Warren Buffett and Charlie Munger called a stock market gambler, dismissed bitcoin as worthless, and emphasized the risks of inflation. Here are the 12 best quotes from Berkshire Hathaway’s annual meeting. 2022-05-01 10:56:17

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  • Warren Buffett and Charlie Munger speak during Berkshire Hathaway’s annual meeting on Saturday.
  • Billionaire investors have referred to widespread “gambling” on stocks, calling bitcoin worthless.
  • Buffett and Munger also discussed inflation, Robinhood, the pandemic, and the risks of speaking out.

Warren Buffett and Charlie Munger advocate frantic speculation in the financial markets, Bitcoin rejected as worthlessHe stressed the risks of inflation during Berkshire Hathaway‘s Annual meeting of shareholders on Saturday.

The Berkshire CEO and business partner also discussed the pandemic, the risks of getting into political discussions, and Robinhood’s plunge in value over the past year.

Here are 12 of their best quotes from their meeting, edited slightly for length and clarity:

Warren Buffett:

1. “Sometimes the stock market is investment-oriented, other times it’s almost a casino, a gambling parlor—and that has been around to an extraordinary degree in the past couple of years, encouraged by Wall Street.” (Buffett added that Wall Street makes money by “picking up the crumbs that fall off the table of capitalism.”)

2. “Inflation also deceives the bond investor, and deceives the one who keeps his money under his mattress, and deceives almost everyone.” (Asked if he still thinks inflation is cheating stock investors.)

3. “The best protection against inflation is still the strength of your personal earnings. The best investment by far is anything that develops yourself.” (The investor emphasized that people would always be willing to pay to see a good doctor or hear a great singer.)

4. “If you told me you had all the bitcoins in the world and you offered them to me for $25, I wouldn’t take it because I would? I’m going to sell it to you again somehow. You won’t do anything.” (Buffett compared cryptocurrency to farmland, apartments, and other productive assets.)

5. “We weren’t very, very far from something that might be a repeat of 2008 or even worse.” (Buffett was thinking about the huge impact of the pandemic on the market


Liquidity

in the spring of 2020.)

6. “The best thing to do is keep quiet and not have a group of people face consequences they didn’t ask for in the first place.” (The Berkshire chief said he no longer considers political issues to avoid a boycott of his business, and the suffering of his shareholders and employees as a result.)

7. “I don’t think we’re smart, I think we’re sane. That’s the main requirement in this business.”

8. “Take the management fee and bet the monkeys.” (Buffett suggested that most financial advisors are no better at investing than a group of monkeys picking stocks by throwing darts at a dartboard.)

Charlie Munger:

9. “We have people who know nothing about stocks that are recommended by stockbrokers who know less.”

10. “People charge for skill and offer treasury indexing.” (Monger emphasized that many fund managers are afraid of underperforming the market or their peers, so they invest in the equivalent of index funds.)

11. “In my life, I try to avoid things that are stupid, evil, and make me look bad compared to someone else. Bitcoin does all three.” (Monger said that the bitcoin price is likely to drop to zero, as cryptocurrencies threaten the stability of the financial system, and make the US government look foolish compared to the Chinese authorities who banned them.)

12. “It was disgusting. Now it’s falling apart. There was some justice.” (Monger accused Robinhood of promoting “short-term gambling” and collecting “large commissions,” and criticized its business model for collecting Payment for order flow.)

Robinhood’s chief communications officer, Jacqueline Ortiz Ramsay, said in a statement to Insider: “It is stressful to see Mr. Munger mischaracterizing a platform and a client base he knows nothing about. No, Robinhood does not charge commissions and does not allow day trading or short selling. We never did. He should only say what he really means: Unless you look, think and act like him, you can’t and shouldn’t be an investor.”

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