Charlie Munger: “I regard Alibaba as one of the worst mistakes I’ve ever made.”
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Geez! Charlie. He is not someone who holds back. He happily throws grenade after grenade. The freedom of being 99 year old billionaire.
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Just have to admire at 99 he can sit through 2.5 hours and answer cohesively is freaking amazing. On top of that he is eating all that peanut brittle and coke, man I would doze off on sugar coma. Sometimes I wonder whether Charlie and Warren had taken any serum for their longevity.
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Agree. For a 99 year old to be coherent and insightful is rare and very impressive. Becky did a great job with the questions.
Is he right on crypto and bitcoin ? My view is that he is right on the “trading/gambling” aspect. He is wrong on the value of crypto currency. I heard the Stripe CEO and he mentioned that using Bitcoin they are able to remove 16+ processes in money flow processes for his customers.
BYD CEO - He found Wang Chaunfu who is terrific. Elon has done more but Charlie often has backhanded compliments for Elon. Moreover thet are selling BYD stock when the business is finally showing signs of life after being a dud for previous 20+ years. BYD cars and batteries are doing well.
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So I walk into a Sees Candy shop and grab of box of chocolates. I hand over two twenty dollar bills and get some change. In an alternate world I walk in and want to pay with Bitcoin. How many processes do I have to go through to do this?
Mike
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I hardly use cash, except when I buy lottery tickets. I buy using credit cards. Now my credit card is connected with my bank account and automatically get paid. Do you understand how many transactions/ processes take place when you buy credit card? May be, May be not. But you really don’t care. Instead of bank account, imagine it is connected to an account of bitcoin, do you think any of my transactions are going to be different?
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Bitcoin right now has a capability of 7 transactions per second, Visa thousands. I would also assume Visa’s is more scalable, although they take 3%, not sure how much bitcoin takes. Other crypto claims better performance, but which rando crypto do you use, part of the problem.
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