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16th February 2022 > > Berkshire Hathaway and the naysayers.

Market Snap (at time of writing)

Market Wrap

Markets very much in a holding state as Putin assesses whether another shipment of helmets from Germany to Ukraine tips the balance or not.

Curious Cryptos’ Commentary – Warren Buffett & Charlie Munger

Famously a crypto naysayer, Warren Buffett and his long-term business partner Charlie Munger have had many negative things to say about the crypto liberation.

Let me entertain you with some of their choice words of wisdom.

“Cryptocurrencies basically have no value, and they don't produce anything. They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem. In terms of value: zero." Buffett

“… disgusting and contrary to the interests of civilization.” Munger (this is my fave quote).

"Probably rat poison squared." Buffett

“Of course I hate the bitcoin success.” Munger

"We don't own any, we're not short any. We'll never have a position in them." Buffett

“Bitcoin investors gather together to celebrate the life and work of Judas Iscariot." Munger

“… (cryptos) definitely come to a bad ending.” Buffett

"And I think the people who are professional traders that go into trading cryptocurrencies, it's just disgusting. It's like somebody else is trading turds and you decide, 'I can't be left out.'" Munger

Curious Cryptos’ Commentary – In entirely unrelated news

Berkshire Hathaway (BRK.A) has sold some of its Visa and Mastercard holdings and subsequently bought Nubank, a crypto focussed fintech bank in Brazil.

Bank of New York Mellon Corp, a long-term holding of BRK.A, is a keen advocate of creating a revenue stream from cryptos. Other US banks in the BRK.A portfolio include U.S. Bancorp and Bank of America, both of which are increasingly vocal about the crypto industry, as BofA have said:

"… growing institutional interest."

And let us not forget the very close relationships between Buffett and David Solomon, CEO of Goldman Sachs, undoubtedly the premier bank of all time which also just happens to love cryptos too.

Did I mention that Buffett is both Chairman and the driving force behind BRK.A, and that Munger is Vice?

Curious Cryptos’ Commentary – Berkshire Hathaway (BRK.A)

BRK.A has been a phenomenal success since 1965.

Compounding (the eighth wonder of the world) the average annual returns generated by BRK.A of 20% every year and an initial investment of $1,000 in 1965 is now worth over $32mm today. That is good work on behalf of their investors.

The only misstep that Buffett and Munger ever made was to be late to the internet revolution, a mistake they have both publicly acknowledged.

It looks like they have decided to not risk history repeating itself again.

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