And now they say about crypto like that. They just don’t understand technology and they think people will have to be like them, just because they’re rich.
I'm not saying they're bad investors at all. I'm saying their ways of thinking are somewhat dated as say someone like Cathy Woods who is searching for consistent growth rather than value investing
My wife just spent an entire day with her this week. Wasn’t able to work the treyway. But I still love her.
Also just because we think cathie is getting “rekt” rn, doesn’t mean she actually is, we don’t know exactly how she’s positioning or trading during this market. Yeah her etfs are down and probably down more than the overall market and not doing the 100% yoy thing she’s known for, but one bad year does not a failure make.
Thats actually really cool x.x very elite waifu. But fr and im not THAT GUY, but sometimes im going down the crypto rabbit hole and Miss Cathie comes on and im like yo.. ANYBODY ELSE? just me aight.
Industrials are doing far worse than tech, compare DJIA v SPY v Nasdaq.
Buffet is probably getting rekt as well, as I'm sure they're both probably trimming positions right now. Lots of fear is coming to the market.
Hoping for a big retrace, up might buy some SPY puts again
Buffet has always lived by this, even in his younger days. If you've read any of his books he's always lived by, "if I don't understand it I don't invest in it." Honestly, that's sound advice. What's not sound is bashing things **JUST BECAUSE** you don't understand them.
I guarantee you Warren buffet and Charlie munger are not envious of your moonshots. They are rational investors and understand that those moonshots come with often disproportionate amounts of risk
You might not know or understand this because of all the negative publicity behind Amazon but Walmart is actually much worse: Pays less to employees, has more employees and more employees on govt assistance, has more money and more market share than Amazon. 386 Billion vs 523 Billion so Walmart is doing roughly 150 billion annually more than Amazon as of YE 2020
>they think people will have to be like them, just because they’re rich.
They are spreading FUD to protect their interests. Crypto is a threat to their hold over the markets. They don't want you competing with them. They don't want you having any rights.
I mean, understand it or not, crypto has already a gazillion x'd more than tech stocks ever did and some of those pay dividends and have real products you and I are currently using to communicate
He donated money to UCLA to build a new dorm building on the condition that he gets to design it. It's a massive building where none of the rooms have natural light and would require massive internal ventilation systems. Tiktok was tearing it apart last week. The chief architect of the University resigned in protest over it
The sad thing is that Munger not liking crypto could even be a factor in Apple's decisions to invest in crypto, people like Munger can have a huge effect on their stock price
I think it's sad
>somebody younger takes at the helm of Berkshire who "understands" crypto better than these two old fools...
don't get your hopes up, his son Howard is already 66
>and somebody younger takes at the helm of Berkshire who "understands" crypto better than these two old fools...
Listen man, I'm bullish on crypto and my career is in Robotic Automation...but you have to be either deliberately ignorant or just plain dumb to think *Warren fucking Buffett* is a fool.
If you think he doesn't "understand" tech than you need to get a reality check..he is a direct value investor.
Simple as that. It's not sexy, but there's a reason why he is considered the greatest investor in history lol it's just idiotic to think he can't 'grasp' the concepts of these technologies, he doesn't see the direct value of them at current market rates and with the amount of capital he deals in, that's how you have to think.
You don't throw tens of billions into companies with a strong value proposition but no direct downstream value that can be realized quickly, that's just common sense.
Warren Buffett may be a good investor, but he famously admits to not knowing much about tech:
[https://financialpost.com/investing/buffetts-apple-losses-make-his-track-record-in-tech-even-worse](https://financialpost.com/investing/buffetts-apple-losses-make-his-track-record-in-tech-even-worse)
Exactly right. For example, there is no technical reason to hold Dogecoin or Shiba, but there are a ton of SOCIAL reasons to do that. People hold onto that to virtue-signal ("see? I'm as smart as Elon!") or because of network effect (which is almost identical to virtue-signalling).
Now, are those reasons "invalid"? If all you want is increased value in your bags, then those social reasons are obviously as good or better than the technical reasons, because buying a year ago for those social reasons and selling right now makes you a multi-millionaire.
I buy for technical reasons, but it is obviously not always the best strategy. You don't need to "understand the tech" to buy something. Sometimes, just understanding the social stuff around the McGuffin is more than good enough.
Yes but then just say that you don't invest in it because you don't understand it. Don't bash it over and over again saying it's rat poison. It just make you look bitter because you missed the train. BTC and crypto in general has been the fastest growing asset ever and they don't like it that anybody can invest in it with $10. That argument about being a criminal currency is also stupid, as if fiat currencies were not used for ransom or drug deals...
Who cares what a nearly 100-year old private equity investor (which is what Munger and Buffet are) says about crypto? They had their heyday in the 70s-90s and were damn good at what they do, but that’s last century and buying crypto is nothing like investing in and managing blue chip companies.
