Though AI is the all the rage on Wall Street, with inflows in the billions, famed investor and vice chairman of Berkshire Hathaway Charlie Munger hasn’t jumped on the bandwagon, reports an article in Fortune. The man who has been Warren Buffett’s business partner for nearly 50 years and is responsible for much of the conglomerate’s success, said that AI is “getting more [hype] than it deserves,” at an appearance during Zoom’s recent Zoomtopia conference.
AI has been around for a long time, with origins going all the way back to the 1950s, Munger pointed out. And while he acknowledged that recent advances in AI have made it a very useful too, he also said that “old-fashioned intelligence works pretty well,” according to the article. Munger has also been quite contrary about the disruptive nature of the technology and whether it will have a positive or negative impact on society, telling CNBC earlier this year that it’s “not going to cure cancer. It’s not going to do everything and there’s a lot of nonsense in it too.” Similar to Munger’s feelings, Buffett has generally negative sentiment about AI, calling it “something I don’t understand” but conceding that it’s “an incredible technological advance.”
Meanwhile, the topic of cryptocurrency arose at the Zoomtopia event, with Munger saying that Bitcoin “was the stupidest investment I ever saw,” the article reports. Both he and Buffett have long been dismissive of cryptocurrency, as well as other major Wall Street figures such as JPMorgan CEO Jamie Dimon. And some of that derision has been warranted. 2022 saw the collapse of the crypto exchange FTX, with founder Sam Bankman-Fried currently on trial for fraud. Though Bitcoin has climbed back up from its bottom last year, its current price of $28,000 is miles away from its $69,000 high, Fortune notes.