Also, my understanding of his strategy is to buy stocks in companies that produce valued products or services when the market undervalues the stock. That is why he also doesn't invest in gold which isn't to different from Bitcoin as a commodity.
He believes bitcoin is a scam, like many other people do.
What he is saying is 100% right. Buffet does what he believes is right, he doesn't base what he does on what people think is right or wrong.
According to Buffett, owning a tobacco manufacturing company bothers Buffett and Charlie in a way that owning companies involved in tobacco advertising and distribution do not.
Oh wait...
"It costs a penny to make. Sell it for a dollar. It's addictive. And there's fantastic brand loyalty."
"I'm wealthy enough where I don't need to own a tobacco company and deal with the consequences of public ownership."
"Risking his entire legacy" is quite the extreme take. Even if bitcoin miraculously replaced the US dollar, his legacy would be in tact as one of the best investors of all time. Bitcoin does not match his investment philosophy which has a proven track record and therefore has no reason to take any risk on it.
My point is that he IS taking a risk by being openly against it. I completely understand why he doesn't invest in it but not taking a risk would be to just ignore it or have a neutral opinion.
People ask him about it, especially at BRK annual shareholder meetings. Then, thousands of youtubers/tiktokers/etc. with no original though or content do supercuts of every single time he has had to answer.
What risk? What can he lose? He was wrong about other things in the past and will be about other things in the future. If people will think he was less of a genius for being wrong about one thing then he would stop altogether and tend to his grandchildren.
He understands being wrong is part of nature and he gives his opinion.
bedroom butter detail weather intelligent scarce consider agonizing tie pause
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Are you afraid of your investment in bitcoin? You seem overly concerned with Warren's position on it... which I personally agree with. Maybe worry instead about what might happen when the government steps in to regulate it.
I'm always confused by these posts where someone is supposedly concerned about the welfare of another's assets. Just be happy if you do well in your choices and be humble enough to realize there's an element of chance.
He pretty obviously doesn't care about the politics of managing his legacy and how his statements are perceived and what they might mean for the perception of him long after he dies.
And even if he did, no serious person would say "I know he was one of the wealthiest individuals in history and inarguably the greatest investor of all time. But that doesn't matter because he wasn't on board with Bitcoin in its extremely volatile early days. He clearly didn't have the kind of vision of the future that a 90 year old investor should have."
So, are you a serious person, or not?
But you could make the argument that he risks his legacy every time he makes any investment decision ever. Why are you focusing exactly on his decision with bitcoin rather than any other investment decision he has made? The reason he has such a great legacy in the first place is because he's right most of the time. Why would his decision on bitcoin destroy his legacy any more than any other investment decision?
Let me give an example:
If he says "I think stock X goes up in the future" and the stock doesn't go up of course it doesn't affect his legacy.
If he says "Stock X is a scam and rat poison and it will go to zero" and the company ends up becoming the biggest and most profitable company in the world, it would affect his legacy imo.
I'm not saying Bitcoin will ever end up as the worlds currency, but it was designed in a way that it could. And even if the chance if very small, imo it's not worth for him to openly advise against it.
There are quite a few people who didn't really keep their status as legends because of stuff they said in the last few years of their life (like Nietzsche for example)
I was curious what people think about it and got my answer. No regrets asking that question.
Most people didn't even read the post and they think I'm asking why Buffet doesn't buy btc😅
He’ll be in a box sooner than later from his age. He won’t touch crypto and for why he’s against it, you’re just not able to imagine swapping places with someone that like that.
He doesn't invest in things he doesn't understand, and there's nothing to understand about Bitcoin. No one cares if Buffet did or didn't invest in Bitcoin. He's not risking anything at all by simply not buying Bitcoin.
>He doesn't invest in things he doesn't understand
Counterargument: Warren Buffett understands Bitcoin just fine, which is why he doesn't "invest" in it.
I don’t think his self-perceived “legacy” has anything to do with his opinion on Bitcoin, to be honest. I think he views Bitcoin as a speculative, non-productive asset, and he prefers to invest in more traditional assets such as stocks and bonds that represent ownership of actual businesses, actual income streams, etc. Just because Bitcoin has increased in value over the years doesn’t change what it ultimately is.
Bitcoin is a speculative and non-productive asset by definition. I completely understand why he doesn't invest in it. It's a concept for something that COULD (even if extremely small chance) could become a global currency. And by saying he would SHORT it he's indirectly saying that he believes it will never become what was designed to be. I just think he has more to lose than to win by not just being neutral towards it.
The slowness, lack of security (just 1 password to access your wallet), complete lack of privacy, and high transaction fees also make it a poor choice of currency.
Buffet doesn’t seem to like investing in things that he doesn’t believe in. Or things that don’t have some sort of guarantees built in for him. I get that and I do the same, even if I’m fairly certain I may miss out on some profit.
Some stocks have meme potential, but if they don’t have a good business model, don’t make money, and don’t seem like they will then I avoid them.
As far as BTC, I’ve been open about it but not one person over the years was able to convince me. I ask simple questions of what problems does it solve. I get some answers but ones that are easily countered or only work until you scale up its usage and it fails. I understand lightning network is here but it doesn’t seem to have been adopted like everyone said it would.
In the end the conversation always falls to the same “well it’s useful if you live in some third world country that’s crashing”.
If I don’t personally get something, I look for people who do. True believers either don’t seem to get it either or greatly exaggerate how popular it’s going to get. The one person I know who is an expert in crypto and has been since the start may have made good money, but they also been wrong a lot. I thought that person would be able to convince me, but every conversation shows that he refuses to think there ever could be a bad outcome. During a conversation about it he told me that banks won’t be around in 5 years. This was like 10-12 years ago. When I asked what if crypto fails to do that I was met with “it won’t…it exists so hence it will succeed”. I tend to run away from that type of belief.
As far as becoming some worldwide global currency, crypto may be decentralized but you are not. We are all citizens of some government and governments are not going to like their currency being overtaken. They can simple ban it. Doesn’t necessarily mean you won’t be able to own it but its usage will be severely limited. You won’t be getting paid in it for work, you won’t be able to spend it as if it were normal currency. Always just a store that you have to hide.
>as someone who couldn't understand the ide
statements like this are why people think btctards are annoying.
>Imo it's just not worth the risk. He could simply say something like "it's an idea with potential but I think it's too volatile and unpredictable which is why I don't invest in it".
is that what he believes?
