By : Billionaire pals and colleagues and Charlie Munger doubled-down on their haterade at the 2019 Berkshire Hathaway annual shareholders meeting.
Munger said fans had invited him out for a drink this weekend, but he didn’t even consider it because he thinks they’re all traitors.
“I’ve been invited during this gathering to go to a happy hour put on by the people. And I tried to figure out what the people do in their happy hour and I finally figured it out: They celebrate the life and work of Judas Iscariot.”
The audience erupted into laughter in response to Munger’s crypto diss. followed up by asking, “Is your invitation still good?”
Highlight: “Your vice chairman is getting new social distinction,” Munger says. “I’ve been invited during the gathering to go to a happy hour put together by the people. And I tried to figure out what the do in their happy hour and I finally figured it out…”
— Yahoo Finance (@YahooFinance)
Munger Echoes Legacy Banks’ Fear of bitcoin
For reference, Judas Iscariot was the apostle who betrayed Jesus Christ for 30 pieces of silver. Calling someone a Judas is saying he’s a traitor.
Munger’s comment is indicative of the way many established financial institutions view : As a means to topple traditional banks.
This is part of the reason why investment bankers often trash as
At the Berkshire meeting, doubled-down on his longtime hatred by echoing his previous sentiment that buying it is .
Highlight: on : “On my honeymoon in 1952, my bride, 19, and I, 21, stopped in Las Vegas. … I looked around and saw all of these well-dressed people… they came to to do something that every damn one of them knew was mathematically dumb…”
— Yahoo Finance (@YahooFinance)
Warren Buffett: bitcoin Has No Value
In April 2018, said there’s no such thing as “investing” in because it’s a sham “asset” that delivers no returns (video below).
“You aren’t investing when you [buy ]. You’re speculating. If you wanna gamble, somebody else will come along and pay more money tomorrow. That’s one kind of game. But that is not investing.”
“If you buy , you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”
Howard Marks: bitcoin Is a ‘Greater Fool Investment’
Billionaire Howard Marks, the co-founder of Oaktree Capital Management, calls this the of investments. Oaktree Capital has $122 billion in assets under management.
Marks said is not a worthwhile long-term investment vehicle, but merely a short-term opportunity.
“[ is] not an investment…it’s a trade. In the long run, I think it will be shown not to have any substance.”
Marks said people who buy do so only because they want to turn a quick profit by selling off their holdings to a “greater fool” than themselves.
“This is what we called, when I was a kid, the ‘Greater Fool Theory.’”
Will Prove It Never Had Any Substance, Claims Billionaire Skeptic Howard Marks
— CCN.com (@CCNMarkets)
Flashback: Munger Called bitcoin ‘Turds’
By now, everyone in the financial community is well aware of Warren and Charlie Munger’s disdain for .
At last year’s Berkshire Hathaway shareholders meeting, trashed as “, as CCN reported. And Charlie Munger said he hated crypto even more than does.
Munger then compared to “turds” being traded by people with dementia.
“I like even less than Warren does. To me, it’s just dementia. [And a desk is] like somebody else is turds and you’re being left out.”
then predicted that crypto will definitely come to a “bad ending,” and he feels sorry for all the suckers who got conned in the crypto shell game.
“In terms of , I can say with almost certainty that they will come to a bad ending.”
Published at Sun, 05 May 2019 19:43:40 +0000
