Munger Says Millennials Will Have "A Hell Of A Time Getting Rich Compared To Our Generation"

Buffett then quoted Keynes about speculators and bubbles, saying we’ve had a lot of people in the casino in the past year, where people are day trading and basically gambling (adding there’s nothing wrong with gamblers). The gambling impulse is very strong worldwide and sometimes it gets an enormous shove. But Buffett also warns that gambling "creates its own reality for a while and no one’s going to tell you when the clock strikes 12 and it all turns to pumpkin and mice."

Asked how Berkshire's performance compares to some of the supernova stocks in the past year, the billionaire said that when the competition is playing foolishly with other people's money or their own, they’re going to beat Berkshire... the implication of course being that when everything crashes, Buffett will eventually come out on top again.

Watch a replay of the full shareholder meeting here. 

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