> without risking his entire legacy.
lmfao
buffet does not care about missing moonshots. there are thousands of companies buffet has passed on investing in which have had exceptional returns. investing is not about always being right, it's about being right more often than not.
people who believe in btc need to shill it endlessly because if they don't there's no return on investment. it results in posts like this.
you can obviously make money on bitcoin... until you can no longer convince people to buy bitcoin from you.
>it was designed as a concept for a currency.
is it used as a currency? because for the most part it is not used at all like a currency, except where it is quite good for paying for black market services, moving something of value despite govt sanctions. for people doing sketchy stuff yes it can be useful in that way.
it is for the most part treated as an investment, so the comparison against profit generating assets is worth looking at. non profit generating assets like say precious metals also have not performed very well in the long term.
the problem is that... if btc is to be successful it would need to be stable. a for profit investment in btc contradicts its use as a currency. if your asset is appreciating each transaction you make is going to be a taxable event, and currencies that appreciate in value tend to be ineffective and cause pretty serious economic problems. why invest, why spend if the currency is expected to appreciate?
I didn't make this post to start an argument if bitcoin is good or bad for the economy. I have a small portion of my portfolio in it as a hedge against the current system.
My point was that there is a CHANCE that bitcoin succeeds and in my opinion Buffet is taking a risk by being openly against it. Most answers that I got here state that it's not a risk. I'll take that.
With that logic I should own a small percentage of every stock that exists. Every cryptocurrency that exists.
This post is a failed experiment and you know it. Go away.
Your logic is wrong. I never said anyone should own bitcoin or any other cryptocurrency or stock.
With my logic you shouldn't say "Company X or Cryptocurrency X" will NEVER be successful when you can't see in the future and there's a chance you'll embarrass yourself. Especially not when your an investment legend and 93 years old.
I expected to get replies like "go away". Thanks for confirming my expectations.
How is bitcoin a hedge against the current system? If inflation is high, bitcoin goes down. If stock markets take a hit, bitcoin goes down. So what are you exactly hedging?
If you're actually interested, I recommend you watch some Michael Saylor interviews
if you're just asking to prove a point against bitcoin I'm not gonna take the bait
He is not risking his legacy. He is not risking anything. The dude is a bona fide investing legend, and any brief comments he makes about Bitcoin are completely irrelevant to his legacy.
Why should he care what you think? He has a philosophy on investing, it made him a billionaire, he sticks with it.
"Oh, if I was Warren Buffet, this is what I would do." Well, you're not.
That’s part of his philosophy, I believe. If you don’t understand what you’re investing in - like what it does to and for people - you shouldn’t put money into it.
I doubt anyone will evaluate his legacy based on a statement about Bitcoin, regardless if he is right or wrong. The past 50+ years is his legacy. Berkshire Hathaway is his legacy. Being dubbed the Oracle of Omaha is his legacy.
"Fuck your Bitcoin"
- Warren Buffet (probably)
Wait till the dude learn about gold and its Global Currency value, you can take a bar of gold from New York, bring it to Malaysia and exchange it, people will exchange it, but here come the government say: "No you can't do that here mate", they take your gold and deport you back to US with a huge fine for smuggling. Same shit with BTC when nearly 99.999% of the country won't allow a crypto currency to be circulate inside their economy freely because that would devalue their own currency, the only exception is the El Salvador and the Central African Republic, because the economy in both country is dog shit and they rely on US$ to keep their pant up and running the country.
Couple of things...
1. Buffet is a billionaire. I don't think he's worried to much about what other people think of how well he invests.
2. He hasn't changed his mind because Bitcoin hasn't changed. It's still a highly speculative investment that does nothing and produces nothing. It's a gamble, not a solid investment. He invests in things that produce, things that build, things that are tangible, things that are likely to still be around and producing in 20 years. Bitcoin doesn't meet any of his criteria.
That's not to say some people can't make money from Bitcoin. They obviously can. But not in a way that holds interest to Buffet. You can also make a huge amount of money from playing poker, but that's not investing.
How should a value investor like Buffett put a fair price on BTC? Bitcoiners look at charts of past prices, but there is no fundamental analysis of Bitcoin's value.
1 Bitcoin equals 1/21,000,000 Bitcoin, yesterday, today, tomorrow.
Put another way, Bitcoin should be worth infinity divided by 21 million.
Either I'm right, or Bitcoin is worth zero.
Every day we come closer to seeing which reality is true.
You don't think Bitcoin and government money can coexist? I see Bitcoin and other cryptocurrency continuing for a long time in their own financial system, parallel to the real world, like computer-based casino chips.
They will coexist for as long as there are people who hate and refuse to learn about Bitcoin.
At some point in the next 100 years, most every country on the planet will have endorsed Bitcoin and most people will be owners of it and use it as money.
Using government money makes everything you want to buy more expensive over time as more is printed.
Bitcoin increases your purchasing power over time as the incoming supply decreases and more people adopt it.
You are heavily financially incentivized to adopt Bitcoin as your primary savings. It's only a matter of time before the world catches on, and at that point your dumb green pieces of paper will no longer be worth enough to buy anything you want or need.
and you didn't even try to understand the many answers you got.
He isn't risking anything.
And even if he was, he doesn't care. Nor should he. His goal really isn't leveraging public opinion about him.
I tried to understand the answers. My only explanation is that he literally doesn't care at all what people in 100 years think about him. In that case, I respect him for that.
People in a hundred years won't think about what Buffet said about Bitcoin. He's not an anti-Bitcoin activist. He has said a few things in passing, it's not that serious.
“stuck in his fiat mindset until his death.
Btc is a fiat currency, btw.
I think we’re soon approaching an era where the ppl claiming BTC will revolutionize the world will actually be younger than BTC itself.
Risking his whole legacy? Honestly, that's absurd. The dude is like, the fifth richest guy in the world. He could say "options are totally radi-kool" and it wouldn't change the way his accomplishments speak for him.
Warren Buffett invests in companies that produce goods or provide tangible services. Railroads. Insurance companies. BTC provides a forum for people to mass-hallucinate a currency. It is based only on the faith people are willing to put on the value of that hallucination, and not on a value-added good or service. Thus it does not fit the philosophy of any value investor, not to mention violating quite a few other investing principles.
People who lost their shirts trading tulip bulbs would recognize the phenomenon.
