The 2-hour live stream with 97-year old Charlie Munger yesterday (youtube clip here) was slow-moving but still a breath of fresh air for the few remaining souls not intoxicated with speculative manias, brokers and investment bankers.  A couple of my favourite quotes:

“The investment banking profession will sell shit so long as shit can be sold.”

“[Commission-free trading] is not free.  When [you’re paid] for order flow you are probably charging your customers more in pretending to be free.  It’s a very dishourable, low-grade way to talk.”

Amen, brother.  There are few insiders willing to call bullshit on this mess.

In the clip below, CNBC’s Becky Quick recaps some of the highlights.

Berkshire Hathaway Vice Chair Charlie Munger sounded the alarm on the SPAC craze at Wednesday’s virtual annual meeting for the Daily Journal. Munger answered shareholder questions via a Yahoo Finance livestream. CNBC’s Becky Quick reports. Here is a direct video link.

In a Wall Street Journal interview today, Munger added:

“I hate this luring of people into engaging in speculative orgies, [Robinhood] may call it investing, but that’s all bullshit.”

“If you are selling them gambling services, where you rake profits off the top like many of these new brokers who specialize in luring the gamblers in, I think it’s a dirty way to make money, and I think that we’re crazy to allow it.  I think civilization would do better without it.”