(Reuters) – Charlie Munger, the longtime business partner of Warren Buffett, on Wednesday said the recent short squeeze in shares of GameStop Corp reflects what could occur when investors gamble on stocks as they would on horse races.
“It’s really stupid to have a culture” encouraging gambling in stocks by such investors, Munger said. He also called frenzied buying of stocks just because their prices are rising is “a very dangerous way to invest.”
Munger, 97, was speaking at the annual meeting of Daily Journal Corp, the Los Angeles newspaper publishing company he chairs, webcast on Yahoo Finance.
He remains better known for his work at Buffett’s conglomerate Berkshire Hathaway Inc, where he has been vice chairman since 1978.
(Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)