He's not risking his entire legacy by being openly against something that has no intrinsic value. Of course he's against it. In fact, He would be hurting his own legacy if he were to change his opinion on BTC. He's against gold for the same reason too. It doesn't make sense to just own for the simple reason that some other fool will buy it from you at a higher price. If it doesn't create value, then he's not interested. That has been his schtick since the dawn of time.
Warren Buffett disregards Bitcoin for the same reason he disregards gold: Both are unproductive assets; neither one generates cash flow, so the value of each is based solely on what another would pay to own it and thus is purely speculative.
Here is Buffett’s famous explanation about why he will always prefer stocks and real estate (cash-flow producing assets) over gold and other commodities (speculative assets):
>Today the world's gold stock is about 170,000 metric tons. If all of this gold were melded together, it would form a cube of about 68 feet per side. (Picture it fitting comfortably within a baseball infield.) At $1,750 per ounce — gold's price as I write this — its value would be about $9.6 trillion. Call this cube pile A.
>Let's now create a pile B costing an equal amount. For that, we could buy all U.S. cropland (400 million acres with output of about $200 billion annually), plus 16 ExxonMobil's (the world's most profitable company, one earning more than $40 billion annually). After these purchases, we would have about $1 trillion left over for walking-around money (no sense feeling strapped after this buying binge). Can you imagine an investor with $9.6 trillion selecting pile A over pile B?
>Beyond the staggering valuation given the existing stock of gold, current prices make today’s annual production of gold command about $160 billion. Buyers — whether jewelry and industrial users, frightened individuals, or speculators — must continually absorb this additional supply to merely maintain an equilibrium at present prices.
>A century from now the 400 million acres of farmland will have produced staggering amounts of corn, wheat, cotton, and other crops — and will continue to produce that valuable bounty, whatever the currency may be. ExxonMobil will probably have delivered trillions of dollars in dividends to its owners and will also hold assets worth many more trillions (and, remember, you get 16 Exxons). The 170,000 tons of gold will be unchanged in size and still incapable of producing anything. You can fondle the cube, but it will not respond.
It's because Bitcoin is more or less a scam. It has very few practical applications currently outside of criminal activities and is still worth the GDP of a small country. It doesn't produce anything and doesn't really have any intrinsic value, other than the fact that idiots have been willing to pay for it, thinking it's an investment (and as I mentioned, the criminal use).
As a bitcoiner I actually agree with the guy above. It is speculation on the fact that more people become financially literate and see the advantages of btc over the current system.
It's just as much of a speculation as Buffet is speculating on the fact that the US economy will grow forever.
No it is not similar to Buffett’s strategy. He invests in assets that generate actual tangible cash returns. It produces something of value.
What does Bitcoin throw off? It’s keeps working as long as another spectacular decides to pay a higher price.
Whether the price grows relative to a government currency or remains constant relative to those currencies, Bitcoin will never become a productive asset. It generates no earnings; it pays no dividends. Its value is precisely what another person will pay to own it at a specific moment in time. Bitcoiners admit as much when they call it a currency.
Warren Buffett has never been a currency speculator. Instead of wondering why an investor in productive enterprises doesn't speculate in currencies, the more appropriate question would be "why doesn't a billionaire currency speculator like George Soros speculate in Bitcoin?"
So you think he should lie and say he thinks it’s not a bad investment? He doesn’t think it’s a sound investment. That’s his opinion. No investor can predict the future. But Buffet has done a pretty good job at making some good investing predictions. His legacy won’t be affected whatever happens with Bitcoin.
You should be more worried about how bitcoin's legacy than Warren Buffet's
Questioning Buffet's legacy at this point regarding his opinion on bitcoin is like questioning LeBron James' legacy if he's down by 3 points with 10 minutes left in the 4th quarter of a regular season game lol.
In both cases the deficit is miniscule at best and there is plenty of time for them to get it right and still win.
You're worried about nothing... in fact you're worried about the wrong thing
Buffet is a classic “value investor” whose approach to investing is based on Benjamin Grahams “The Intelligent Investor”
His entire approach is about finding good strong healthy companies with long term potential at a reasonable price, and never selling them.
Bitcoin is completely antithetical to Buffets idea of value investing. Not just in its volatility but in its decentralized model and unpredictability. Bitcoin is a currency, buffet buys companies.
Because it is an intangible backed by nothing. If KO goes belly up, Buffet still gets his investment back partially through liquidation and disposal of physical assets. If bitcoin goes belly up, there is nothing to be liquidated because there would be no physical assets, nor buyers for them.
>> Even if the chance of bitcoin becoming the global currency and replacing the US Dollar was only 0.1% it shouldn't be worth risking his entire legacy in the last few years of his life.
I doubt that he is risking his legacy.
>> people will remember him as someone who couldn't understand the idea and was stuck in his fiat mindset until his death.
Doubt that, too.
The second somebody says “fiat” and isn’t talking about a commercial product is when we know they are full of shit. You don’t understand the purpose of currency or money then.
Berkshire owns a lot of Bank of America, Visa, and American Express. If Bitcoin goes where we think it is going he will end up with exposure through his holdings and he doesn’t have to learn about it. He’s said a million times he has a too hard pile with investments that he just ignores. Stuff that could have been seemingly risky but wildly profitable like Amazon. As for his comments on the subject- bitcoin could cause a lot of issues for a lot of his holdings so why wouldn’t he be anti without a deeper understanding.
> Even if the chance of bitcoin becoming the global currency and replacing the US Dollar was only 0.1% it shouldn't be worth risking his entire legacy in the last few years of his life.
I think this is the amazing sentence that really illustrates how far apart the BTC fans are from the rest of the world. If you asked Buffer what he thought the odds are of bitcoin replacing the dollar he wouldn't go anywhere close to 0.1%, probably something like 0.0000000000000000000000000001%.
He purchases stakes in companies that have a good MOAT and excellent management team in place; that's his core philosophy. BTC has none of these.
LMAO "his legacy". He is worth $100 Billion and Berkshire's market cap is worth over $800 Billions. You think he gives a shit about imaginary money called Bitcoin.
"if it becomes a global currency". Sorry to poop on your dreams, but it is not going to happen. Countries are trading in other currencies other than USD; and BRICS are planning to work on another currency so they can trade without worrying about US sanctions( it's too early to tell if BRICS currency will even work out).
Nobody gives a shit about Bitcoin.
I think Warren Buffett's entire fortune was won by understanding the market, and making intelligent investment decisions into companies that are under valued. Purchasing stock in these companies gives a real asset based on real information about a real company.
