This is “ the most dramatic thing that has nearly ever happened in all of world financial history, ” said Warren Buffett’s sidekick

“Think what Apple is worth compared to John D. Rockefeller’s empire.”

That’s Berkshire Hathaway BRK.A,
+ 0.52%
Vice Chairman Charlie Munger spoke this week about the “frenzy” in the stock market, as exemplified by Apple AAPL,
+ 5.01%,
which he considers “the most dramatic that has almost ever happened in all of world financial history.”

And it’s not just Apple’s nosebleed rating. Munger scratched his head over the whole bull run in the stock market in a remote interview with the California Institute of Technology.

“Nobody knows when bubbles are blown,” he explained. Just because it’s the Nasdaq COMP,
+ 1.25%
doesn’t mean it will have a run like this again very soon. This was unbelievable. There has never been anything like it. “

Looking forward to the next decade, Munger doesn’t expect the kind of returns that investors have enjoyed over the past 10 years. “Frenzy is so great, and the management systems, the reward systems, are so silly,” said Warren Buffett’s longtime partner and friend.

Like many market bears on Wall Street, Munger also wondered how long the Federal Reserve can continue to support stocks. “We are in very unknown waters,” he said. “No one has been able to survive for a very long period of time without problems with the type of money that is being printed. We are almost playing with fire. ”

Watch the full interview:

Meanwhile, stocks continue to perform, with the Dow Jones Industrial Average DJIA,
+ 1.13%,
S&P 500 SPX,
+ 1.29%
and Nasdaq Composite COMP,
+ 1.25%
all with strong gains on Tuesday.