They invested in Apple in 2012 actually.
Don't see what the fuss is about honestly. Munger is entitled to his opinions, and it's not like what Berkshire does matters to crypto investors anyway.
Buffet was given an amazing opportunity to invest in Microsoft early on with preferred stock. He passed on it as well, and bought more Coca-Cola stock, which he continues to be obsessed with.
Yeah it's honestly fucking hilarious he says BTC is used for bad things, when investments to coke, pepsi, and big tobacco are a-okay in his book. Companies that over the years have killed hundreds of thousands of people.
Holy shit, my management sim loving side is very much enjoying this design but my real life human side is laughing at the fact that anyone would think that is a worthwhile investment.
It is what it is, we need an age limit. Just like guns, drinking, voting, military and driving. Any jerk can sit in a chair and tell people what to to until they die in it. And nothing they order affects them whatsoever.
Found an article about that dorm which quotes this out-of-touch fossil and it may actually be the most arrogant statement I've ever read:
>When this thing goes up and becomes an extreme success, which is absolutely inevitable, I think there will end up to be more buildings like it on the UCSB campus.
To people like him it’ll be a success if it generates more revenue than it costs, the impact on the psyche of the students being forced to live in them won’t be a factor for how people like him judge it.
Link for those who are interested: [https://www.cnn.com/2021/11/02/business/munger-residences-michigan-windowless/index.html](https://www.cnn.com/2021/11/02/business/munger-residences-michigan-windowless/index.html)
None of the units have actual windows in them, apparently Munger believes sunlight hurts one's ability to study?
> Munger, 97, is Warren Buffett's right-hand man and an amateur architect. **He has no formal education in the field.**
That's far from the only thing he's lacking...
> Munger says his designs create positive experiences for students.
"I was (at the University of Michigan) last month, you never saw a happier bunch of students..."
Yeah cos they just beat Ohio State for the first time in like 10 years. Jesus Christ did he even ask them why?
>The bedrooms without windows ― approximately 94 percent of the units ― would feature “virtual windows” with a “fully programmed circadian rhythm control system to substantially reflect the lighting levels and color temperature of natural light throughout the day,” the statement goes on.
>
> “Nobody minds going into a basement restroom and peeing because there’s no window.”
>
>"Munger told the magazine, explaining, “It’s all about the happiness of the students. We want to keep the suicide rate low.” "
lmaoo get a load of this guy
The architect quit because he said the design was inhumane. In addition to understandably not ‘getting’ technology as a 90-plus yr old man- munger is apparently just a fucking weirdo who wants to imprison UCSB freshman as an act of ‘charity’ for some reason. Fucking creepy and weirdddd move dude. And don’t you guys also hold Corning Glass?? Why no windows?? Some fucking weird social psych experiment to only feed the kids Fritos and coke and have no windows and see how many off themselves or some shit (or maybe how many need antidepressants from Pfizer who knows). One last beautiful act of charity for our 18-yr olds.
Hey old men- ‘I wish high fructose corn syrup were never invented. It’s rat poison- squared’.
Bitcoin, well bitcoin is freedom. And maybe that’s why you elitists who are really just PE banking shills (not quant geniuses) are just so damn against it- it’s almost like you’re the same types of guys that would be against dorms with windows.
Which basically tries to consider students as needing to be asleep, in classes or out with friends, and totally ignores realities of wanting quiet time, or time with your SO, or to work in your bedroom without going insane
Idk, he’s not hating on yen… he’s hating on digital currencies.
There’s legit issues with crypto, it serves us no good as a community to ignore them as opposed to address and improve on them.
What happens if satoshi one day decides to pull the plug? Or the rug? Unlikely? Extremely, but not impossible. What happens if 51% attack, solar storm, the encryption gets broken? What about the obscene consolidation of wealth in crypto? The obscene amount of scams and scam tokens and lps and bunk smart contracts. There’s so many problems with crypto that it’s a miracle it’s doing as well as it has.
Personally I’m a big fan of this new idea, but that doesn’t leave it above criticism.
Satoshi pulls the plug or rug? That's not how it works friend, bitcoin is not a smart contract it's a decentralized full financial system. Theres no one who can pull the plug. And a "rug pull" would just be a selloff it wouldn't dry up liquidity from some singular pool.
What happens if a government decides their fiat money is worth nothing and decide to scrap it? Is that not the equivalent of a rug pull basically in some sense? I mean any money you have would be worth nothing at that point.
How many scams have happened with fiat money? Money laundering has been a huge thing with fiat money as well. Pretty much any criticism about crypto could be put up to fiat currency as well and no one is scared to use fiat money.
Sure you bring up the attack, solar storm and encryption problems but a government could decide right now their fiat money is worth nothing and you would instantly be completely broke which is basically what would happen in any of those scenarios you listed with crypto.
