Markets are madder than ever, says Munger, 97

One of the world’s most-respected investors says that stock markets are out of touch with reality after their post-pandemic surge.

Charlie Munger, the 97-year-old vice chairman of Berkshire Hathaway and Warren Buffett’s right-hand man, said that the market is now “even crazier” than during the dotcom boom of the late 1990s which preceded a crash.

At a conference in Sydney yesterday he said: “Some of the valuations we saw in the dot-com boom were higher. But overall, I consider this as being even crazier than the dot-com boom, which blew up in 2000.” The Australian Financial Review first reported his comments.

On Wall Street the S&P 500, has doubled in value since last spring’s crash. So far this year, close to $900 billion has