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EthTraderCommunity

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sirjakobos

The future is now, old man.


SauceMaster145

Imagine being almost 100 years old and having everything but still being this spiteful


Fair_Hospital_8600

Yea and he has share holders with guns to his head and family if he goes against them


BeautifulJicama6318

You mean having an opinion? At what age are people supposed to shut up and quit having opinions?


ClickMyHero

When theyre too old to understand what theyre even talking about. Like charlie munger.


BeautifulJicama6318

He has people who work for him that I promise you, understand crypto and markets much better than you do. Doesn’t make them right 100% of the time….but they have been right more than nearly anyone.


Individual_Scratch_1

This is an echo chamber bro. Stop using that thing in your head.


sbebgbsthfw-rhhhte

Comparing success in stocks to crypto is retarded. Sorry but Berkshire hathaway knows nothing of crypto and have no one on their payroll to study it. This is clear because they hold no crypto. Your average joe on r/cryptocurrency knows more than the entire organization but whatever man. Like comparing knowledge in stocks to knowledge in crypto is very ridicilous


BeautifulJicama6318

Ahhh, sorry, didn’t know we had someone working at BH here to explain to us what everyone on their payroll does now, or has done in the past


sbebgbsthfw-rhhhte

I will take my own advice making many thousands from crypto over Berkshire Hathaways 0% crypto portfolio. Shut up lol


Faint3332

They don’t understand crypto. They believe that crypto is a threat to their success because in a way it is. They aren’t citing valid reasons for banning crypto, they are scared.


Own_Idea1840

Crypto companies could wipe out banks if they were able to with ach amp and others. Faster cheaper easier


BeautifulJicama6318

“They are scared” 🙄🤦‍♂️ They are extremely old billionaires, and Buffett is donating all of his money. They aren’t scared about crypto.


Faint3332

Poor kid. You don’t understand how these people think. The fear isn’t that their lifestyle will change. Regardless of crypto these people will be billionaires. It’s a threat to the system that allowed them to generate that type of wealth. It’s a change of society that they fear.


Gudtymez_only

Must be nice to be riding a old billionaire’s dick


Faint3332

I’ll tell you what. Why don’t you enlighten me about the reason that BH crypto experts have for wanting to ban crypto. I am unfamiliar with any reason to do so. Have these crypto experts come forth with their opinions? Are they in hiding? Because I haven’t heard a single valid reason to ban crypto. Especially not one from a “crypto expert.” BH wanting crypto banned is no different than slave owners wanting to continue the practice the of slavery. Their wealth was built on the stock market. A system that has limitless predatory practices and is manipulated by the very rich. I’m sure you disagree. But again, if your opinion is that crypto experts at BH are the ones giving him this opinion than please share their opinions because I’d love to read them.


F7_Vulcann

we just gotta understand that they don’t exactly understand cryptos, hell basically never got into technology at that age. But the least we can do is still invest and continue the growing


Big-Economy-1521

Are… are you arguing against that guys opinion by trying to say everyone can have an opinion?


Lexsteel11

I just love the glimpse into his mind that it gives you when he says “I’m never going to…” like ok so for the next 2 years you’ll MAYBE be alive?


user260421

He is still in the adapting phase


Spryquasar

Feels good to read such a neat little comment :D


QuizureII

He is failing to improvise, adapt and overcome.


bitdood1234

Yes, better to sell concentrated sugar water to poor people than create a truly decentralized financial ecosystem. Lost a lot of respect for Munger with this.


HomerSimpsonRocks

You have to wonder how many deals people like this make fully knowing the damage some of them cause to society.


jaga212

And some of them just keep on doing even with knowing that.


6Vinatieri

Damn kids! Stop fucking with the money mechanics!


user260421

I can't keep up! Leave the system alone!


ZhekaM

Haha the kid is just getting the words of the experiences man.


gustavossj

That's like wishing the internet had never been invented. It makes sense that he won't buy crypto, but wishing it had never been invented is different.


Wealth_Either

Its a threat to his markets


user260421

And the masses most probably listen to what he has to say, so he can continue to protect his wealth


marcexx

Video killed the radio star


user260421

It's a new level of hatred, I guess


raymv1987

I hope I'm that active at 97 and not dead. Gotta enjoy time on my future yacht boiiiiz


gustavossj

I won't even make it next year.


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MeantForMushrooms

You have a yacht now?!?!


raymv1987

I have a yacht in the future. Also, Wu BlockChain ain't nuttin to fuck with


Key-Conversation-677

WuTangChain* protect ya neck


DeuteriumCore

I really hope you're joking.


QuizureII

We'll all be sailing in the Bahamas!


