More crypto-crap from Hunka Munger, who always says the same thing, so I'm not sure why he gets the gas of advertising space.
Thing is, he has become incredibly wealthy with one plan; it's a good plan, and it works long term. But both he and Buffett have openly admitted they don't understand crypto, so their criticisms are based on pure ignorance. And their ignorance is part of their model - to understand the businesses they invest in. Zero understanding equals zero investments - allegedly (as who knows what they do in some dark corner of their portfolio).
Munger is becoming the same kind of public joker as Schiff and Roubini - puppets given a stage and a voice to confuse the public. Listen carefully as truths are mixed in with prefab FUD.
Now, add a bit of real understanding and, in the Berkshire model, there are probably very few - even zero - crypto coins that may last 10 years. But, it's a different game; that's not the same as a worthless game.
He is running out of derogatory terms without resorting to outright swearing.
He probably wouldnt have bought any railroad stock when that was new.
They did the same during the dotcom boom - buying the winners near the end.
So, is not news.
BH is a long term investment fund, not a hedge fund or VC.
indeed, read back the news from 1999 and you see investors unhappy that BH didn't profit from the dotcom boom.
;-)
Lone Skum joins the Hunka Munger show.
Elon Musk Reveals Crypto Hater Charlie Munger's Big Mistake
https://u.today/elon-musk-reveals-crypto-hater-charlie-mungers-big-mistake
BH does very well during bust phases - they really focus on large income streams - but have always sucked at the boom phases. Who cares?