Berkshire Hathaway's Charlie Munger discussed his outlook on the future of the economy.

Berkshire Hathaway's Charlie Munger discussed his outlooks on the economy, oil, renewable energy and cryptocurrency after his recent personal investment in an Australian investment company.
Billionaire investor Munger who has worked alongside with Warren Buffett for several decades, discussed his views with the Financial Review in Australia.
A vice chairman of Berkshire Hathaway, Munger invested in Stonehouse Corporation, a Melbourne-based investment company, because its founder is a "soulmate" to the conglomerate, he said. The investment amount was not disclosed.
Stonehouse Corporation, an investment company that has flown under the radar, is operated by Charles Jennings, an American who lives in Australia. His strategy has been to mirror the conglomerate's policy of buying and holding businesses for several years.
The right-hand man of Buffett, Munger made the investment with his own personal wealth because Jennings operates in a similar fashion to Berkshire's employees.
Why Oil Is Not Going Away
Berkshire Hathaway now owns a 18.7% stake in Occidental, adding another 12 million shares in July and also owns a stake in oil producer Chevron (CVX) - Get Chevron Corporation Report), now the fourth largest holding owned by the conglomerate.
The global economy will be dependent on fossil fuels for several decades, Munger said.
"I think we’re going to be using fossil fuels for a long time ahead because we have to...We’re not going to get rid of fossil fuels, we’re just going to use less of them," he said.
But Munger is a fan of adding renewable energy to the mix.
"And I also think more of the world’s power generation will come from renewables," he said. "Both things are going to happen."
Outlook on the Economy, Inflation
Inflation does not play a factor in Munger's investment strategy.
"I’m always aware of it, but it doesn’t stop me from operating,"he said. "I’m 98½ years of age, and I’ve seen a lot of inflation. I intend to live through inflation. I’ve lived through a lot of it already in my long life. It doesn’t discourage."