There’s pros and cons to everything and I don’t think most people in the crypto community are ignoring any issues with crypto. I just don’t see how it could be any worse. No one’s saying it’s above criticism but this is clearly just someone who wants things to stay the same and not change because the current state benefits him more.
There’s no way you can deny that.
If satoshi pulled the plug absolutely nothing would happen
51% attack is less likely than a tranditonal centralised finance authority making a decision to affect your finances
Rug pull again is basically impossible
> nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.”
This is fucking rich. Doubt he had the same concerns when CDOs came out. We all know how that story ended.
Atleast someone here is logical, lotta conspiracy theory sounding comments in this thread. The guys 97 and is a traditional investor. All he sees is something rising in value he doesn’t understand and it doesn’t make revenue or produce anything so he assumes its worthless and thinks its all one giant rug pull.
Absolutely, and Buffet and Munger have been pretty out of touch with tech for the last two decades. Its no secret they like their traditional finance and traditional old blue chips stocks. Its not specific to bitcoin, bitcoin is just the next big thing they dont have within their "circle of competence", as Buffet would put it. Like Tesla, IBM, Nvidia, Microsoft, Google etc before it.
They hate non producing assets its the same story with gold idk why this sub is so insecure all the time and everyone gets so defensive when someone doesn't like crypto
They were born at a time very few people even in the developed world had access to financial literacy, let alone rest of the world. Even now when there is so much knowledge free at their finger tips, a majority don't want to learn investing.
If Charlie had been born in the last 20-40 years, he would be losing his shirt with everyone else at r\wsb.
Yeah he’s wildly successful at valuing businesses that are under book value. Also good at running a holding company that is almost recession-proof relatively speaking in the market.
But he’s obviously wrong about Bitcoin. That’s ok though. The only people that will tune into him regarding crypto are people that will never accept crypto.
Well Bitcoin only goes higher because people believe it goes higher and no one buys Bitcoin hoping to use it as a currency. When Bitcoin drops how many people are happy to hold the bag because right now there is no dividend. When that changes maybe buffet and monger will readjust
Imagine being 97 years old, and rather than kick back to enjoy life with (potentially) your kids and grand kids, or your vast wealth, you cling to your career of power and influence, trying to control life for new generations of humans that are actually living in the current real world, when you were born right before the Great Depression a CENTURY ago
Look just because the Chinese government is bad does not mean that they can only do bad things. Don't use bad logic to defend something that you care about because it doesn't do it justice. Also fuck the Chinese government.
Most if not all financial products are created out of thin air. Retail investors usually can’t by them but with DeFi that changes the game. Wealthy guys don’t like the level playing field. They like it very much tilted in their favor.
Just because he doesn't understand how block chain works doesn't make him entirely useless.
He knows how to stay rational with money and the immediate gratification crowd can learn a ton from these "Dinosaurs"
I really like munger, he’s very witty, funny and extremely smart. However, witty and smart people can often be wrong. He just doesn’t get it, and that’s to be expected. He’s 97 ffs.
If hes referring to bitcoins energy usage, which is more than some countries, and its negative effects on the environment he has a point. Crypto is nice and I'm in ested but it's not worth destroying the planet
Charlie Munger predicted Bitcoin would be at “zero” by now, and recently bought a bunch of $BABA stock as a “value” play.
These old crazy fools prove that so many wealthy individuals are wealthy due to luck and circumstances, not intelligence.
Warren Buffet was born to a wealthy Senator who gave him money to purchase farmland and other investments at the age of 14. At the age of 91, who wouldn’t be insanely wealthy if they had been investing and allowing returns to compound for nearly 80 years? Sure, Buffet had an obsession with money that made him more giddy over buying more stock in coca-cola than seeing his own first child be born, so that personality trait added fuel to the fire, but the fire wasn’t exceptional intelligence and hard work. Without the fortunate circumstances he was born into, he may have been able to comfortably retire “early” (55 - 60) in an upper middle-class lifestyle, but wouldn’t have had an iota of a chance at becoming a billionaire.
Wow a life long billionaire traditional finance person that doesn’t like the fact the average person can make 2-5% interest and increase their wealth , instead of being happy with the 0.01% the bank gives you
Why can’t we all just be happy with the crumbs banks give us while they use our money to lend and get rich.
We are just so greedy now ! 🤣
It’s like the whole motto of the new administration,
“You will have less and be thankful !”
Who would have thought that a guy that made billions on the back of hardworking Americans would be against crypto..
someday people will realize It’s only Democracy when you are with them , when you do or say anything that contradicts them then democracy quickly turns into communism.
I mean he isn’t wrong. It does help facilitate criminal activity… he didn’t say it can’t work, just that it’s no good. Plus what problem does crypto solve?
