REUTERS: Charlie Munger, the longtime business partner of Warren Buffett, on Wednesday warned that the stock market bears signs of a bubble, reflecting a"dangerous" mentality among some investors to gamble on stocks as they would horse races.
"A lot of them crowd in to buying stocks on frenzy, frequently on credit, because they see that they're going up, and of course that's a very dangerous way to invest." Munger was speaking at the annual meeting of Daily Journal Corp, the Los Angeles newspaper publisher he chairs, which was broadcast on Yahoo Finance.He is better known as vice chairman of Buffett's conglomerate Berkshire Hathaway Inc since 1978.
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