Buffett: "Found Investment Target in 'Gambling Den' Stock Market... Will Never Buy Coins"

Buffett Gives Both Positive and Negative Evaluations on Stock Market Status
Munger: "Bitcoin Is Foolish, Evil, and Makes Me Look Stupider Compared to Others"

Warren Buffett, CEO of Berkshire Hathaway

[Asia Economy Intern Reporter Kim Se-eun] Warren Buffett described the stock market as having turned into a 'gambling house,' but at the same time, it has become an opportunity to find undervalued companies.

According to The Wall Street Journal (WSJ), on the 30th (local time), Buffett participated in the annual shareholders' meeting of Berkshire Hathaway, the investment company where he serves as chairman and CEO, sharing information about the current investment status and explaining the background behind his recent active investment moves.

He said, "Watching speculative investment trends, I thought it was absurd," criticizing the financial industry for encouraging investors to take risks.

However, he also positively assessed, "As a result, with increased market volatility, it helped in finding investment targets."

Charlie Munger, Buffett's longtime friend and vice chairman of Berkshire Hathaway, also criticized, saying, "There has never been a time when purely gambling-like acts happen daily on the scale of transactions as they do now," adding, "It is not a good situation."

At the same time, he evaluated, "Because of this market speculation, Berkshire Hathaway was able to capture undervalued business sectors," and "Thanks to that, we were able to operate $106 billion (approximately 134 trillion KRW) in cash."

Regarding cryptocurrencies such as Bitcoin, Buffett emphasized a negative view, stating, "Even if the price drops extremely low, I would not buy it."

Buffett explained, "I don't know whether Bitcoin will rise or fall next year, or in 5 or 10 years," but "what I do know for sure is that Bitcoin creates nothing."

He added that farmland produces food and apartments generate rental income, but Bitcoin can do nothing except be sold to others.

Vice Chairman Munger also viewed the prospects of cryptocurrencies skeptically.

He said, "In my life, I try to avoid things that are foolish, evil, and make me look bad compared to others," and "Bitcoin fits all three."

He further explained, "First, Bitcoin seems foolish as it will still likely become zero; second, it is evil because it weakens the power of the Federal Reserve (Fed); and third, it makes us look foolish compared to the smart Chinese Communist Party leaders who have banned Bitcoin domestically."

This content was produced with the assistance of AI translation services.