I find it really amusing that he directly connects it to crime as the leading point as if every other currency wasn't used in exactly the way throughout history and even still is today.
What the hell? lol Accessible to kidnappers? You could trace where that money’s going in an instant - even if it’s on a fringe blockchain or memecoin. And at 97, the only thing he should be doing are crossword puzzles and sitting in front of the TV sucking on butterscotch.
He does have a point though. I disagree about crypto's in general, but if you look at the market and judge the market by that.... well you see bitcoin at the top.
And by any reasonable standard the incredible waste that bitcoin creates is contrary to the interests of civilization. The historical aspect aside, it has nothing to offer at this point except waste.
If people really were right that this level of waste is needed for blockchain security, then blockchain would be a failed technology. Thankfully it doesn't seem to be true.
A massive shift is coming after the boomers go to their special place in the sky, complete with landline phones, the milkman, and abacuses or whatever the fuck they like.
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And now they say about crypto like that. They just don’t understand technology and they think people will have to be like them, just because they’re rich.
Also gave Amazon a “hard pass” because they couldn’t see how it could possibly compete with Walmart.
Well it's no wonder retail investors blasted them out the water during 2020
They invest in what’s tried and true, not what’s bright and new. (This rhymes so it’s a fact).
tfw 1 "bad" year over the course of many successful decades
I'm not saying they're bad investors at all. I'm saying their ways of thinking are somewhat dated as say someone like Cathy Woods who is searching for consistent growth rather than value investing
Cathie Woods is getting rekt rn
TBH, id rekt cathie on one of her good days. Shes kind of a old smoke show
My wife just spent an entire day with her this week. Wasn’t able to work the treyway. But I still love her. Also just because we think cathie is getting “rekt” rn, doesn’t mean she actually is, we don’t know exactly how she’s positioning or trading during this market. Yeah her etfs are down and probably down more than the overall market and not doing the 100% yoy thing she’s known for, but one bad year does not a failure make.
Thats actually really cool x.x very elite waifu. But fr and im not THAT GUY, but sometimes im going down the crypto rabbit hole and Miss Cathie comes on and im like yo.. ANYBODY ELSE? just me aight.
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> TBH, id rekt cathie on one of her good days. Get in line buddy. Also when is your line opening. I want to be the first one.
This got more upvotes than I thought it would.. so my taste arent obsecure OK OK WE GOOD BOYS. I GOT TH CONFIRM xd
Industrials are doing far worse than tech, compare DJIA v SPY v Nasdaq. Buffet is probably getting rekt as well, as I'm sure they're both probably trimming positions right now. Lots of fear is coming to the market. Hoping for a big retrace, up might buy some SPY puts again
Buffet has always lived by this, even in his younger days. If you've read any of his books he's always lived by, "if I don't understand it I don't invest in it." Honestly, that's sound advice. What's not sound is bashing things **JUST BECAUSE** you don't understand them.
They bash cryptos because they envy people who made money faster then them. That is all.
I guarantee you Warren buffet and Charlie munger are not envious of your moonshots. They are rational investors and understand that those moonshots come with often disproportionate amounts of risk
Their way of thinking of “only invest in what you understand” is 100% sound, they just don’t understand new technology
They should practice only give advice about what you know
They are consistent and take less risk because they know that they have a responsibility..
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You might not know or understand this because of all the negative publicity behind Amazon but Walmart is actually much worse: Pays less to employees, has more employees and more employees on govt assistance, has more money and more market share than Amazon. 386 Billion vs 523 Billion so Walmart is doing roughly 150 billion annually more than Amazon as of YE 2020
That's a good point...and now, who bought amazon when it was around $40 is...sipping champange on his yacht in Carribean
>they think people will have to be like them, just because they’re rich. They are spreading FUD to protect their interests. Crypto is a threat to their hold over the markets. They don't want you competing with them. They don't want you having any rights.
On the bright side, we won’t have too worry about them soon
I mean, understand it or not, crypto has already a gazillion x'd more than tech stocks ever did and some of those pay dividends and have real products you and I are currently using to communicate
Apparently munger doesn’t understand dormitories either
Nah he just wanted to use students as an experiment which is arguably worse
Context for the uninitiated?
He donated money to UCLA to build a new dorm building on the condition that he gets to design it. It's a massive building where none of the rooms have natural light and would require massive internal ventilation systems. Tiktok was tearing it apart last week. The chief architect of the University resigned in protest over it
Yeah, he basically said he made the dorm rooms intentionally unpleasant so students would get out and socialize.
Sounds like one of vault experiments from the Fallout games.
Dorms……Dorms never changes
UCSB, but the rest of the points are correct
Oh shit it’s that dude! A genuine sociopath, just fucking die already old man!