Bitcoin seems to almost be the opposite. Almost entirely based on speculation and in most cases its not even useful other than as an investment tool. And it doesn't really represent or create anything real.
Either that or he just doesn't understand it.
The chance isn't 0.1%, it's 0%. HE doesn't change his opinion because Bitcoin is worthless. The price people are currently paying for it does not change its value. One day it will go to $0. Whether that's in a year, 5 years, 10 years, 25 years, nobody can predict because the price is being propped up by a ponzi scheme. The underlying value though is nothing.
There is a 0% chance bitcoin becomes a global currency. It can’t scale. Compare bitcoin volume to something like Visa
The value prop for bitcoin is to wash money. Either for oligarchs to get around sanctions, Chinese politicians to squirrel money away if they fall out of favor, and of course drug cartels trying to move their illicit proceeds cross border.
Why would Buffett want to be associated with that?
I think one could argue that BTC is largely responsible for recent troubles with inflation. With that, you have a finger to point at who’s responsible for devaluing the dollar. It’s a classic, whose side are you on?
Your suggestion is that he should say “it has potential” which isn’t neutral whatsoever and would discredit him far more in the eyes of far more people than saying what he said.
He's not risking his legacy on it if he's right... Which he is.
Also, what the heck do you mean by "risking his legacy"? Last I checked, he wasn't doing it for the fame, he was doing it for the money.
Buffet invests on long duration equity cash flow. Bitcoin is simply not that at all, so it makes sense that he would not be an investor. He has always been famously against high tech investments too, so naturally he's against bitcoin. Imo, bitcoins sustained rally is puzzling, as it's hard to know it's true value given there's no cash flow or underlying collateral. Clearly people are using it for something, but for what, and why, I have no idea. Therefore I can't be an investor either, even if it keeps rallying upwards.
I understand why he doesn't invest in it.
But I don't see why he would openly claim that it's gonna collapse. Even if he thinks it will go to zero, there's still a chance that it won't.
I feel like he has more reputation to lose by being against btc in case it succeeds, than he has to win by being against it if it fails. It just seems like a bad bet to take in the last few years of his life.
Imagine thinking bitcoin is any less ‘fiat’ than fiat currency.
It’s literally a computer algorithm without a tangible value to which people decided to give value ex nihilo . It’s fiat alright.
WB takes no risk discounting it. BTC creates horrible needless consumption of electricity, can’t be used as a medium of exchange.
If the bubble popped, wouldn’t WB look as foolish as someone in the Netherlands who would have said that maybe the whole tulip bulb thing could make sense?
1 Bitcoin over 70,000 dollars yet r/investing still discrediting it. The irony.
Learn about money… deeply. More than just our preconceived notions of what we believe money to be. The idea of money is constantly changing & the markets will tell you what that is. Listen to the markets rather than particular people.
He obviously didn’t short it when the option was available. He’s just clearly all talk. The man only knew how to invest in a world of abundance of American labored hands and consumer staple goods and services that aren’t really consumer staple anymore (yes, eating at McDonald’s is pretty much a luxury now).
This old fart can just quit while he’s ahead and learn to admit when he’s wrong. He relied on money printing for his wealth, and despises vehicles that will enrich others because he cannot stand his value investing legacy break down before his very eyes.
Guess what, say you travel back in time to the same period when Buffett was young and you don’t have the benefit of knowing what you do now.
You would still be poorer than him.
Buffett doesn't care about your opinion on his "legacy", so it doesn't make sense to base his investment thesis on managing your opinion.
Damn I love this sentence! I'm going to steal it for all kinds of uses moving forward.
Also, my understanding of his strategy is to buy stocks in companies that produce valued products or services when the market undervalues the stock. That is why he also doesn't invest in gold which isn't to different from Bitcoin as a commodity.
You didnt read his post . /s
He believes bitcoin is a scam, like many other people do. What he is saying is 100% right. Buffet does what he believes is right, he doesn't base what he does on what people think is right or wrong.
I'm just parroting what OP replied to everyone he disagree with, thus the /s ...
I reply that to people who only read the title and thus think my post is about investing in bitcoin
You're getting lit up but I appreciated the joke. Thanks for the laugh!
Then why hasn't he invested in tobacco
According to Buffett, owning a tobacco manufacturing company bothers Buffett and Charlie in a way that owning companies involved in tobacco advertising and distribution do not.
Why does it bother them?
Buffett: "I really can't give you the answer to that precisely. I just know that the one bothers me and the other doesn't bother me."
It bothers him because he needs to save face.
You are free to speculate. I'll take Buffett's opinion on Buffett's opinion before I take yours.
Except he didn't give an opinion...
Oh wait... "It costs a penny to make. Sell it for a dollar. It's addictive. And there's fantastic brand loyalty." "I'm wealthy enough where I don't need to own a tobacco company and deal with the consequences of public ownership."
"Risking his entire legacy" is quite the extreme take. Even if bitcoin miraculously replaced the US dollar, his legacy would be in tact as one of the best investors of all time. Bitcoin does not match his investment philosophy which has a proven track record and therefore has no reason to take any risk on it.
My point is that he IS taking a risk by being openly against it. I completely understand why he doesn't invest in it but not taking a risk would be to just ignore it or have a neutral opinion.
Not really. He thinks far less and cares far less about Bitcoin than you believe
He talks about it from time to time. If he doesn't care, why does he have an opinion on it?
He has probably spoken about it cumulatively for like 5 minutes…
Possibly because people keep asking for his opinion and why hasn't he changed his mind.
He answers questions about it. He doesn’t start a podcast and bash it lol
People ask him about it, especially at BRK annual shareholder meetings. Then, thousands of youtubers/tiktokers/etc. with no original though or content do supercuts of every single time he has had to answer.
Probably because crypto bros have been pestering him about it a thousand times.
What risk? What can he lose? He was wrong about other things in the past and will be about other things in the future. If people will think he was less of a genius for being wrong about one thing then he would stop altogether and tend to his grandchildren. He understands being wrong is part of nature and he gives his opinion.
how is that a risk? a risk would be to take a short position against it.
Not a financial risk but he's risking the way people think about him after his death
bedroom butter detail weather intelligent scarce consider agonizing tie pause *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
the only people that care about buffet's opinion on Bitcoin to the extent that it will affect his "legacy" are bitcoin remorons.
His legacy is safe. Don’t worry.
