The most hateful people in the world are retired
The Prophet Omaha wrote the last letter he and Charlie Manger left to the encrypted world, a "negative time line" spanning a decade。
The Prophet Omaha wrote the last letter he and Charlie Manger left to the encrypted world, a "negative time line" spanning a decade。
Author: Sanqing, Foresight News
On 11 November, Warren Buffett issued a final shareholder letter announcing his resignation as Chief Executive Officer at the end of the year and continuing to expedite the donation of holdings. This letter, which begins with "I'm going quiet", marks the dawn of a legend that shapes the philosophy of investment with reason, compoundity and long-termism。
However, in the encrypted world, the Prophet Omaha and his long-standing partner, Charlie Munger, left behind a "negative time line" spanning a decade. From rat pharmacies to encrypted shit, they represent almost the most radical resistance of traditional finance to encrypted narratives。
Buffet: Unbelief of reason
Shortly after Bitcoin was born, Buffet was first asked questions and related questions in 2013. At the time, he simply stated that there were no plans to move to bitcoin. One year later, he called Bitcoin "the mirage" at the Shareholders' Meeting on the grounds that "it produces neither cash nor intrinsic value"。
In 2017, the price of bitcoin surged, and he once again publicly criticized it as a “foam” and compared it to the “dewish fever”. The following year, his phrase "bitcoin is the square of rat medicine" became the hallmark of the industry and made rat medicine the classic irony label of bitcoin。
Buffet ' s logic has been consistent, and Bitcoin is not a productive asset that can be valued and cash flow created. To be blunt, "I won't buy any bitcoin from the world for 25 dollars."。
This judgement is derived from his consistent belief in value investments. He believed that the proceeds derived from business profits, not from a game between speculators. For Buffet, Bitcoin was neither a company nor an asset, but a price transfer game without a bottom line. Reason lets him choose distance rather than participation。
Manger: Emotional disgust
Mang's attitude towards encrypted money is almost morally exclusive than Buffet's calm suspicion。
"Damn" "damn" "devil" "sex disease" "encrypted shit" -- all these words come from him. In 2018 he was even more forthright, "The hotter bitcoin gets, the more I hate it. I don't know
At the Daily Journal annual conference in 2022, he said in a more ironic way, "The encrypted currency is like a sexually transmitted disease, and I hope it will be banned immediately. In the same year, at the Shareholders' Conference, he took a cut and said, "I've been avoiding three things in my life: stupid, evil, ugly, and bitcoin is all one. I don't know
In Mangue ' s view, the use of encrypted currency to confer idealism on speculation is a setback for financial civilization. He is not talking about asset attributes, but about being wary of a decline in values and replacing the social motivations of "want to be rich" with "want to be created."。
Birkhel's "encrypted footnote."
Birkhel never held any encrypted assets directly on the balance sheet, but it did not intersect with the encrypted world. In 2021, Burke Hill invested $750 million both before and after the listing of Nu Holdings at the Brazilian Digital Bank. This is a leading financial technology company for digital credit and financial inclusion, but since its listing, Nu has introduced services such as Nubank Cripto and Bitcoin ETF as one of the active entry points for retail encryption in Latin America. In other words, Birkhel indirectly bet on a bank that does the encryption business。
It does not vote for bitcoin per se, but rather for the financial infrastructure that is being pushed up by the trend of encryption, but this investment is also seen as a “limited compromise” in Birkhel. They do not buy currency but recognize that the market is changing; they do not believe in encryption, but they cannot deny that it is creating new patterns of user, mobility and profitability. This was the first attempt at encryption in Birkhel, but in a rational and conservative manner。
The scene of rationality
Now that Manger is old, Buffet will turn in his sticks. An era marked by cash flows and dividends seems to be retreating, but markets do not stop behind their curtains。
The distribution of encrypted assets ETF has increased, and sovereign funds and capital masters have focused on the distribution of encrypted assets. Encrypted asset and block chain technology is also partly leading the innovation of Fintech 2.0, and a new generation of investors are planning to create their own "reasonable" in the volatility of digital assets。
Buffet and Manger do not believe in the logic of the world, but their doubts make the story more complete. They represent the order of one era, and encryption represents the imagination of another。