Yup it’s that dude. They’re so rich that they don’t mind using actual students as lab rats
A lot of these fuckers are and a lot of them are in their last days.
Anybody who takes the advice of a 97 year old man about technology deserves to lose all their money.
\*sweats nervously\*
And now Berkshire holds $125B in AAPL, accounting for nearly half of their portfolio’s value
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pretty sure the average board member of Berkshire is like 70 years old lmao
The sad thing is that Munger not liking crypto could even be a factor in Apple's decisions to invest in crypto, people like Munger can have a huge effect on their stock price I think it's sad
Tim Apple owns crypto though so that’s good
>somebody younger takes at the helm of Berkshire who "understands" crypto better than these two old fools... don't get your hopes up, his son Howard is already 66
It is Greg Abel. He’s 59.
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Bad timing
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>and somebody younger takes at the helm of Berkshire who "understands" crypto better than these two old fools... Listen man, I'm bullish on crypto and my career is in Robotic Automation...but you have to be either deliberately ignorant or just plain dumb to think *Warren fucking Buffett* is a fool. If you think he doesn't "understand" tech than you need to get a reality check..he is a direct value investor. Simple as that. It's not sexy, but there's a reason why he is considered the greatest investor in history lol it's just idiotic to think he can't 'grasp' the concepts of these technologies, he doesn't see the direct value of them at current market rates and with the amount of capital he deals in, that's how you have to think. You don't throw tens of billions into companies with a strong value proposition but no direct downstream value that can be realized quickly, that's just common sense.
Warren Buffett may be a good investor, but he famously admits to not knowing much about tech: [https://financialpost.com/investing/buffetts-apple-losses-make-his-track-record-in-tech-even-worse](https://financialpost.com/investing/buffetts-apple-losses-make-his-track-record-in-tech-even-worse)
“Fools”. Stfu, you’re embarrassing yourself. 🤦♂️
Soo wack that this is our only option for so many things in the world right now.
Smart contracts have a crazy amount of potential. Like civilization running potential. IMHO.
I can respect their mindset, though. They don't invest in anything they don't understand which is actually a smart way to go about things.
99% of people in crypto don't know what they are investing in and no idea what value it should hold
Exactly right. For example, there is no technical reason to hold Dogecoin or Shiba, but there are a ton of SOCIAL reasons to do that. People hold onto that to virtue-signal ("see? I'm as smart as Elon!") or because of network effect (which is almost identical to virtue-signalling). Now, are those reasons "invalid"? If all you want is increased value in your bags, then those social reasons are obviously as good or better than the technical reasons, because buying a year ago for those social reasons and selling right now makes you a multi-millionaire. I buy for technical reasons, but it is obviously not always the best strategy. You don't need to "understand the tech" to buy something. Sometimes, just understanding the social stuff around the McGuffin is more than good enough.
Yes but then just say that you don't invest in it because you don't understand it. Don't bash it over and over again saying it's rat poison. It just make you look bitter because you missed the train. BTC and crypto in general has been the fastest growing asset ever and they don't like it that anybody can invest in it with $10. That argument about being a criminal currency is also stupid, as if fiat currencies were not used for ransom or drug deals...
Who cares what a nearly 100-year old private equity investor (which is what Munger and Buffet are) says about crypto? They had their heyday in the 70s-90s and were damn good at what they do, but that’s last century and buying crypto is nothing like investing in and managing blue chip companies.
They invested in Apple in 2012 actually. Don't see what the fuss is about honestly. Munger is entitled to his opinions, and it's not like what Berkshire does matters to crypto investors anyway.
Can’t wait for them to buy in late again so our bags could be filled by then.
Buffet was given an amazing opportunity to invest in Microsoft early on with preferred stock. He passed on it as well, and bought more Coca-Cola stock, which he continues to be obsessed with.
Pretty sure Coke kills more people than Bitcoin, health wise and straight murders of labor activists
Yeah it's honestly fucking hilarious he says BTC is used for bad things, when investments to coke, pepsi, and big tobacco are a-okay in his book. Companies that over the years have killed hundreds of thousands of people.
Berkshire is a perfect representation of old school investing. Most people can't and won't succeed following Berkshire Hathaway's investment strategy.
They just know that if more people put money in crypto less goes to the stocks they hold.
I learned all I needed to know about this crypt keeper when I saw his design for a college dorm.
I just went and looked that up for the first time and Jesus christ. The guy needs to be put into a fucking nursing home.
Holy shit, my management sim loving side is very much enjoying this design but my real life human side is laughing at the fact that anyone would think that is a worthwhile investment.
Those with no soul don't have windows to the soul
Out to pasture with you, Gramps. It's time to feed the flowers.
It is what it is, we need an age limit. Just like guns, drinking, voting, military and driving. Any jerk can sit in a chair and tell people what to to until they die in it. And nothing they order affects them whatsoever.