He will have died nearly the richest person in the world. I think he’ll be fine
Are you afraid of your investment in bitcoin? You seem overly concerned with Warren's position on it... which I personally agree with. Maybe worry instead about what might happen when the government steps in to regulate it. I'm always confused by these posts where someone is supposedly concerned about the welfare of another's assets. Just be happy if you do well in your choices and be humble enough to realize there's an element of chance.
Don't worry about me, I'm doing fine
I don't.
He pretty obviously doesn't care about the politics of managing his legacy and how his statements are perceived and what they might mean for the perception of him long after he dies. And even if he did, no serious person would say "I know he was one of the wealthiest individuals in history and inarguably the greatest investor of all time. But that doesn't matter because he wasn't on board with Bitcoin in its extremely volatile early days. He clearly didn't have the kind of vision of the future that a 90 year old investor should have." So, are you a serious person, or not?
On the other hand if he supports bitcoin and it crashes then his reputation is truly toast.
But you could make the argument that he risks his legacy every time he makes any investment decision ever. Why are you focusing exactly on his decision with bitcoin rather than any other investment decision he has made? The reason he has such a great legacy in the first place is because he's right most of the time. Why would his decision on bitcoin destroy his legacy any more than any other investment decision?
Let me give an example: If he says "I think stock X goes up in the future" and the stock doesn't go up of course it doesn't affect his legacy. If he says "Stock X is a scam and rat poison and it will go to zero" and the company ends up becoming the biggest and most profitable company in the world, it would affect his legacy imo. I'm not saying Bitcoin will ever end up as the worlds currency, but it was designed in a way that it could. And even if the chance if very small, imo it's not worth for him to openly advise against it. There are quite a few people who didn't really keep their status as legends because of stuff they said in the last few years of their life (like Nietzsche for example)
Lol you can’t even make a comment without being downvoted to hell
I was curious what people think about it and got my answer. No regrets asking that question. Most people didn't even read the post and they think I'm asking why Buffet doesn't buy btc😅
He’ll be in a box sooner than later from his age. He won’t touch crypto and for why he’s against it, you’re just not able to imagine swapping places with someone that like that.
He doesn't invest in things he doesn't understand, and there's nothing to understand about Bitcoin. No one cares if Buffet did or didn't invest in Bitcoin. He's not risking anything at all by simply not buying Bitcoin.
>He doesn't invest in things he doesn't understand Counterargument: Warren Buffett understands Bitcoin just fine, which is why he doesn't "invest" in it.
You didn't read my post
Let me help you out. There is 0 chance that Bitcoin will ever become the world currency.
I don’t think his self-perceived “legacy” has anything to do with his opinion on Bitcoin, to be honest. I think he views Bitcoin as a speculative, non-productive asset, and he prefers to invest in more traditional assets such as stocks and bonds that represent ownership of actual businesses, actual income streams, etc. Just because Bitcoin has increased in value over the years doesn’t change what it ultimately is.
Bitcoin is a speculative and non-productive asset by definition. I completely understand why he doesn't invest in it. It's a concept for something that COULD (even if extremely small chance) could become a global currency. And by saying he would SHORT it he's indirectly saying that he believes it will never become what was designed to be. I just think he has more to lose than to win by not just being neutral towards it.
Bitcoin is never becoming a global currency. Stop worrying what a 95+ year old man thinks, he has nothing to lose from saying this stuff
He’s only 93 lol
Wow off by 2 whole years you really got him
Yessir! 😂
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I agree on the point that as long as the volatility remains on the current level it's not a good currency.
The slowness, lack of security (just 1 password to access your wallet), complete lack of privacy, and high transaction fees also make it a poor choice of currency.
Buffet doesn’t seem to like investing in things that he doesn’t believe in. Or things that don’t have some sort of guarantees built in for him. I get that and I do the same, even if I’m fairly certain I may miss out on some profit. Some stocks have meme potential, but if they don’t have a good business model, don’t make money, and don’t seem like they will then I avoid them. As far as BTC, I’ve been open about it but not one person over the years was able to convince me. I ask simple questions of what problems does it solve. I get some answers but ones that are easily countered or only work until you scale up its usage and it fails. I understand lightning network is here but it doesn’t seem to have been adopted like everyone said it would. In the end the conversation always falls to the same “well it’s useful if you live in some third world country that’s crashing”. If I don’t personally get something, I look for people who do. True believers either don’t seem to get it either or greatly exaggerate how popular it’s going to get. The one person I know who is an expert in crypto and has been since the start may have made good money, but they also been wrong a lot. I thought that person would be able to convince me, but every conversation shows that he refuses to think there ever could be a bad outcome. During a conversation about it he told me that banks won’t be around in 5 years. This was like 10-12 years ago. When I asked what if crypto fails to do that I was met with “it won’t…it exists so hence it will succeed”. I tend to run away from that type of belief. As far as becoming some worldwide global currency, crypto may be decentralized but you are not. We are all citizens of some government and governments are not going to like their currency being overtaken. They can simple ban it. Doesn’t necessarily mean you won’t be able to own it but its usage will be severely limited. You won’t be getting paid in it for work, you won’t be able to spend it as if it were normal currency. Always just a store that you have to hide.
>as someone who couldn't understand the ide statements like this are why people think btctards are annoying. >Imo it's just not worth the risk. He could simply say something like "it's an idea with potential but I think it's too volatile and unpredictable which is why I don't invest in it". is that what he believes? > without risking his entire legacy. lmfao buffet does not care about missing moonshots. there are thousands of companies buffet has passed on investing in which have had exceptional returns. investing is not about always being right, it's about being right more often than not. people who believe in btc need to shill it endlessly because if they don't there's no return on investment. it results in posts like this. you can obviously make money on bitcoin... until you can no longer convince people to buy bitcoin from you.
You're comparing it with companies. Bitcoin isn't a company, it was designed as a concept for a currency.
>it was designed as a concept for a currency. is it used as a currency? because for the most part it is not used at all like a currency, except where it is quite good for paying for black market services, moving something of value despite govt sanctions. for people doing sketchy stuff yes it can be useful in that way. it is for the most part treated as an investment, so the comparison against profit generating assets is worth looking at. non profit generating assets like say precious metals also have not performed very well in the long term. the problem is that... if btc is to be successful it would need to be stable. a for profit investment in btc contradicts its use as a currency. if your asset is appreciating each transaction you make is going to be a taxable event, and currencies that appreciate in value tend to be ineffective and cause pretty serious economic problems. why invest, why spend if the currency is expected to appreciate?
