Peter Thiel’s ‘sociopaths’ know something he doesn’t
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Warren Buffett speaking to Becky Quick of CNBC on February 24, 2020.
CNBC| CNBC
In the early 1990s, I had my first encounter with Peter Thiel’s Omaha-sociopathic grandfatherpa.
Joe Kernen was wrapping up the “stocks-to-watch” segment, and Joe and me were discussing Berkshire Hathaway’s earnings. We also talked about the companies we love as part of this discussion. Warren Buffett‘s portfolio.
See’s Candy was my favorite, as I lived 17 years in Southern California. See’s was then sold. Joe’s NetJets.
I will say that within 24 hours, two large boxes arrived at my desk containing 10 pounds of See’s candy. Also, a thank you note was attached. Warren.”
Buffett was a new friend to me so I called him and thanked him for his candy. I assured Buffett that I would not share it with any of my coworkers.
He said that he laughed with me and suggested I tell Joe to not anticipate a jet.
Our professional relationship and our personal relationships have been cordial ever since. The same with whom I have also had a cordial professional and personal relationship. Jamie DimonLarry Fink and Buffett, who were both joined by Larry Fink on Thursday. identified by libertarian investor Thiel as part of a “finance gerontocracy.”Thiel claimed that Bitcoin is being held back by the group to safeguard its financial interests.
Thiel has used that criticism to defend himself and promote his holdings in bitcoin.
In my interactions with these gentlemen, I’ve never found them to be backward-looking, sociopathic, or unwilling to take on new ideas and technologies if they can make a profit in mainstream finance.
Warren Buffett, who is undoubtedly the greatest investor in our lives, Dimon, the bank’s most experienced CEO and Fink, the founder of more affordable ways for investors to invest of $10 trillion or more, are the two main builders of the largest asset manager worldwide.
These aging business titans are not perfect, and they may miss out on great opportunities or blemishes.
However, they are excellent students of market history and money, and are savvy investors. They also have the potential to be wealthy beyond what we could ever imagine, including Buffett.
To surpass Buffett’s net worth, one would have to add up all crypto billionaires around the globe.
Some might accuse me, however, of pandering. My career and my life are far beyond what I consider pandering. In fact, I’ve never done anything to flatter anyone. Never had the need.
My experience with Bitcoin enthusiasts and their supporters is that they are trying too hard to convince the rest of the world that crypto currencies and bitcoins can be used to decentralize finance, and provide assistance for those who have limited access to financial services and investable assets.
It is easy to do this by simply giving every person in the world access to simple financial applications and a smartphone.
Problem with Bitcoin
Bitcoin continues to be a solution for those seeking a problem.
Payment systems are changing rapidly. They offer many benefits, from lower transaction costs to secure transactions to smart contracts to faster clearing and processing, and all this while Bitcoin’s price is stagnating.
Blockchain and Ethereum have been largely responsible in the payment system revolution. However, other systems that are rapidly emerging will increase efficiency from which consumers can benefit.
Thiel’s highly personal attack upon Buffett and Dimon by Fink doesn’t make bitcoin a stronger proposition.
On its own, bitcoin is far too volatile to stand as a unit of account, a medium of exchange or, arguably, a store of value — in short, it has none of the properties that define a currency, or money, at all.
My prediction of the Bitcoin price was horribly incorrect. However, I was wrong about its usage case.
The world’s currencies system still has a fraction of its value. The $820 billion value it has in market (whatever “currency” means) is low compared with dollars worldwide and pales when compared to the $13 trillion worth of world’s gold reserves, which are the preferred hard currency for many people on the planet.
Thiel thinks that powerful, wealthy men such as Buffett, Dimon, and Fink suppress what he calls a “revolutionary movement for youth”
Perhaps.
The other possibility is that perhaps, just like so many others approaching retirement age or beyond, we have seen so many investment cycles, so much manias, bubbles, and fads that it’s easier to spot financial fancies that we are naturally more skeptical.
It would be better to inform the public about their risks and how they can trade for personal gain. This is sociopathy. Let’s take advantage of it.
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