Why doesn't Warren Buffett make virtual currency

6. Because Buffett is the pronoun of steady investment, he does not even invest in Microsoft technology enterprises, he only invests in the visible and useful

7.

In an interview with Yahoo Finance in Nebraska, Buffett once again despised digital currency investment, saying that "buying bitcoin is not an investment"

According to Buffett, people usually buy two kinds of things, one is a real investment, the other is not. Bitcoin belongs to the latter

Buffett believes that when buying cryptocurrency, it is not investment but speculation“ There's nothing wrong with that. If you want to gamble, someone will come tomorrow and be willing to pay more. This is a kind of gambling. It's not an investment. "

this is not the first time that Buffett has lashed out at bitcoin and the virtual money market. In January 2018, Buffett predicted that cryptocurrency would definitely have a "bad ending"< At that time, Buffett said in an interview: "I don't know when and how the bad results will happen, but what I know is that if I am asked to buy long-term put options, I will buy five-year put options for each cryptocurrency. I'll be happy to do that, but I won't invest a dime in it. "< In the end, Buffett concluded that cryptocurrency is a decent business, but what is happening will eventually become a bad ending that everyone can see

from: surging news

agree with Buffett's point of view

8. Why do you say he hasn't done it?
he is a God. The financial market is booming. I don't believe he hasn't done foreign exchange.

