Summary
- Warren Buffett sees a lot of people do a lot of stupid things.
- Why is investing in the stock market viewed as gambling?
- We take a look at what he thinks and how you can apply it to your portfolio.
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Co-authored with Treading Softly.
Recently, the famous Warren Buffett was asked questions by CNBC about his views on the market and specifically about cryptocurrency. He once again doubled down on his opinion that Bitcoin and other cryptocurrencies were without value or essentially worthless and that he did not believe in supporting and investing in them. He went on to describe them like this:
“I didn’t like chain letters when I was a kid. I thought, why in the world should I send along a chain letter? I’ve seen people do stupid things all my life. And I really, I empathize with that. I mean, people like to play the lottery. … People love the idea that they’re going to make more money tomorrow. It really drives them crazy if their next-door neighbor is making more money not knowing what they’re doing, and they’re just sitting there and their spouse is saying, ‘Why is that guy getting a second car, and why are we missing this whole thing?’ The gambling instinct is so strong.” – Source: CNBC.
He also went on to express his support for the traditional or classic means of wealth generation.
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