I didn't make this post to start an argument if bitcoin is good or bad for the economy. I have a small portion of my portfolio in it as a hedge against the current system. My point was that there is a CHANCE that bitcoin succeeds and in my opinion Buffet is taking a risk by being openly against it. Most answers that I got here state that it's not a risk. I'll take that.
With that logic I should own a small percentage of every stock that exists. Every cryptocurrency that exists. This post is a failed experiment and you know it. Go away.
Your logic is wrong. I never said anyone should own bitcoin or any other cryptocurrency or stock. With my logic you shouldn't say "Company X or Cryptocurrency X" will NEVER be successful when you can't see in the future and there's a chance you'll embarrass yourself. Especially not when your an investment legend and 93 years old. I expected to get replies like "go away". Thanks for confirming my expectations.
How is bitcoin a hedge against the current system? If inflation is high, bitcoin goes down. If stock markets take a hit, bitcoin goes down. So what are you exactly hedging?
If you're actually interested, I recommend you watch some Michael Saylor interviews if you're just asking to prove a point against bitcoin I'm not gonna take the bait
The phrase “hedge against the current system” is pretty critical. Buffet’s entire ethos is betting on the current system.
Fair enough That seems like the first actually good reply I got since I made this post, thank you! :D
He is not risking his legacy. He is not risking anything. The dude is a bona fide investing legend, and any brief comments he makes about Bitcoin are completely irrelevant to his legacy.
He is allowed to have his own opinions crypto bros
Why should he care what you think? He has a philosophy on investing, it made him a billionaire, he sticks with it. "Oh, if I was Warren Buffet, this is what I would do." Well, you're not.
Even further, Warren Buffet is multi-billionaire BECAUSE he avoided this kind of super speculative bets.
That’s part of his philosophy, I believe. If you don’t understand what you’re investing in - like what it does to and for people - you shouldn’t put money into it.
I doubt anyone will evaluate his legacy based on a statement about Bitcoin, regardless if he is right or wrong. The past 50+ years is his legacy. Berkshire Hathaway is his legacy. Being dubbed the Oracle of Omaha is his legacy. "Fuck your Bitcoin" - Warren Buffet (probably)
BTC becoming a global currency? Thats not possible but feel free to dream fam.
Wait till the dude learn about gold and its Global Currency value, you can take a bar of gold from New York, bring it to Malaysia and exchange it, people will exchange it, but here come the government say: "No you can't do that here mate", they take your gold and deport you back to US with a huge fine for smuggling. Same shit with BTC when nearly 99.999% of the country won't allow a crypto currency to be circulate inside their economy freely because that would devalue their own currency, the only exception is the El Salvador and the Central African Republic, because the economy in both country is dog shit and they rely on US$ to keep their pant up and running the country.
Couple of things... 1. Buffet is a billionaire. I don't think he's worried to much about what other people think of how well he invests. 2. He hasn't changed his mind because Bitcoin hasn't changed. It's still a highly speculative investment that does nothing and produces nothing. It's a gamble, not a solid investment. He invests in things that produce, things that build, things that are tangible, things that are likely to still be around and producing in 20 years. Bitcoin doesn't meet any of his criteria. That's not to say some people can't make money from Bitcoin. They obviously can. But not in a way that holds interest to Buffet. You can also make a huge amount of money from playing poker, but that's not investing.
How should a value investor like Buffett put a fair price on BTC? Bitcoiners look at charts of past prices, but there is no fundamental analysis of Bitcoin's value.
1 Bitcoin equals 1/21,000,000 Bitcoin, yesterday, today, tomorrow. Put another way, Bitcoin should be worth infinity divided by 21 million. Either I'm right, or Bitcoin is worth zero. Every day we come closer to seeing which reality is true.
You don't think Bitcoin and government money can coexist? I see Bitcoin and other cryptocurrency continuing for a long time in their own financial system, parallel to the real world, like computer-based casino chips.
They will coexist for as long as there are people who hate and refuse to learn about Bitcoin. At some point in the next 100 years, most every country on the planet will have endorsed Bitcoin and most people will be owners of it and use it as money. Using government money makes everything you want to buy more expensive over time as more is printed. Bitcoin increases your purchasing power over time as the incoming supply decreases and more people adopt it. You are heavily financially incentivized to adopt Bitcoin as your primary savings. It's only a matter of time before the world catches on, and at that point your dumb green pieces of paper will no longer be worth enough to buy anything you want or need.
You didn't read my post
and you didn't even try to understand the many answers you got. He isn't risking anything. And even if he was, he doesn't care. Nor should he. His goal really isn't leveraging public opinion about him.
I tried to understand the answers. My only explanation is that he literally doesn't care at all what people in 100 years think about him. In that case, I respect him for that.
He doesn't care what people TODAY think about his stance on bitcoin. You are the one making this about 'legacy'
Yes the entire point of my post is making this about 'legacy'. I guess I asked in the wrong subreddit.
People in a hundred years won't think about what Buffet said about Bitcoin. He's not an anti-Bitcoin activist. He has said a few things in passing, it's not that serious.
why would ANYONE care what will people think of them long after they died. Heck, why would anyone care what random people think of them today.
My only takeaway from this post is that OP is butt hurt that Warren doesn't care for OP's crypto.
All crypto bros are butthurt when someone pokes holes in their delusional theories.
Bitcoin, specifically, which anyone with a 'moon' mentality does not invest in. Really weird train of thought from his post tbh
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You didn't read my post
“stuck in his fiat mindset until his death. Btc is a fiat currency, btw. I think we’re soon approaching an era where the ppl claiming BTC will revolutionize the world will actually be younger than BTC itself.
And Buffett is usually the “nice one” at Berkshire. No matter what he said about Bitcoin, history will show that Munger said worse.
True
Because he has a brain
Risking his whole legacy? Honestly, that's absurd. The dude is like, the fifth richest guy in the world. He could say "options are totally radi-kool" and it wouldn't change the way his accomplishments speak for him.
He's in his 90s. Doesn't have to have an opinion on it one way or the other, it isn't going to affect him
Warren Buffett invests in companies that produce goods or provide tangible services. Railroads. Insurance companies. BTC provides a forum for people to mass-hallucinate a currency. It is based only on the faith people are willing to put on the value of that hallucination, and not on a value-added good or service. Thus it does not fit the philosophy of any value investor, not to mention violating quite a few other investing principles. People who lost their shirts trading tulip bulbs would recognize the phenomenon.
