market folly

This weekend is Berkshire Hathaway-palooza and as a part of that, CNBC sat down with Charlie Munger for a rare interview that we wanted to highlight.

He thinks things are "suboptimal" right now and notes that there's a lot of people on the sidelines still.

As to how they're preceding, he said that, "At Berkshire, we're trying to swim well against the tide or with it, we just keep swimming."

Regarding what they look for in potential deals, he noted that, "We've always liked quality people with the best ability."  They're willing to pay more money for the best businesses and he says this was the case with Heinz.

On the Federal Reserve's actions, Munger said that, "Very low interest rates will change behavior and raise prices."

Charlie also talked about how Berkshire's given more money to Todd Combs and Ted Weschler to manage and he feels that they'll be "huge contributors to the future of Berkshire."



Embedded below is the video of Charlie Munger's interview where he talks about housing and many other subjects as well:



For more on this great investor, head to Munger's secrets to success as well as notes from Munger's Daily Journal meeting.