“I kind of agree with Bill Gross,” Munger said. Market results below historic averages are a “conceivable outcome,” which means those facing retirement may want to work a couple more years, he said.
‘Hurt Somebody’
Buffett and Munger agreed in their support of Fed Chairman Ben S. Bernanke’s efforts to support the economy.
“They had to hurt somebody, and the savers were convenient,” Munger said. “I would have done what they did. I would have felt bad about it, but that’s what I would have done.”
Bernanke “had a lot of guts,” Buffett told Liu. “I’ve got a lot of confidence in him. I’d be interested to see how he unwinds” the measures designed to ease borrowing.
When asked how the Fed should proceed, Buffett said, “I don’t know. That’s why I’d be interested.”