I wouldn’t bother commenting on crypto currencies because I don’t understand the topic. But this is just too good to pass up. Buffet and Munger are not fans of the stuff. CNBC reported back on Jan 10, 2018 that Warren Buffett thinks cryptocurrencies will end badly.
Buffet considers it a method of transmitting money and has no intrinsic value. He has said that bitcoin is “probably rat poison squared” and noxious.
This is from the Berkshire Hathaway AGM last weekend in Omaha, Nebraska:
Munger to Buffet: “I like cryptocurrencies a lot less than you do. To me, it’s just dementia. It’s like somebody else is trading turds and you decide you can’t be left out.”
Buffet: “To the extent we are being broadcast around the world, I hope that your comment doesn’t translate.”
(Hat tip: Karthik.)
Mind you, I am not endorsing their view. They probably don’t understand cryptocurrencies, and I definitely don’t. It’s just that I found Munger’s analogy funny.