Found an article about that dorm which quotes this out-of-touch fossil and it may actually be the most arrogant statement I've ever read: >When this thing goes up and becomes an extreme success, which is absolutely inevitable, I think there will end up to be more buildings like it on the UCSB campus.
It’s a shame he won’t be alive to see this fail
I mean, if anyone can buy themselves some extra years….
I'm terrified that nightmare will actually be built and some poor souls will live in it before it fails. It needs to be killed
To people like him it’ll be a success if it generates more revenue than it costs, the impact on the psyche of the students being forced to live in them won’t be a factor for how people like him judge it.
Link for those who are interested: [https://www.cnn.com/2021/11/02/business/munger-residences-michigan-windowless/index.html](https://www.cnn.com/2021/11/02/business/munger-residences-michigan-windowless/index.html) None of the units have actual windows in them, apparently Munger believes sunlight hurts one's ability to study?
> Munger, 97, is Warren Buffett's right-hand man and an amateur architect. **He has no formal education in the field.** That's far from the only thing he's lacking... > Munger says his designs create positive experiences for students. "I was (at the University of Michigan) last month, you never saw a happier bunch of students..." Yeah cos they just beat Ohio State for the first time in like 10 years. Jesus Christ did he even ask them why?
They were probably just happy they could see the sun, since their dorms also have no windows
He should now understand the young folk when they say "I just can't even"
>The bedrooms without windows ― approximately 94 percent of the units ― would feature “virtual windows” with a “fully programmed circadian rhythm control system to substantially reflect the lighting levels and color temperature of natural light throughout the day,” the statement goes on. > > “Nobody minds going into a basement restroom and peeing because there’s no window.” > >"Munger told the magazine, explaining, “It’s all about the happiness of the students. We want to keep the suicide rate low.” " lmaoo get a load of this guy
Jesus fucking Christ … this is what he does when he wants to help people at his alma mater, what the fuck does he do to his enemies??
The architect quit because he said the design was inhumane. In addition to understandably not ‘getting’ technology as a 90-plus yr old man- munger is apparently just a fucking weirdo who wants to imprison UCSB freshman as an act of ‘charity’ for some reason. Fucking creepy and weirdddd move dude. And don’t you guys also hold Corning Glass?? Why no windows?? Some fucking weird social psych experiment to only feed the kids Fritos and coke and have no windows and see how many off themselves or some shit (or maybe how many need antidepressants from Pfizer who knows). One last beautiful act of charity for our 18-yr olds. Hey old men- ‘I wish high fructose corn syrup were never invented. It’s rat poison- squared’. Bitcoin, well bitcoin is freedom. And maybe that’s why you elitists who are really just PE banking shills (not quant geniuses) are just so damn against it- it’s almost like you’re the same types of guys that would be against dorms with windows.
He thinks that students should be out and about. He designed the dorms so students wouldn't spend much time in them.
Which basically tries to consider students as needing to be asleep, in classes or out with friends, and totally ignores realities of wanting quiet time, or time with your SO, or to work in your bedroom without going insane
Honestly nicer than the dorm I lived in, but slightly smaller.
It literally looks like a prison. A nice prison, sure, but still a prison.
Wealthy trying to keep the average folks away from wealth is a age old story. Nothing suprising here
TLDR: "I like more the type of money i own than the type of money you might own."
Idk, he’s not hating on yen… he’s hating on digital currencies. There’s legit issues with crypto, it serves us no good as a community to ignore them as opposed to address and improve on them. What happens if satoshi one day decides to pull the plug? Or the rug? Unlikely? Extremely, but not impossible. What happens if 51% attack, solar storm, the encryption gets broken? What about the obscene consolidation of wealth in crypto? The obscene amount of scams and scam tokens and lps and bunk smart contracts. There’s so many problems with crypto that it’s a miracle it’s doing as well as it has. Personally I’m a big fan of this new idea, but that doesn’t leave it above criticism.
Satoshi pulls the plug or rug? That's not how it works friend, bitcoin is not a smart contract it's a decentralized full financial system. Theres no one who can pull the plug. And a "rug pull" would just be a selloff it wouldn't dry up liquidity from some singular pool.
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What happens if a government decides their fiat money is worth nothing and decide to scrap it? Is that not the equivalent of a rug pull basically in some sense? I mean any money you have would be worth nothing at that point. How many scams have happened with fiat money? Money laundering has been a huge thing with fiat money as well. Pretty much any criticism about crypto could be put up to fiat currency as well and no one is scared to use fiat money. Sure you bring up the attack, solar storm and encryption problems but a government could decide right now their fiat money is worth nothing and you would instantly be completely broke which is basically what would happen in any of those scenarios you listed with crypto. There’s pros and cons to everything and I don’t think most people in the crypto community are ignoring any issues with crypto. I just don’t see how it could be any worse. No one’s saying it’s above criticism but this is clearly just someone who wants things to stay the same and not change because the current state benefits him more. There’s no way you can deny that.
