Photo: MrBernardLMadoff via YouTube
Legendary hedge fund manager Bill Fleckenstein trashed Warren Buffett and Charlie Munger for their stance on gold in an interview with King World News.Fleckenstein railed against Buffett’s assertions that gold bugs “want people to be as afraid as they are” and Munger’s arguments that “civilized people don’t buy gold”:
“They’ve got a lot of these levered financial entities, and that’s helped them. So, I guess they figure they know how to beat the money printing, that they obviously must see. Buffett knows the dollar is doomed by our policies.
Why they (Buffett and Munger) act like you have to be a moron to own gold, I don’t know. He could just say, ‘It’s not my cup of tea, I prefer businesses that spit out cash,’ instead of talking about it as though as it was something only a fool would have….
“Is Munger trying to imply that only Jewish people in Vienna, before World War II, it was only suitable for them? Does that mean if he was Jewish, he wouldn’t have seen the problems coming and he wouldn’t have owned any?
It’s just idiotic. But then so is Buffett’s stance on tax policy. Maybe guys get to the point where they have so much money, their ego gets the best of them and they just like to hear themselves talk. I don’t know.”