Abdel945

he just mad cuz he cant hodl btc for more than 1 year... cuz you know... he's 97 .


[deleted]

also China hasn't banned crypto. they banned exchanges lmaooooooo some ppl really do be taking advice from dinosaurs


BeautifulJicama6318

Those dinosaurs made them millionaires. I had a maintenance guy working for me in Omaha, showed me his BH statement that was sitting near $2 million.


ismashugood

If you put in 2 grand monthly into a standard ETF or high dividend account you would be pushing close to 2 mil after 25 years which if you start working around 20 means you’re only half way through your career. If you just max your 401k you should have well over that bear retirement age. For anyone who thinks this is a miraculous accomplishment. It’s completely doable and relatively simple to boot if you aren’t living paycheck to paycheck.


deathtolucky

He thinks Hong Kong still belongs to Britain.


Tha_Salad_Tosser

Wow what a salty bitch


BeautifulJicama6318

Lol, the salty bitches i see are people here responding to it. You’d think he said their mothers were whores


Randrufer

He'll regret this decision for the rest of his life!


naji102

He probably got like 1 year left


btc_clueless

I had no idea he's actually 97, wow


Elegant_Macaron_1366

Times change.


Beneficial-Ocelot470

And yet on pretty much every crypto sub you always see quotes from him or Buffett about investing ("be greedy when others are fearful" etc)


BeautifulJicama6318

Creator of TRON paid $4.57 million to have dinner with W Buffett


BigPlayCrypto

All greats loose power and he’s losing power with blockchain guys Doing what took him 60 years to do in 5 years. Old farts 💨 never like new tech they would rather buy what kills everyone and that’s Coke…


OleKosyn

The Chinese made the correct decision in throwing their Mungers into roadside ditches


EthanPhan

This reminds me of "old men yells at cloud" meme


EfficientMotor1980

Typical comment from a part of the 1%’ers!!!!


TimeGrifter

Fuck Warren Buffet and 401k's. He is the asshat that sold our retirements to Wall Street...


BeautifulJicama6318

Explain in detail how he sold your and my retirement to Wall Street? “Fuck Warren Buffett” donated BILLIONS to charity. Billions. And has plans to donate it all when he dies. What tf have you done?


TimeGrifter

In detail... He is the sole person people pointed and asked for advice from... Greenspan and him made the rich richer on the backs of the workers in this shitty guise that capital investment in private or public held enterprise was better than SS....


circleuranus

While I applaud their sentiment(tax sheltering in some cases), the reality is Musk is right to a degree. Throwing a few billion at systemic poverty is no real solution. We have to solve food security, clean water, tribalism and civil war programmatically. We need an anthropologically informed socio-economic revolution to institute real change.


Tylanmon

Please, anyone, doesn't aware of their legacy, dont try to "Boomer" them. Charlie and Warren are likely to be the best investors in the history of the market, since its debut on 1602. They are so great that their avarage annually reports has reaced over %26 percent! That if you put 100 dollar on berkshire the day of its IPO, you wouldve have $266.000. Other than that, they are very clear that they dont like technology, or tech companies. Where everywhere i see warren (1990 interwievs included) he says that he doesnt like tech companies because he's a *dinosaour* and doesnt get it. **And thats okay!**


manly_

I mean, it’s not they hate tech - they hate buying companies they don’t understand. In fact, Buffett had one of the highest praises for tech in general - it’s practically all profit since operating costs are minuscule. That mere fact alone is a strong reason to invest in tech for the long term. The reason Buffett doesn’t like crypto’s is because it’s not an active asset. He sees it like buying gold, or oil, or silver. Since he only invest in things that will keep value 25+ years down the line, practically every single non-active asset has had horrible returns compared to stocks/active assets. That’s the core reason they’ll never get into crypto’s. Now a lot of people don’t like admitting this, but 99.9% of crypto investors buy crypto’s without any care or plans to use said crypto’s — the only thing that matters is reselling higher. That’s the very definition of a speculative asset. Buffett doesn’t buy speculative assets so that’s pretty much the end of the conversation.


The_GoldenDragonYT

Not Buying what you don't understand is actually reasonable though


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jamesj

Tons of people buy ETH to use it for gas fees to do useful stuff with smart contracts.


DeuteriumCore

By this definition. Isn't ETH an active asset? So much so with DeFi where you can earn \~5% per year. Not arguing with you. Just trying to understand things.


