"Unleashing his notorious tidal wave of criticism, Munger also gave Robinhood and new brokers a solid beating. He chided them for the way they make money, calling it “dirty,” and said it’s just luring in novice investors who want to gamble. Civilization would be better off without them, he added. And he left with a stark warning: Commission-free trading isn’t free (something which we had been saying since 2018).
Naturally, Munger also railed against Bitcoin (and gold), saying Berkshire wouldn’t follow Tesla into the cryptocurrency, and that it’s too volatile to be a true medium of exchange for the world. Munger paraphrased Oscar Wilde’s quotation about fox hunting to describe bitcoin, calling it “the pursuit of the uneatable by the unspeakable.”
In response to a question on which is crazier, Bitcoin at $50,000 or Tesla’s fully diluted enterprise value on $1 trillion, Munger said “I don’t know which is worse."... "
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"Unleashing his notorious tidal wave of criticism, Munger also gave Robinhood and new brokers a solid beating. He chided them for the way they make money, calling it “dirty,” and said it’s just luring in novice investors who want to gamble. Civilization would be better off without them, he added. And he left with a stark warning: Commission-free trading isn’t free (something which we had been saying since 2018).
Naturally, Munger also railed against Bitcoin (and gold), saying Berkshire wouldn’t follow Tesla into the cryptocurrency, and that it’s too volatile to be a true medium of exchange for the world. Munger paraphrased Oscar Wilde’s quotation about fox hunting to describe bitcoin, calling it “the pursuit of the uneatable by the unspeakable.”
In response to a question on which is crazier, Bitcoin at $50,000 or Tesla’s fully diluted enterprise value on $1 trillion, Munger said “I don’t know which is worse."... "