Walt Disney (NYSE:DIS) built an empire on magic — but Charlie Munger wasn't buying any of it.

In what turned out to be one of his final public interviews before his death in 2023, the longtime Berkshire Hathaway vice chair took a hard-nosed look at the entertainment giant during the Daily Journal Corp.'s annual Q&A session — the same forum where Munger famously spoke off-the-cuff with brutal clarity.

He was asked whether Disney was still a good investment.

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His response? First came the correction: "We've never owned Disney shares," Munger clarified.

CNBC's Becky Quick, who was moderating the session, responded, "That's my mistake."

But then Munger leaned in. "Disney is an interesting case. Practically every business that Disney has has gotten tougher than it used to be," he said. "Again — welcome to human life."

For Munger, Disney's problems weren't subtle. They were structural. He described the company's golden era with reverence — calling ESPN a "total gold mine" and reminding listeners that "The Lion King" once dominated Broadway.

"Disney once owned the world," he said.

Now? He said nearly every part of the company — from streaming to sports — is struggling. "How would you like running the sports, ESPN, now at Disney compared to its heyday? It's going to be way harder for them."

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Then came the line that caught the most attention: "Movies look to me like it's going to be a bloodbath."

That wasn't hyperbole. It was Munger's long-held belief. Despite Berkshire's investment in Paramount, he admitted he'd avoided the movie industry entirely. "I've never made an investment in a movie business in any way, shape, or form. It always gives me the willies," he said. "I don't like the unions. I don't like the crazy agents. I don't like the goddamn crazy lawyers. I don't like the crazy movie stars."

That, in a nutshell, was Charlie Munger: blunt, sharp, and completely unmoved by Hollywood glamour.

"It may be a good place to make a living as an actor or writer," he added, "but it's a hard place to make money if you're an investor."

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That skepticism hasn't looked so far off. As of this month, Disney's stock sits at $84.81 — down roughly 24% from just a year ago. And over the past five years, it's fallen nearly 60% from its 2021 peak of $199.45. While analysts still see long-term potential, the reality is clear: this isn't the Disney of the glory days.

In the end, Munger's message wasn't just about Disney — it was about investing in a world that doesn't stay easy forever. "They went from triumphs around — marching, marching, marching," he said. "All of a sudden, on practically every front, it's more difficult."

Then he shrugged: "Welcome to human life."

And with that, the 99-year-old investor said more in a few minutes than most analysts write in a dozen reports.

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This article Charlie Munger Was Asked If Disney Was Still a Good Investment: 'They Once Owned the World, Now It's a Bloodbath — Welcome to Human Life' originally appeared on Benzinga.com

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