. okay, scottie now is back on our screens in moments continuing her big discussion on nationalism today. the debate focuses. busy on the economy and how long printing endless money by a central, by can keep in the country. so this article from lou ah, ah ah, needs to come to the russian state. little narrative. i've stayed, as i told them to ignore some scheme divest. mm hm. and i'm not getting all sons, i'm out for a group in the 55 with this been okay. so 9 is 25 has been helpful with will. ban in the european union, the kremlin media machine, the state on russia for date, and c, r t spoof mckibben, our video agency, roughly all band on youtube and pinterest with me. so what we got to do is identify the threats that we have.

but no, i mean, they were all, like, laughing at crypto and just talking about the munger view you knowhe munger view >> i do. >> well, that's now become very much en vogue. >> well, to his credit, he didn't change his view throughout back to doordash for a moment, which we saw the stock, which is up i mean, the ceo does say, you know, we were not as rigorous as we should have been in managing our team growth. that's on me so operating expenses aggrew mo quickly. >> wasn't that the story, though, of the 2021 expansion? this is a covid company. >> right >> tony had no discipline. tony's a very disciplined guy, clearly. this is a very fall on the sword note don't you think? >> it is but it's being responded to potentially positively in the market >> i'll tell you when powell's going to be happy, when you fire people and your stock goes down, because it means you're in trouble. like carvana i don't think they're having the vending machine success we thought they would >> well, we got a fresh downgrade today, unbelievably, goes to neutral, likely to run out of cash by the end of '23. >> whe

are you in the charlie munger camp who famously on fox business likened crypto to rat poison and later called it a venereal disease? >> well, i wouldn't use charlie's language exactly, liz, but i agree with his sentiment. i mean, crypto's problem is that it has no fundamental value. when you try to assess why is it worth whatever it's trading for, what's the methodology you're relying on? there's no cash flows, right? most financial assets generate cash flows. you discount them to present time. normal currencies are value ised relative to one another based upon things like if -- the gdp rate in countries, inflation. of course, that doesn't apply in crypto, so you're left with an asset class that trades entirely on sentiment, and sentiment can be very fickle. and it's been negative, of course, for the last year. a year ago this time bitcoin peaked at $68,000 and you should herred in this period of crypto -- ushered in this period of crypto winter, and we might be heading into a crypto ice age. for crypto to have value long term, it has to actually do something beyond just a mean means o

in fact, i had a conversation with charles munger, who is the biggest republican donor in california and he's saying thank god we're no longer guaranteed a place on the ballot in california now we can see how weak we've become and get a read where we are with the voters and respond in the political marketplace instead of this kind of artificial two-party system which says no matter what the voters think, the democrats get a spot and the republicans get a spot. >> go ahead. >> it's sort after chicken and egg aspect. if you're not able to make the argument, you're always going to be stuck-- is anybody-- >> the sheer competition makes you hone your argument. >> it does, but it's diluted if you have a field of-- look at some of candidates red wing in california there were celebrities, all kinds of who-- >> celebrities in california? i'm shocked. [laughter] >> elaine and then ben, with the kind of open primary system, you've both made strong cases for parties as important intermediate yary -- intermediaries with the voters. and they have them with chicago, boston would those primaries und

napa and santa rosa munger spots in the mid-fifties.hat's about as warm as we're going to get after today, mid to low 50's will be our peak temperatures starting tomorrow through the weekend. days to watch out for will be thursday, especially tomorrow morning. then again, saturday and sunday, these days offering up chances of rain as well. i know it's right in the middle of the weekend. so much going on. still got to appreciate the fact that we are getting some moisture as for roads this morning, it's been a pretty easy commute for most of us. the bay bridge metering lights just turned off. it took a while this morning. we have a lot of people heading into the city, but that is definitely affect your commute time in a good way. below 20 minutes now, san mateo bridge, 13 minutes to make your crossing under some bright skies. richmond center fell. you've been smooth all morning long below 10 minutes, golden gate bridge under mostly sunny skies. your typical commute time from novato to the tolls of 20 minutes. james, thank you very much, j

