Berkshire Hathaway Vice Chairman: In Next 100 Years Fiat Currency ‘Is Going to Zero’

Ajatempel: 18. veebruar 2022 kell 5:53
Allikasõlm: 1611896

On Wednesday (February 16), Charlie Munger, miljardärist aseesimees Berkshire Hathaway, the conglomerate controlled by Warren Buffett, talked about inflation, crypto, and various other investment-related topics.

Munger — who is also chairman of Daily Journal Corporation and a director of Costco hulgimüügi korporatsioon — made his comments during an interview with Yahoo Finance Editor-in-Chief Andy Serwer.

Below are some highlights from that interview:

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"I think Apple is one of the strongest companies in the world. I judge the strength of the company based on how much the customers love i, and I’ve got zillions of friends who they’d almost part with their right arm before they’d part with their iPhone. That’s a hugely powerful position to be in… I think it’s ungodly well-managed."

Inflatsioon

"Inflation is a very serious subject. You can argue it’s the way democracies die. When democracy dies in Latin America, inflation is a big part of it. So, it’s a huge danger. Once you’ve got a populist that learns it can vote itself money, if you overdo it too much, you ruin your civilization a lot… So, it’s the biggest long-range danger we have probably apart from nuclear war.

"I think the safe assumption for an investor is that over the next hundred years, the currency is going to zero. That’s my working hypothesis."

Federal Reserve

"Of course, in a modern democracy, in the age of Keynes, you’re going to get big government reaction. The reaction this time was bigger than its ever been before in the history of the United States. They just threw money at the problem, and they were probably right to fear what was going to happen, and to be quite liberal and throwing money at it, but they probably overdid in a little. They threw so much money so fast [that] it’s hard for the restaurants to get people to do the work."

Bitcoin ja muud krüptovaluutad

"It’s an ideal currency if you want to commit extortion, or kidnapping, or have a protection racket or something, Why should a civilized government want an ideal untraceable technology to come into the payment system, run by a bunch of people who want to get rich quick for doing very little for civilization? Of course, I hate it. I don’t think it’s good that our country is going crazy over Bitcoin and its ilk. I think the Communist Chinese were wiser than we were — they just banned it."

Viimastel aastatel on Munger olnud Bitcoini karm kriitik.

For example, as CNBC reported in December 2017, on 30 November 2017, at an sündmus mida hoiab Michigani Ülikool Rossi ärikool, kus Munger oli külaline, kui temalt küsiti tema seisukohtade kohta krüptovaluutade kohta, nimetas ta Bitcoini "täielikuks hullumeelsuseks":

"Ma arvan, et on täiesti tüütu teha neile mõtisklemiseks isegi pausi… Need on halvad inimesed, hull mull, halb idee, mis meelitab inimesi kerge rikkuse kontseptsiooni ilma suurema arusaamise või tööta. See on viimane asi Maal, millele peaksite mõtlema... On lihtsalt palju asju, mis teie jaoks ei tööta. Mõelge välja, mis need on, ja vältige neid nagu katku. Ja üks neist on bitcoin. … See on täielik hullumeelsus."

Seejärel, 10. jaanuaril 2018, a telefoniintervjuu CNBC saatega "Squawk Box", nimetas ta Bitcoini ja teisi krüptovaluutasid "mullideks".

Umbes kuu aega hiljem, sõbrapäeval, kell a küsimuste-vastuste sessioon Daily Journali 2018. aasta aktsionäride koosolekul ei tundnud Munger taaskord Bitcoini armastust, nimetades seda "mürgiseks mürgiks".

28. aprillil 2018 lõi Munger taas Bitcoini ja teiste krüptovaluutade vastu, öeldes – intervjuu Yahoo Finance'iga — et need, kes neid ostsid, pigem spekuleerisid kui investeerisid:

"“f you buy something like a farm, an apartment house, or an interest in a business… You can do that on a private basis… And it’s a perfectly satisfactory investment. You look at the investment itself to deliver the return to you. Now, if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more."

5. mail 2018, kl Berskhire Hathaway 2018. aasta aktsionäride koosolek, koht, kus tema ülemus nimetas Bitcoini "rotimürgi ruuduks", ütles Munger krüptovaluutadega kauplemise kohta nii:

"See on lihtsalt dementsus... Ja ma arvan, et inimesed, kes on professionaalsed kauplejad, kes tegelevad krüptovaluutadega kauplemisega, on see lihtsalt vastik. See on nagu keegi teine ​​kaupleks pätid ja sina otsustad: „Mind ei saa kõrvale jätta.""

Järgmisel päeval an intervjuu Yahoo Finance'iga , Munger ütles Bitcoini kohta järgmist:

"The computer science behind Bitcoin is a great triumph of the human mind, that’s what’s captivated all these people. They’ve created a product that’s hard to create more of but not impossible … Now that is very peculiar, but they’ve managed to do it. So, a lot of the computer science people love it just because it is such an extreme achievement of computer science.

"I, of course, have no interest in that because it is not my subject. And I see an artificial speculative medium, where people are buying just because they think they can sell to somebody else at a higher price even though it inherently has no intrinsic value. And so I regard the whole business as anti-social, stupid, immoral."

Last February, at Daily Journal’s 2021 annual meeting, Yahoo Finance correspondent Julia La Roche presented questions from Daily Journal shareholders to Munger, and a couple of these were about Bitcoin.

Esimene küsimus oli: "Mis on pikas perspektiivis suurim konkurentsioht USA pankadele, nagu Bank of America ja US Bank, mõlemad Daily Journal Corporationi aktsiad? Kas digitaalsed rahakotid nagu PayPal, Square või Apple Pay? Kas see on Bitcoin? Detsentraliseeritud rahandus või midagi muud?"

Munger vastas:

"Noh, ma arvan, et ma ei tea täpselt, milline on panganduse tulevik ja ma ei usu, et ma tean, kuidas maksesüsteem areneb. Ma arvan, et korralikult juhitud pank annab suure panuse tsivilisatsiooni ja et maailma keskpankadele meeldib kontrollida oma pangandussüsteemi ja oma rahavarusid.

"Niisiis, ma ei usu, et Bitcoinist saab maailma vahetusvahend. See on liiga muutlik, et vahetusvahendina hästi toimida. Ja see on tõesti kulla kunstlik aseaine ja kuna ma ei osta kunagi kulda, ei osta ma kunagi ka Bitcoini ning soovitan ka teistel inimestel minu tava järgida.

"Bitcoin meenutab mulle seda, mida Oscar Wilde ütles rebasejahi kohta. Ta ütles, et see oli söödamatu tagaajamine kirjeldamatute poolt."

Teine küsimus oli: "Kas teie arvamus krüptovaluutade kohta on jäänud samaks ja kas Daily Journal käsitleks Bitcoini või mõnda muud krüptovaluutat bilansis sarnase varana, nagu Tesla hiljuti tegi?"

Munger vastas:

"Me ei järgi Teslat ja Bitcoini."

Kaebused

Autori või selles artiklis mainitud inimeste avaldatud seisukohad ja arvamused on üksnes informatiivsed ning need ei kujuta endast finants-, investeerimis- ega muud nõuannet. Krüptokassettidesse investeerimine või nendega kauplemine kätkeb endas rahalise kahju ohtu.

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