“Although Munger had strong competition, my Hoot of the Month award goes for his ironic comment “It’s evil because it undermines the Federal Reserve System which we desperately need.“
Wow. Talk about a$$ backward.”
Wrong, it is not backwards. He was using the ‘royal’ we, meaning that he desperately needs the fed to continue.
Call_Me_Al
(note: apparently quoting the above text leads to one’s comment being rejected for violating some guideline, so I had to modify it to skirt the algorithm)
Zardoz
1 year ago
Bitcoin IS stupid. But there are other currencies that are actually practical… Algorand is an example.
The teeming, screeching monkeymass got Bitcoin in their heads as equivalent to “crypto currency “, and that will take years to dispel.
RonJ
1 year ago
“Anybody that thinks the United States is going to change the way
they let Berkshire Money [an imaginary crypto alternate] replace theirs
[the dollar] is out of their mind.“
The government exists for the benefit of the government. No one that i know, is calling for a digital dollar. It is the government that wants to impose it for their benefit.
Zero Hedge: Panicked Guest on CNN Wonders “How We’re Going to Control The Channels of Communication in This Country”
Government wants to impose controls for their benefit.
The Covid response was all about government controls for their benefit.
A bunch of politicians & bureaucrats got to tell Americans how to live their lives. THAT’S how govt benefitted.
RonJ
1 year ago
Q: “If you had to pick one stock to bet on, which would you choose … in what will likely be a very difficult market?”
Buffett A: No answer. Changed the subject.
BDR45
1 year ago
Mish: Gold is not money. It has been occasionally in history, as minted gold coins, but I dare you to take a US 5 dollar gold coin to the grocery store and try and buy $5 worth of goods. I own a lot of gold just because a lot of people like you think it is money and will go up in price. (wait till it goes to $5000/oz, and you cash out. You are in for a surprise. The IRS will take 28% cap gains, and the balance may or may not be worth a down payment on a house, or even a night out on the town) The ONLY reason I like gold is that you can privately store it, and possibly it can be used in the future to barter. But even now, you really can’t travel with a pile of gold coins for fear of it being confiscated, so gold is becoming more and more useless, except for jewelry and dentistry, by the day.
FromBrussels
1 year ago
…Admirable fossiles they are, although becoming more anachronistic by the day, CNBC Joe compared them with those two old guys on the balcony in the Muppet show …..LOL , he nailed it !
It is worth noting that the two old guys always have box seats — the most expensive and best seats in the house.
Steve_R
1 year ago
My favorite line from Munger is “Bitcoin is rat poison.” I agree with him because fiat currency is the rat!
Buffett and Munger have been shrewd hedge fund managers for years. I think all of us would love to talk our book and have the stock go up 10% to 20% in a few days after them announcing they are buying whatever stock.
JMHO, I believe that they over loaded with banks and companies like master card that have money to lose with the adaption of blockchain. Master card and visa have charged 3% for every transaction to merchants for way too long. They will use their lobbyists to try to slow this down in the US for sure, but in the long run they will lose business.
Spot-on. Bank of America is about 14% of Berkshire Hathaway, and American Express is about 8%. If 22% of my holdings were threatened by defi, then I’d be attacking cryptocurrency too!
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Wow. Talk about a$$ backward.”
they let Berkshire Money [an imaginary crypto alternate] replace theirs
[the dollar] is out of their mind.“
Q: “If you had to pick one stock to bet on, which would you choose … in what will likely be a very difficult market?”
Buffett A: No answer. Changed the subject.
Spot-on. Bank of America is about 14% of Berkshire Hathaway, and American Express is about 8%. If 22% of my holdings were threatened by defi, then I’d be attacking cryptocurrency too!