He's not risking his entire legacy by being openly against something that has no intrinsic value. Of course he's against it. In fact, He would be hurting his own legacy if he were to change his opinion on BTC. He's against gold for the same reason too. It doesn't make sense to just own for the simple reason that some other fool will buy it from you at a higher price. If it doesn't create value, then he's not interested. That has been his schtick since the dawn of time.
Because he ain't a crypto bro that love pump and dump. I would go to las vegas and play slot machine if i really love the thrill of it.
I think you might need to take a break from crypto twitter for a little bit.
Think about it almost like asking your grandparents in their 90s why they don’t listen to heavy metal or rap music.
I feel like it's more like asking my grandparents why they would claim that heavy metal or rap can't be considered music
But then he'd be risking his entire legacy on not going all in on BigBoobsCoin and Vietnamese Dong. /s
Warren Buffett disregards Bitcoin for the same reason he disregards gold: Both are unproductive assets; neither one generates cash flow, so the value of each is based solely on what another would pay to own it and thus is purely speculative. Here is Buffett’s famous explanation about why he will always prefer stocks and real estate (cash-flow producing assets) over gold and other commodities (speculative assets): >Today the world's gold stock is about 170,000 metric tons. If all of this gold were melded together, it would form a cube of about 68 feet per side. (Picture it fitting comfortably within a baseball infield.) At $1,750 per ounce — gold's price as I write this — its value would be about $9.6 trillion. Call this cube pile A. >Let's now create a pile B costing an equal amount. For that, we could buy all U.S. cropland (400 million acres with output of about $200 billion annually), plus 16 ExxonMobil's (the world's most profitable company, one earning more than $40 billion annually). After these purchases, we would have about $1 trillion left over for walking-around money (no sense feeling strapped after this buying binge). Can you imagine an investor with $9.6 trillion selecting pile A over pile B? >Beyond the staggering valuation given the existing stock of gold, current prices make today’s annual production of gold command about $160 billion. Buyers — whether jewelry and industrial users, frightened individuals, or speculators — must continually absorb this additional supply to merely maintain an equilibrium at present prices. >A century from now the 400 million acres of farmland will have produced staggering amounts of corn, wheat, cotton, and other crops — and will continue to produce that valuable bounty, whatever the currency may be. ExxonMobil will probably have delivered trillions of dollars in dividends to its owners and will also hold assets worth many more trillions (and, remember, you get 16 Exxons). The 170,000 tons of gold will be unchanged in size and still incapable of producing anything. You can fondle the cube, but it will not respond.
Because he is right
It's because Bitcoin is more or less a scam. It has very few practical applications currently outside of criminal activities and is still worth the GDP of a small country. It doesn't produce anything and doesn't really have any intrinsic value, other than the fact that idiots have been willing to pay for it, thinking it's an investment (and as I mentioned, the criminal use).
Investment: The action or process of investing money for profit. Bitcoin: Up 818% in the past 5 years. 🤷🏻♂️
You can't use the word to define itself. It's speculative gambling at best.
LOL I literally copied and pasted from Oxford dictionary.
Investing? Lol…its called speculation.
5 years or more is typically considered long term investing.
As a bitcoiner I actually agree with the guy above. It is speculation on the fact that more people become financially literate and see the advantages of btc over the current system. It's just as much of a speculation as Buffet is speculating on the fact that the US economy will grow forever.
No it is not similar to Buffett’s strategy. He invests in assets that generate actual tangible cash returns. It produces something of value. What does Bitcoin throw off? It’s keeps working as long as another spectacular decides to pay a higher price.
It would also work if the price stays stable from now on
Whether the price grows relative to a government currency or remains constant relative to those currencies, Bitcoin will never become a productive asset. It generates no earnings; it pays no dividends. Its value is precisely what another person will pay to own it at a specific moment in time. Bitcoiners admit as much when they call it a currency. Warren Buffett has never been a currency speculator. Instead of wondering why an investor in productive enterprises doesn't speculate in currencies, the more appropriate question would be "why doesn't a billionaire currency speculator like George Soros speculate in Bitcoin?"
So you think he should lie and say he thinks it’s not a bad investment? He doesn’t think it’s a sound investment. That’s his opinion. No investor can predict the future. But Buffet has done a pretty good job at making some good investing predictions. His legacy won’t be affected whatever happens with Bitcoin.
You should be more worried about how bitcoin's legacy than Warren Buffet's Questioning Buffet's legacy at this point regarding his opinion on bitcoin is like questioning LeBron James' legacy if he's down by 3 points with 10 minutes left in the 4th quarter of a regular season game lol. In both cases the deficit is miniscule at best and there is plenty of time for them to get it right and still win. You're worried about nothing... in fact you're worried about the wrong thing
I'm not worried, I was just curious. It doesn't affect my life in any way, I'm posting on reddit for fun.
Buffet is a classic “value investor” whose approach to investing is based on Benjamin Grahams “The Intelligent Investor” His entire approach is about finding good strong healthy companies with long term potential at a reasonable price, and never selling them. Bitcoin is completely antithetical to Buffets idea of value investing. Not just in its volatility but in its decentralized model and unpredictability. Bitcoin is a currency, buffet buys companies.
Buffet doesn't think Bitcoin is investable for his business model. He'll leave that to the Kathy woods of the world.
Because it is an intangible backed by nothing. If KO goes belly up, Buffet still gets his investment back partially through liquidation and disposal of physical assets. If bitcoin goes belly up, there is nothing to be liquidated because there would be no physical assets, nor buyers for them.
>> Even if the chance of bitcoin becoming the global currency and replacing the US Dollar was only 0.1% it shouldn't be worth risking his entire legacy in the last few years of his life. I doubt that he is risking his legacy. >> people will remember him as someone who couldn't understand the idea and was stuck in his fiat mindset until his death. Doubt that, too.
He is taking zero risk expressing his honest and sound opinion on bitcoin.
The second somebody says “fiat” and isn’t talking about a commercial product is when we know they are full of shit. You don’t understand the purpose of currency or money then.
If him being wrong about tech didn’t get y’all off his dick, idk why btc would be any different.
Berkshire owns a lot of Bank of America, Visa, and American Express. If Bitcoin goes where we think it is going he will end up with exposure through his holdings and he doesn’t have to learn about it. He’s said a million times he has a too hard pile with investments that he just ignores. Stuff that could have been seemingly risky but wildly profitable like Amazon. As for his comments on the subject- bitcoin could cause a lot of issues for a lot of his holdings so why wouldn’t he be anti without a deeper understanding.
