Munger on bitcoin

Sven

Great quote from Charlie Munger

Another shareholder asked Munger whether the Daily Journal would follow Tesla’s lead and put bitcoin on the balance sheet. “We will not be following Tesla into bitcoin,” Munger replied flatly.

In the meeting Munger delivered plenty of more burns and digs at cryptocurrency, investment bankers (“they’ll sell shit as long as shit can be sold”) as well as brokers like Robinhood (“dirty way to make money”).

https://finance.yahoo.com/news/munger-recommends-not-buying-bitcoin-by-quoting-oscar-wilde-195247281.html

bee

Munger of Novice Investors:

“It’s most egregious in the momentum trading by novice investors lured in by new types of brokerage operation like Robinhood and I think all of this activity is regrettable,” Munger said Wednesday at the Los Angeles-based Daily Journal annual shareholders meeting.
“It’s a dirty way of making money,” said the 97-year-old investor.

charlie-munger-says-novice-investors-are-getting-lured-into-a-bubble-in-dirty-way-by-robinhood

Sven

Charlie Munger turned 92 this year and he has not slow down a bit. I like his comments which are direct and to the point. If they missed their calls on stocks he is first to admit them and moves on.

Mark

@Sven - has he ever actually made a statement about the inclusion of Apple into their portfolio. I try to be up to date on their thinking but I might have missed his musings.

bee

Back to the OP...Bitcoin...Gates vs Musk (on Bitcoin):
/it-s-gates-versus-musk-as-world-s-richest-spar-over-bitcoin

Sven

Bill Gates, hands down. Elon Musk recent behavior is strange, and his bet in bitcoin is even stranger. He should stick to building reasonable priced EV for the mass market. Only thing Musk said made sense is that he is an engineer and NOT an investor.

Baseball_Fan

Me thinks that Elon Musk is the absolute best example embodiment of the absolute kookiness that has taken over in 'Merica these days. No substance, kooky, uses drugs (alledgedly or maybe not, he's on camera toking away) Debatable charlatan. Smart, no doubt, knows how to use social media to influence (brainwash?)

Baseball Fan

LewisBraham

Look, I'm not a huge fan of Telsa's stock at its current valuation, but the notion that Musk has done nothing of interest or value for "'Merica" is utterly absurd. So what if he "used drugs?" Probably half of America now is on some kind of anti-depressant, and the other half "self-medicates" with alcohol or Twinkies.

Shostakovich

Hey, um, @LewisBraham, say a bit more about this Twinkies thing. Is it prescription access? An injectable? Is it what the club set is all about right now?

Baseball_Fan

Elon Musk. Smart no doubt. Kooky, no doubt. Visionary no doubt.

Poor choice of words on my part, my phrasing of no substance, thanks for calling me out on it @LewisBraham, should have stated I don't like his persona, the way he carries himself, his communication style.

Uses tax payers monies to enrich himself, isn't tesla in existence because they sell regulatory credits to other car mfg. Wait until gm, ford, benz and vw ramp up and bring their EVs to market. Maybe his rocket business will really take off in the future...

Drugs. Ya, so you think no problem? How much criminal activity is caused by drugs directly or indirectly? Theft, robberies, shootings, etc. You say so what? So now the meth heads are using battery powered angle grinders to crawl under pick up trucks to quickly saw off the cat converters for the materials.

You're joking Lewis right? To say nothing of lives and families ruined.

I really don't care nor would say it's any of my business of what anyone does in their own home as long as they are consenting adults but I think laws have to be in place to prevent people from harming themselves.

Article in Crains states estimates that ave IL tax payer, annual cost to pay for shooting victims is ~$770. Ambulance ride, investigation, ER treatment, prosecution, incarceration etc, etc, etc. Yes, just under $10B/yr. A lot of this is due to shootings over drug deals etc. Why is this crap tolerated by a civilized society?

And for sure, in my humble opinion it is poor form to go on a podcast and light up a joint, especially from a CEO...doesn't inspire confidence.

Ok, went off the rails here, rambled.

To each his own I guess.

Not a fan,

Baseball Fan

LewisBraham

And I say if you think Musk's foray into electric cars, batteries, space exploration, solar power, virtual logistics, e-payments, etc. isn't important to America's future you're deluding yourself. Read his bio: https://en.wikipedia.org/wiki/Elon_Musk He's done some foolish things and things I don't approve of such as being anti-union, which I assume you would like, but the idea that he hasn't made important contributions is absurd. As for drug abuse, you're also speaking from ignorance, if you think his marijuana use is a big deal. There's more violence from alcoholics in America than marijuana users, and as far as economic costs of drugs, look up the immense cost of incarcerating non-violent drug offenders per capita, and what a waste of money and life it is. Look up systemic racism and drug prosecutions. Better yet, read The New Jim Crow.