Warren Buffett’s right-hand man doesn’t think buying gold is such a bright idea.
Berkshire Hathaway Vice Chairman Charles Munger told CNBC, “Gold is a great thing to sew into your garments if you’re a Jewish family in Vienna in 1939, but I think civilized people don’t buy gold; they invest in productive businesses.”
Munger, 88, talked about Berkshire's "wonderful" portfolio, and agrees with Buffett's "simple" investment strategy. Munger made the remarks to CNBC on the eve of Berkshire Hathaway’s annual shareholders' meeting, where Buffett addressed his early-stage prostate cancer diagnosis.
Munger said that unlike Buffett, however, he doesn’t even bother to get his PSA levels checked.