The dot-com bust has nothing on what investors are seeing from markets right now, said Berkshire Hathaway's vice chairman Charlie Munger.
That was the verdict of the vice chairman of Berkshire Hathaway BRK.A, +1.18% BRK.B, +1.49%, Charlie Munger, describing current stock markets and company valuations out of touch with reality, at the Sohn Hearts & Minds Investment conference in Sydney on Friday.
Specifically, Munger said many U.S. companies were trading 35 times earnings, making it tough for average investors to get a foothold, with valuations the most extreme he’d seen in recent history.One stock that is in favor with Berkshire Chairman Warren Buffett’s right hand man is discount retailer Costco COST, -0.82%, which the 97-year old said he likes over U.S. e-commerce giant Amazon.com AMZN, -0.18%.
Munger also singled out one of Berkshire’s holdings, China electric-car group BYD 1211, -2.49%, which he described as “one of the best companies in the world.”
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