Charlie Munger rips into VCs, saying they're closer to gamblers than investors and get rich at others' expense

• Venture capitalists are more like rash gamblers than prudent investors, Charlie Munger said.
• Warren Buffett's business partner said many VCs get rich while founders and backers lose out.
• Munger contrasted the VC approach with Berkshire's hands-off, long-term ownership of businesses.

Charlie Munger has delivered a scathing critique of venture capitalists, blasting them as closer to gamblers than investors, and slamming them for getting rich at others' expense.