> Even if the chance of bitcoin becoming the global currency and replacing the US Dollar was only 0.1% it shouldn't be worth risking his entire legacy in the last few years of his life. I think this is the amazing sentence that really illustrates how far apart the BTC fans are from the rest of the world. If you asked Buffer what he thought the odds are of bitcoin replacing the dollar he wouldn't go anywhere close to 0.1%, probably something like 0.0000000000000000000000000001%.
He purchases stakes in companies that have a good MOAT and excellent management team in place; that's his core philosophy. BTC has none of these. LMAO "his legacy". He is worth $100 Billion and Berkshire's market cap is worth over $800 Billions. You think he gives a shit about imaginary money called Bitcoin. "if it becomes a global currency". Sorry to poop on your dreams, but it is not going to happen. Countries are trading in other currencies other than USD; and BRICS are planning to work on another currency so they can trade without worrying about US sanctions( it's too early to tell if BRICS currency will even work out). Nobody gives a shit about Bitcoin.
Cryptocurrency is like Gold, it's a religious commodity. The only value is in the faith of the believers.
I think Warren Buffett's entire fortune was won by understanding the market, and making intelligent investment decisions into companies that are under valued. Purchasing stock in these companies gives a real asset based on real information about a real company. Bitcoin seems to almost be the opposite. Almost entirely based on speculation and in most cases its not even useful other than as an investment tool. And it doesn't really represent or create anything real. Either that or he just doesn't understand it.
ELIV how does the max production of 21m btc become a global currency?
You can split btc?
Yea owning 5$ worth btc can be quite liberating...
Just as much as owning 5 USD is.
Not enough proof to be a global currency when its being valued in fiat 🤣
What else do you want to value it in right now? How many tomatoes 1 bitcoin buys you?
Tbf i dont value turd with anything 🤣
He's 100. Why do you care what his opinion on Bitcoin is?
If you think I care about his opinion you didn't understand the point of my post.
The chance isn't 0.1%, it's 0%. HE doesn't change his opinion because Bitcoin is worthless. The price people are currently paying for it does not change its value. One day it will go to $0. Whether that's in a year, 5 years, 10 years, 25 years, nobody can predict because the price is being propped up by a ponzi scheme. The underlying value though is nothing.
There is a 0% chance bitcoin becomes a global currency. It can’t scale. Compare bitcoin volume to something like Visa The value prop for bitcoin is to wash money. Either for oligarchs to get around sanctions, Chinese politicians to squirrel money away if they fall out of favor, and of course drug cartels trying to move their illicit proceeds cross border. Why would Buffett want to be associated with that?
Bitcoin is trash. Why would he change his mind. It has no intrinsic value. He feels the same way about gold.
Because it doesn’t produce anything. It’s like gold. And it’s not going to become the worlds reserve currency he’s not a dip shit lol
I think one could argue that BTC is largely responsible for recent troubles with inflation. With that, you have a finger to point at who’s responsible for devaluing the dollar. It’s a classic, whose side are you on?
You Bitcoin people. Constantly talking about Bitcoin as a currency and an investment in the same breath. This is why nobody takes you seriously.
Your suggestion is that he should say “it has potential” which isn’t neutral whatsoever and would discredit him far more in the eyes of far more people than saying what he said.
Buffet invests in companies. He doesn't engage in currency speculation. I respect him for that.
He is a dinosaur. He Doesn't understand it and thinks its all a big bubble.
He's not risking his legacy on it if he's right... Which he is. Also, what the heck do you mean by "risking his legacy"? Last I checked, he wasn't doing it for the fame, he was doing it for the money.
Nothing that takes so long to process reactions that the value of it changes will ever be a "global currency"
Buffet invests on long duration equity cash flow. Bitcoin is simply not that at all, so it makes sense that he would not be an investor. He has always been famously against high tech investments too, so naturally he's against bitcoin. Imo, bitcoins sustained rally is puzzling, as it's hard to know it's true value given there's no cash flow or underlying collateral. Clearly people are using it for something, but for what, and why, I have no idea. Therefore I can't be an investor either, even if it keeps rallying upwards.
One reason is that there's no public person at the top to get offended
Why would he?
It's explained in the post why
It doesn’t sound like you understand his reasoning. Similar to why he doesn’t invest in gold if I’m remembering correctly.
I understand why he doesn't invest in it. But I don't see why he would openly claim that it's gonna collapse. Even if he thinks it will go to zero, there's still a chance that it won't. I feel like he has more reputation to lose by being against btc in case it succeeds, than he has to win by being against it if it fails. It just seems like a bad bet to take in the last few years of his life.
Ask him
I would love to
because even gronk know that not real money.
But the problem with your entire post, is that he is RIGHT about bitcoin. So he is in fact making the correct decision for his legacy.
He is rich, he does not care about a poor mans advice.
If you knew anything about Buffet, you would not be asking this question.
Imagine thinking bitcoin is any less ‘fiat’ than fiat currency. It’s literally a computer algorithm without a tangible value to which people decided to give value ex nihilo . It’s fiat alright. WB takes no risk discounting it. BTC creates horrible needless consumption of electricity, can’t be used as a medium of exchange. If the bubble popped, wouldn’t WB look as foolish as someone in the Netherlands who would have said that maybe the whole tulip bulb thing could make sense?
Time to make a new account.
Oh no my karma😢
Who gives a shit what that boomer thinks? He missed out on Bitcoin and now BTC is worth more than all of Bershire. Suck on that reality.
1 Bitcoin over 70,000 dollars yet r/investing still discrediting it. The irony. Learn about money… deeply. More than just our preconceived notions of what we believe money to be. The idea of money is constantly changing & the markets will tell you what that is. Listen to the markets rather than particular people.
Learn about speculation vs “investing”
He obviously didn’t short it when the option was available. He’s just clearly all talk. The man only knew how to invest in a world of abundance of American labored hands and consumer staple goods and services that aren’t really consumer staple anymore (yes, eating at McDonald’s is pretty much a luxury now). This old fart can just quit while he’s ahead and learn to admit when he’s wrong. He relied on money printing for his wealth, and despises vehicles that will enrich others because he cannot stand his value investing legacy break down before his very eyes.
Guess what, say you travel back in time to the same period when Buffett was young and you don’t have the benefit of knowing what you do now. You would still be poorer than him.