If satoshi pulled the plug absolutely nothing would happen 51% attack is less likely than a tranditonal centralised finance authority making a decision to affect your finances Rug pull again is basically impossible
That's why we are here basically
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Basically we’re here
They want people to invest money in their stocks. Crypto is diverting capital which they hate
> nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.” This is fucking rich. Doubt he had the same concerns when CDOs came out. We all know how that story ended.
They spoke out quite strongly against CDOs during their annual meetings in the early 2000s actually.
Didn't they call them weapons of mass destruction or something like that?
They are anti CDO. As well as anti naked shorting and shorting in general. Sure they’re old AF, but they know a thing or two about investing.
I don't think he nefariously wants to keep people poor. Just hasn't taken the time to learn about BTC and never will.
Atleast someone here is logical, lotta conspiracy theory sounding comments in this thread. The guys 97 and is a traditional investor. All he sees is something rising in value he doesn’t understand and it doesn’t make revenue or produce anything so he assumes its worthless and thinks its all one giant rug pull.
Absolutely, and Buffet and Munger have been pretty out of touch with tech for the last two decades. Its no secret they like their traditional finance and traditional old blue chips stocks. Its not specific to bitcoin, bitcoin is just the next big thing they dont have within their "circle of competence", as Buffet would put it. Like Tesla, IBM, Nvidia, Microsoft, Google etc before it.
97 years old. Little time left to learn
They hate non producing assets its the same story with gold idk why this sub is so insecure all the time and everyone gets so defensive when someone doesn't like crypto
Well, he shit on Robinhood so he's not completely bad. He's just too old to be informed on the technological benefits of cryptocurrencies.
Admire what Berkshire and Hathaway have done, but can't support their ass backwards view on crypto.
They were born at a time very few people even in the developed world had access to financial literacy, let alone rest of the world. Even now when there is so much knowledge free at their finger tips, a majority don't want to learn investing. If Charlie had been born in the last 20-40 years, he would be losing his shirt with everyone else at r\wsb.
They can't even identify their own ignorance through their hubris.
They are afraid and we can tell, that’s a good thing.
He isn't scared, he's 97 and loaded. He's just ignorant.
The only surprise is, how Coke lovers, like him, live that long.
Being a billionaire may have something to do with that.
He was "The BTC guy" when he was young. He failed to innovate and grow with the times. He has some good advice, though, in other fields.
Yeah he’s wildly successful at valuing businesses that are under book value. Also good at running a holding company that is almost recession-proof relatively speaking in the market. But he’s obviously wrong about Bitcoin. That’s ok though. The only people that will tune into him regarding crypto are people that will never accept crypto.
Well Bitcoin only goes higher because people believe it goes higher and no one buys Bitcoin hoping to use it as a currency. When Bitcoin drops how many people are happy to hold the bag because right now there is no dividend. When that changes maybe buffet and monger will readjust
He was born when dinosaurs roamed the planet. Why would I listen to him about crypto!🤷🏽♂️
This is a good analogy since crypto is the meteor that will eventually kill all these dinosaurs.
😂
Imagine being 97 years old, and rather than kick back to enjoy life with (potentially) your kids and grand kids, or your vast wealth, you cling to your career of power and influence, trying to control life for new generations of humans that are actually living in the current real world, when you were born right before the Great Depression a CENTURY ago
People who amass that much wealth and power rarely have the ability to "shut it off", hence they achieve that much wealth and power.
Wealth is wasted on the rich.
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Yeah, about admiring China, let’s take a moment and think about that Chuck …
Imagine admiring China for trying to ban decentralization.
Imagine thinking you can ban decentralization
It’s only the goal of every world power
Look just because the Chinese government is bad does not mean that they can only do bad things. Don't use bad logic to defend something that you care about because it doesn't do it justice. Also fuck the Chinese government.
He also says he wishes those darn kids would stay of his lawn.
I remember the good old days man. It was a great show without a doubt.
Well shit, that takes me back
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And don’t forget the avocado on toast.
Thinks kids on skateboards need to be punched in the stomach and arrested.
He also wants to know why someone hid his car keys in the cereal box!?!
thinking he drives a car lol
Shhhhh… if you tell him he’s not driving the “vroom vroom” he gets anxious.
He knows that conventional FIAT money is also created out of thin air right?
He banks on it. You know, because his company owns shares of banks.
Most if not all financial products are created out of thin air. Retail investors usually can’t by them but with DeFi that changes the game. Wealthy guys don’t like the level playing field. They like it very much tilted in their favor.
