Excerpt:
Warren Buffett defended Berkshire Hathaway Inc.’s investments over the past year, while saving his harshest comments for some of the hottest investment vehicles at the company’s annual meeting.
Speaking onstage from Los Angeles, Mr. Buffett, Berkshire’s chairman and chief executive, and his business partner, Charlie Munger, took questions for roughly four hours. The two men said some special-purpose acquisition companies, day traders and private-equity funds that have driven valuations in both private and public companies to record levels were more gamblers than investors.
“I don’t mind the poor fish that gamble,” Mr. Munger said Saturday. “I don’t like the professionals that take the suckers.”
“It’s a moral failing. It’s not just stupid, it’s shameful,” he said of SPACs.
Author(s): Jenna Telesca, Geoffrey Rogow
Publication Date: 1 May 2021
Publication Site: Wall Street Journal