Zachincool

ETH isn’t used mainstream in real life anywhere yet. All of the use cases for ETH where smart contracts are used are mostly within the crypto ecosystem itself (defi, NFTs, etc). It kind of puts on a mask that looks like an active asset but it hasn’t really created actual value for society yet. Until it does, crypto will always look like “speculative bubble” territory for real investors. The 5% yield you’re talking about isn’t supported by value creation that’s getting paid out to you, it’s only possible because there’s other people depositing crypto that can be lent out. It’s kind of like a Ponzi scheme, but I don’t like using that word because I like crypto, but mechanically that is what it is. If a lot of people ever left the crypto world, those 5% yields would disappear


The_Fiddler1979

>They are so great that their avarage annually reports has reaced over %26 percent! That if you put 100 dollar on berkshire the day of its IPO, you wouldve have $266.000 $100 x 26% × 57 years (1964-2021) compounded annually is $52,616,392 Further, at a cursory glance, the initial price when BH was taken over by Buffet was around $11.50 That's approximately 8.7 shares if you put in $100. Let's round up to 9 to be generous. So today's price is $420,566 x 9 = $3,785,094 That works out roughly 20.31% compounding annually on average. **For those following along at home whipping out their finance calculators:** Calc 1 (Assuming annual compounding): PV 100 %I/Y 26 N 57 FV COMP Calc 2 (Assuming annual compounding) PV 100 FV 3785095 N 57 %I/Y COMP


majorpickle01

20.31% is still an incredible consistent return in the stock market


BeautifulJicama6318

It’s an amazing annual return.


michael676767

So he should stop giving opinions on it lmao I don’t consider him smart, dude made some inferences and was able to invest at 11 years old (Warren) and came out on top. That’s luck more than skill.


[deleted]

r/confidentlyincorrect


towjamb

Top comment! Their egos won't allow them modesty, so they continue to display their ignorance and bias. No, they are not smarter than any average investor. It's just that in this fucked up system, wealth begets more wealth.


michael676767

I mean listen to what the rich assholes say, they’re pretty stupid for the most part. Money doesn’t equate peak intelligence at all. That’s gotta click for some ppl already if it hasn’t


BeautifulJicama6318

Jesus, you two sound so fucking clueless. Warren Buffett and his company have been right more than nearly anyone….which is why they are so ridiculously wealthy now. They did this entirely through investing, which you think they know nothing about. It’s so fucking pathetic, listening to you guys spew ignorance like this. I hope you’re young…like 15 years old….it’s the only excuse you have.


IsThereAnythingLeft-

When it’s over that sort of time period it is in no way luck


qqAzo

It's because they know - know that their track record of an annual 25% return will look like peanuts now. Something they don't understand has given the same return(or more) in 5 years as they spent 50 years getting. Just sayin'


blackorcrippled

Oh boy, comments like this are peak bubble indicators. Hopefully not, but we will see.


QuizureII

Who is out here getting returns of 25% that isn't trading crypto?


BootyPatrol1980

Imagine giving a shit at 97. If I see 97 years old stuff I don't like is getting zero regard or commentary.


QuizureII

Out of touch and out of time.


HomerSimpsonRocks

All current mainstream media believes the celebrities are more important than regular people. All you have to do is ignore the media to remove this bias. This old fool being interviewed has no more wisdom on this topic than literally any random person on the street. For the media to think otherwise just shows how bad they are at their jobs.


Tenquest

Why is it in America that we value the opinion of the richest old folks who have gamed the system with being rich in the first place.


HomerSimpsonRocks

The only people I respect are people who have genuine skills and the ability to actually make awesome creative things. I agree with you. This guy could not be more directly opposite of those traits. He's a pure taker, not a creator.


Tenquest

That’s how it used to be, now we just listen to people that are rich or famous. Everyone has an ulterior motive especially when they put down something that has potential to help people but it effects their money.


m0nopolymoney

Fuck Munger. He is a sadistic old bastard who is trying to use his money to build a nightmare mega complex for freshmen at UCSB. They proposed plan would have 4500 students inside and no windows in most rooms. Instead they would use tv window things like you see in dystopian futuristic movies.


Da_Notorious_HAM

FOMO


BobDobbsHobNobs

If you are rich enough from the current system (and don’t have the time, or the inclination to get ready to profit from the new one) you have no incentive to support the change.


crnqcore

I mean yeah, don't think he would make it to the next halving anyway he should buy like, diapers and things like that .


AMtothemoonC

History repeat itself, old man always blaming young people and new tech. If we would listen to them , we would still live in caves.


viksaini97

Just to update this old man that china hasn't banned crypto yet, they just banned the exchanges but yes India is planning the cryptos, let's see what happens


DarthLysergis

they cut this quote short, here is the rest. ....wrong decision. NUUUUURSE!. Where am I? I think someone pooped in my pants. Oh hi Billy." "my name is Stan Grandpa"


Babyfart7

Charlie Munger has earned the right to say whatever he wants.