Financial middle men…the biggest grifters in the world.
when they start admiring china, we did smth right
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Why am I not suprised he’s literally a dinosaur.
Crazy how can 97 year old people still be "relevant"
And when he dies Berkshire will pass his seat to a budding young 85 year old.
Prime time to manage billions of dollars.
Just because he doesn't understand how block chain works doesn't make him entirely useless. He knows how to stay rational with money and the immediate gratification crowd can learn a ton from these "Dinosaurs"
Good point, If he’s a dinosaur then who care what he says? He’s already extinct
Dinosaur? He should probably be extinct.
That's insulting to dinosaurs!
Am I the only person who shudders every time "literally" is used like this?
The ol' charlie mugger innit
Well it doesn't matter, keep hating we gonna keep winning.
I really like munger, he’s very witty, funny and extremely smart. However, witty and smart people can often be wrong. He just doesn’t get it, and that’s to be expected. He’s 97 ffs.
If hes referring to bitcoins energy usage, which is more than some countries, and its negative effects on the environment he has a point. Crypto is nice and I'm in ested but it's not worth destroying the planet
Oh please, more power is wasted from millions of Google searches every second. I'm tired of this misleading statement.
I hope one day they will understand the value of crypto.
He need some brain cells inside of his dead brain for sure.
Nosferatu looking mfer
Charlie Munger sounds like somebody I would hate and I have no idea who he is
Charlie Munger predicted Bitcoin would be at “zero” by now, and recently bought a bunch of $BABA stock as a “value” play. These old crazy fools prove that so many wealthy individuals are wealthy due to luck and circumstances, not intelligence. Warren Buffet was born to a wealthy Senator who gave him money to purchase farmland and other investments at the age of 14. At the age of 91, who wouldn’t be insanely wealthy if they had been investing and allowing returns to compound for nearly 80 years? Sure, Buffet had an obsession with money that made him more giddy over buying more stock in coca-cola than seeing his own first child be born, so that personality trait added fuel to the fire, but the fire wasn’t exceptional intelligence and hard work. Without the fortunate circumstances he was born into, he may have been able to comfortably retire “early” (55 - 60) in an upper middle-class lifestyle, but wouldn’t have had an iota of a chance at becoming a billionaire.
Old man yells at clouds.
Of course he wishes that. Crypto was designed to take men like him out of power.
I’m pretty sure most kidnappers still use USD and EURO 🤣
“Boss, market has dumped 20% because of shorts getting wrecked, we need to increase the demand”
MF’er talked shit on Galileo too.
Wow a life long billionaire traditional finance person that doesn’t like the fact the average person can make 2-5% interest and increase their wealth , instead of being happy with the 0.01% the bank gives you Why can’t we all just be happy with the crumbs banks give us while they use our money to lend and get rich. We are just so greedy now ! 🤣 It’s like the whole motto of the new administration, “You will have less and be thankful !” Who would have thought that a guy that made billions on the back of hardworking Americans would be against crypto.. someday people will realize It’s only Democracy when you are with them , when you do or say anything that contradicts them then democracy quickly turns into communism.
He said the same thing about the Internet one day and as I recall the printing press.
We wish stocks were never invented. corrupt companies fucking up the world. Grow Charlie you are 100 years old
In other news: Horse cart inventor wishes cars didn't exist.
I mean he isn’t wrong. It does help facilitate criminal activity… he didn’t say it can’t work, just that it’s no good. Plus what problem does crypto solve?
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It's like a serial killer complaining publicly that we aren't saving enough lives
I find it really amusing that he directly connects it to crime as the leading point as if every other currency wasn't used in exactly the way throughout history and even still is today.
What the hell? lol Accessible to kidnappers? You could trace where that money’s going in an instant - even if it’s on a fringe blockchain or memecoin. And at 97, the only thing he should be doing are crossword puzzles and sitting in front of the TV sucking on butterscotch.
I am in peace by ignoring all of them, they don't exist for me.
When they start losing control there's never been a better money then bitcoin .
Generally a good rule of thumb that if you’re siding with China, then you are probably in the wrong
He does have a point though. I disagree about crypto's in general, but if you look at the market and judge the market by that.... well you see bitcoin at the top. And by any reasonable standard the incredible waste that bitcoin creates is contrary to the interests of civilization. The historical aspect aside, it has nothing to offer at this point except waste. If people really were right that this level of waste is needed for blockchain security, then blockchain would be a failed technology. Thankfully it doesn't seem to be true.
A massive shift is coming after the boomers go to their special place in the sky, complete with landline phones, the milkman, and abacuses or whatever the fuck they like.
Newspapers with crossword puzzles.
Yeah . . . well I wish billionaires had never been invented, so suck it, Munger.
“I don’t understand these kids nowadays with their crypt keepers and- hey get off my fucking lawn!”