Charlie Munger warns ‘lots of troubles coming’ – ‘too much wretched excess’

Charlie Munger is Warren Buffett’s longtime business partner and vice chairman of Berkshire Hathaway

CNBC have this report up on his comments at a shareholders meeting.
  • “In China, … they love to gamble in stocks. This is really stupid,” Munger said. “It’s hard to imagine anything dumber than the way the Chinese hold stocks.”
  • To make his point about excess, Munger cited the proliferation of EBITDA as a fake profit metric. “I don’t like when investment bankers talk about EBITDA, which I call bulls— earnings,” 
Here is the link for more.