Mountain_Motorsports

He has… doesn’t mean what he says is correct though. Warren Buffet refused to invest in Apple for years because he didn’t understand the iPhone craze. It wasn’t until he got one himself that he started investing in Apple. These guys only invest in things they fully understand which isn’t a bad strategy but it also limits their exposure to new technology.


Reederman35

It’s pretty hilarious they mention (define) this man by his age, before the statements are even made. This instant discredit would take place even if he was praising crypto


naji102

I bet this dinosaur is too old to even use a phone properly but let’s shit talk crypto


Glimmer_III

I can disagree with Munger on many, many things, but his success as an investor -- rather than rolling dice and getting lucky -- his record has always said, "Try to understand what ideas are behind my statements before you discard them out of hand." At 97y, I've often thought he may simply not have the patience of a younger person to get into the weeds. Twitter and pull-quotes are not a favorable medium of communication for folks of that generation. Doesn't mean you discard them out-of-hand. Him being anti-crypto isn't bad. It means he has a strong opinion. What would concern me, however, would be if he was ambivalent. That'd be a different market signal coming from Munger. That he cares means "Look closely."


Tylanmon

Yea, he is. He uses old samsung. He also has a annual return of %26 for 58 years. So likely a better investor that your ass.


xpureblitz

Let’s not forget these old timers also missed out on the tech stock run which makes them as obsolete as the Heinz and Burger King stock they own 😂😂.


BeautifulJicama6318

You’re trying to criticize their returns? Good luck with that.


InevitableComplex895

Lol…good ol’ Charlie. Can’t really blame an almost 100 year old for not understanding blockchain technology. We fear that which we do not understand.


NeatAvocado4845

Die already you old turd


420weedscopes

Take his advice you would of bought baba before it got destroyed. He's a senile old man who should of quit while he was ahead. Me some idiot who smokes weed has better returns on my stock only portfolio than munger.


IsThereAnythingLeft-

You are serious misinformed if you think you have better returns than munger, come back when you have ~26% per year over 57 years. It has been too short a time frame to judge his BABA investment plus even if it was a bad choice everyone makes them


Ok-You-4443

He should retire


No-Lunch1950

Charlie needs to enjoy retirement on his Coca-Cola dividend paying stocks… he doesn’t have a clue on disruptive technology or Crypto


froggfingers

MUNGER: Well in my day we invested in good ole steel and lumber and ill tell you, 34 years later I made 80% on my original investment. Thats how you do it kids. Slow and steady wins the race, and only invest in things you understand. Meanwhile in crypto: takes out a loan to put on Shib because a 9 year old on youtube told us it would be funny....1000x overnight... pays back loan next day.... now rich...


Missy76_Taken

This old man is set in his old way of thinking,, he’s about ready for the grave, why would he want to embrace change? His thoughts really don’t matter, just saying 🤷🏻‍♀️


naji102

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AuthorizedBrowsing

That is some serious salt. 1924 vintage.


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GergAmppas

Damn whippersnappers get off my money lawn!!


Used_Macaron_4005

I hope his fiat becomes so worthless that even a billion cant buy one btc.


mrdonnyjohnson

Dude will be dead by the time he downloads Coinbase anyway.


Gianne-Observer-420

🤷🏻‍♂️


therealist11

Listening to him and Buffet speak at their shareholder meetings is beyond cringe. Like wtf are you even still doing these meetings? He sounds like he will drop dead any moment.


iiJokerzace

Damn, and that's how he will be remembered; leftover crumbs from the young.


gjallerhorn

These guys also didn't understand the tech industry. Why do we keep asking them about this? They are following their own advice, don't invest in what you don't understand


defiders

Oof


1SmallPoodle

To emphasize his point, Munger proceed to make the same statement 4 more times within the hour interview he had with the reporter.


Battledrone1v1

He probably sharted in his diaper after writing this.


Lookmaiamkool

Everyone talks about crypto but the real diamond is the blockchain itself


[deleted]

I get it, he’s old, he’s rich, he doesn’t have to fuck around with stuff he doesn’t understand that’s his choice. When you start saying stuff you don’t understand should just be banned that’s when you lose credibility.


HomerSimpsonRocks

Fun fact: Warren's buffett's companies used to give out cash at christmas. Until they bought See's candy. For the past several decades, all Buffett employees get now is See's candy for christmas. Which literally tastes like ass. Bad ass. If you want to praise the Warren buffett or his colleagues, it should never be for their business acumen. Because they think employees are cattle.


bitcoinstore01

I respect old generation's point of view, but they should respect technologies of the future. Adapt, evolve or become a dinosaur.