‘Civilized People Don’t Buy Gold’: Berkshire’s Munger

May 6, 2012 at 08:16

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Warren Buffett’s right-hand man doesn’t like gold any more than his boss does, Charles Munger told CNBC Friday on the eve of Berkshire Hathway’s annual meeting.

Munger, 88, said he loves Berkshire Hathaway’s portfolio of such businesses, which includes, among many others, the Burlington Northern railroad, specialty chemicals firm Lubrizol and Geico insurance.

“We just have a wonderful portfolio in business, if you average them out,” Munger said. “By and large they’re doing productive, useful work. It’s not outsmarting the computer systems in the trading markets.”

For the most part, he agrees with Buffett’s “simple” investment strategy, which he said is “pretty agnostic.” “We’ve always been opportunistic” in investing, he said.