2021-2-26 18:51 |
Charlie Munger, the longtime business partner of Warren Buffett, recommends against buying Bitcoin or even gold. Munger at the Daily Journal annual meeting on Wednesday said.
“I don't think bitcoin is going to end up the medium of exchange for the world. It's too volatile to serve well as a medium of exchange.”
97-year old vice-chairman of Buffett’s Berkshire Hathaway said Bitcoin reminds him of Oscar Wilde’s comment about fox hunting, “the pursuit of the uneatable by the unspeakable.” He has no love lost for bullion either.
“(Bitcoin) is really kind of an artificial substitute for gold, and since I never buy any gold, I never buy any bitcoin. I recommend that other people follow my practice.”
The chairman of Daily Journal, a newspaper publisher and software developer, said, “will not be following Tesla into bitcoin.” Earlier this year, the electric car maker bought $1.5 billion worth of Bitcoin.
As a matter of fact, he doesn’t know which is “worse” — Bitcoin at $50k or Tesla with a fully diluted enterprise value of $1 trillion.
Quoting author Samuel Johnson, “I can't decide the order of precedency between a flea and a louse.” Munger said, “I feel the same way about those choices,” adding: “I don't know which is worse.”
This isn’t nothing new; back in 2018, he said trading in cryptocurrencies is “just dementia.”
During the meeting, Munger also had a warning for stock market speculators and criticized trading platforms for enabling them.
According to him, the stock market is bearing signs of a bubble because everybody wants to hold stocks at higher price-earnings multiples when interest rates are low, and he thinks “it must end badly, but I don't know when.”
He recommended shareholders to be more sensible and not to crowd into stocks just because they are going up and they like to gamble.
Munger likened the Gamestop (GME) traders to those who would bet on racehorses. He added,
“It's very dangerous, and it's really stupid to have a culture which encourages as much gambling in stocks by people who have the mindset of racetrack bettors.”
As for the new type of brokers like Robinhood allowing that to happen, he believes “civilization would do better without it” and “Wise people just stay out of them.”
He then went on to blasting SPACs, saying “the world would be better off without them,” adding: “The investment-banking profession will sell shit as long as shit can be sold.”
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