. >> you've got charlie munger, you've got the people at the fed saying bitcoin is not a fraud, but it'sery famous old investor once told me to buy things when others are buying it. so if a rejuvenation of faith in the cryptocurrencies, bitcoin's probably the easiest way to condense it, then i would ten to buy it on strength. don't try to pick the bottom, don't try to average down, but if it gets strong in the speculative and the investment pcs are reaffirmed or affirmed once again, then i'd be a buyer. buy it on strength, don't try to buy it in the here and now. lauren: uh-huh. you know, rob, we're looking at bitcoin u.n.ed pressure, cryptocurrencies -- under pressure. we're looking at the market down this year, we're looking at oil hitting today its lowest level of the year. is there a catalyst that investors can be looking at to get us out of this malaise, or is your answer going to be the fed? [laughter] >> well, i think what you have to think about is when does the demand come back globally, when does the economy improve. with these lower oil prices that that we've seen actually are

a programming note, tomorrow, we'll be hearing from charlie munger on bitcoin and the markets." will be right back. >>> now to some developing stories surrounding the collapse of ftx the firm's new ceo says that the bankrupt crypto exchange is removing trading and withdrawals and moving digital assets to a so-called cold wallet custodian. it comes as ftx investigates a hack unauthorized transactions began within hours of its chapter 11 bankruptcy protection in the united states. tfx's new ceo says the exchange is coordinating with law enforcement authorities and regulators about that breach another part of the story, reporters say that sam bankman-fried's research company used the token as collateral. >>> it's been two weeks since elon musk took the helm at twitter. there's a lot of optimism from musk on sunday tweeting, twitter feels increasingly alive musk declined an offer by the former ceo of t-mobile to run his new social media platform who helmed t-mobile before stepping away in 2020. tweeted that musk could support product and technology while he managed the day-to-day o

that was a constant -- constantly receiving criticism from the likes of jamie dimon or cha charlie munger it's not unimportant. and you know, we still don't know how many other businesses have been built on this thing. it's possible not just ftx, but is binance in some sort of trouble? >> well, be careful. >> okay. >> because remember, behind -- behind ftx, we have blackrock, you know we have softbank >> they all made decisions to invest in some of the companies we were just talking about as well >> it's not just tom and giselle. >> were they investors in buy now, pay later that hasn't gone well either were they investors in many chinese companies that have gone down 95% yes, they were >> okay. can i just say that now that i have been upbraided by david, that nvidia, they're not using the graphic cards anymore, and yet, the stock -- remember, ethereum went off that and yet, nvidia's down 6 >> you're saying nvidia's going down because of the idea -- >> as collateral damage. >> -- there will be less mining. >> they were cut out they were the ethereum miner in the stock. nvidia reports, i'm

. >> i mean, munger, rat poison, buffett, i wouldn't buy all of it in the world for $25.t's all documented. it's all there >> yeah, it is that said, we put the coins up on our screens, and during the pandemic, it became a real area of focus for a lot of particularly younger people, using the robin hood platform. >> it's so tragic. please, let's stop putting up -- let's just stop putting it up. let's just stop. we dignify it. let's not dignify it >> i think it's -- >> i think we dignify. i'm criticizing our in the morning network. i don't mean to. i love our network but we didn't usually have those and i think you might say, i want to be in that coin, that's a hot coin well, that's not acceptable to me that's not an acceptable thing that i want to talk about as what i think as a responsible journalist, i do not want to >> it is price action, right >> well, there's price action in timber, in lumber. there's price action in aluminum but you get something. you have something there's no "there" there >> gertrude stein said that about oakland. >> it's alchemy. i did it i bought

back to using dogs and tv shows to be able to say it >> i would never i was only quoting charlie munger rejected by four of the 11 rail unions. and he wants to impose that agreement on more than 115,000 workers, and the president is reluctant to override the procedures, but a shutdown would have a severe impact on the nation american consumers in the meantime were not reluctant to spend on cyber monday. cyber monday spending came in at $11.2 billion to $11.6 billion anywhere in that range would be a record high. adobe says sales got a boost from wide-spread discounting >>> miami-dade county is suing to have the ftx removed from the arena. the cryptocurrency exchange that recently filed for bankruptcy ran a foul of laws governing financial exchanges. >>> and then china announced a new plan to boost elderly vaccinations, and shares of cansino biologics the updated plan comes as china's covid infections drop for the first time in more than a week, and it said nearly 66% of that age group received booster shots, up from 40% on november 11th. when asked in english if china was reconsidering