9. He didn't enter when the price was low. He didn't make any money, so he hated it

10. In fact, the savings rate of Chinese people is much higher than that of the United States. China also has a large number of high net worth customers. Chinese people are more interested in investment and financing. But why is it so difficult for China to engage in private equity? It's not that banks and trust companies have to pay more in the process of raising and managing private funds, nor that it's difficult for Chinese private funds to rent offices in low rent places (it looks like a fraud company). The main reason is that it's hard to find qualified principals and qualified stock fund managers in China. Most people lack the most basic sense of risk. In the year of the last bull market, I was in a law firm in Shanghai. Because of my good investment in stocks, a colleague said that he could introce a friend to me and let me invest in stocks on my behalf. Of course, I was also interested. At the end of 2006, I only had about 40 million personal net assets. In the face of a bull market, I didn't have the now common margin trading business, and I still had a strong desire for capital. My colleague's friend said that 10 million is OK and the share is negotiable, but he proposed that if there is a loss, I should bear the minimum income equivalent to the bank deposit interest, and I should bear the loss completely. Although I was still optimistic about the future market at that time, I firmly refused to accept the client who only wanted to collect excess income and did not want to take risks. In recent one or two years, China's shadow banking risks have been exposed intensively. The media has publicly reported that billions of private loans in many cities are collapsing or in trouble, and some trust or bank financial procts are unable to meet the expected income. In the process of dealing with these things, many investors insist that the bank pay the "interest" and principal, and regard these investment tools as bank deposits. In fact, in China, a large number of residents lack the most basic sense of risk, but require a significantly higher rate of return than the risk-free interest rate. The change of investment concept is not much easier than the change of religious belief. In the eyes of many Chinese stock fund investors, qualified stock fund managers should have all the following abilities: 1. They can get positive returns every year, whether it is in 2000 or 2011. If there are conditions, they should achieve it. If there are no conditions, they should create conditions. It's better to get a positive return every month. 2、 Under the above conditions, the maximum pullback should be 4% or lower. It's better to withdraw less than 1% and make up within one week. 3、 It can obtain the excess return obviously exceeding the Shanghai stock index. If it is the gem or SME market in a certain year, then the index that is required to exceed becomes the gem or SME index. 4、 It is required to provide cannon fodder for the loss of investment to ensure that the principal's investment will not suffer losses. In a place with developed financial markets like the United States, people who adhere to the above four principles may not find managers at all, and no one pisses them at all. Making money is not to go to prison, but in China, in the stock market with Chinese characteristics, since this is the requirement, some people who are doing private equity funds are forced to make some promises. Anyway, they can't understand or have no patience to read dozens of carefully designed contracts. Objectively speaking, some Chinese investors can still be cheated, although there are some poor people among them. After the crash in 2000, I saw such a public report in the media that there was a private equity fund manager who only lost about 10% in that year. Generally speaking, this kind of performance should be more satisfactory as long as the client still knows the good and bad. But the fund manager killed his wife and children and then committed suicide. I really can't understand. Maybe it's because I promised some minimum terms. As long as China's capital market does not close, as long as I did not die in an accident, I will be a billionaire sooner or later. What's more, I'm psychologically contradictory about using other people's money to speed up my own prosperity and widen the gap between the rich and the poor in China. When I was a lawyer in Shanghai, I had a colleague who had a client. Shanghai men, especially Chinese women, cheated money and sex. In money worship China, it's hard to find labor models, but there are plenty of scum. Therefore, although I had the idea of private placement, I basically didn't have any illusions. I would rather snowball with my own funds in a small town in a county-level city. Why do you want too much money? Because of this illusion, about a month ago, a friend of a colleague who had worked in a financial institution introced a high net worth client and wanted to entrust him as the manager of stock investment. He felt that he could not do it alone. When he wanted me to participate in the fight against China, although I verbally promised to go to Beijing for a meeting, my psychology was purely to live up to the good intentions of my friends. Even if the intention of cooperation is reached, I may not go back to live in Beijing. I went to Beijing by train on a Friday morning. When I had dinner with my friends in the evening, my friends told me not to hold too much hope. I also said that I didn't hold much hope at all. It's too low a probability to entrust hundreds of millions of funds to two strangers. On the bus to the hotel, I said that it is difficult to find qualified clients and managers in China. They often demand absolute return when the market goes down and excess return when the market goes up. Because the client's plane was late, I also returned the train ticket that I went back that night. The client arrived at the hotel at about 9:30 in the evening and talked for about two and a half hours. However, within 20 minutes, I found that the intention of reaching an agreement was as slim as PetroChina's return to four bar in two months. This client is quite young, probably less than 30 years old. He has repeatedly stressed that capital is not a problem, and that one or two hundred million will definitely be more than one hundred million. He is also quite frank and has a good character. He has a current office and a registered company in Beijing. If there is no obvious difference in investment philosophy, he is actually an investor that many private equity managers dream of. You know, according to China's current law, the threshold for the purchase of private funds issued through trust is 10 million yuan, which can only be sold to no more than 100 customers (investors with more than 30 million yuan are not restricted). Therefore, even if they are sold in banks such as ICBC and CMB, roadshows and materials are prepared all over the country, they may not raise 100 million yuan. The principal's investment philosophy and investment plan are mainly focused on the following aspects: first, we should enlarge the leverage to four or five times, and the cost is about 9%. I also used leverage last year, but the amount of margin trading account was basically 10000 yuan. I used positive repurchase. The financing cost was less than 3.5% per year, and the leverage ratio was less than 0.5 times. However, even so, I seldom used up the available leverage. I told my wife that I can't put all my eggs in one basket at my age. If I lose all my money, I will go to work in Beijing with a monthly salary of more than 10000 yuan. It seems exciting and heroic to start all over again, but I don't think about it at all. 2、 Absolutely avoid losses. Sure enough, as I expected, he made it clear that losses should not be allowed. Of course, he said that this was a major principle, not a complete requirement. The client himself is also an expert in stock investment. In Hong Kong, he and his friends went from a net asset of about 10 million or tens of millions to a net asset of 500 million. But for various reasons, he returned to 100 million. This shows that he has suffered great losses in the past. If you want to find a manager who can avoid big losses, it is also a wise choice. However, it is difficult to take into account the following requirements or investment plans by adding several times the leverage mentioned above. 3、 If there is an opportunity for recognition, we should take a heavy position or even a full position in a single stock. In the past, the client used to fill his position with his own funds and leverage in the Hong Kong market. He succeeded continuously and got rich quickly, so he believed in this practice. He asked us if we had certain news about a certain stock, or if it was definitely positive, we could take a position in China. My friend said no more than 20%, but I didn't answer at all. He proposed to take more than 60% of the position, which is likely to be a full bet after adding leverage. 4、 The pursuit of high yield. When the client puts forward that the market is not good, he can make three or four achievements every year. If the Shanghai stock index has a 20% increase in a year, I have a 0% probability to achieve this return. But even Soros, Buffett and Lynch can't reach this rate of return. 5. It is clearly proposed that it may do so with the help of insider information. I used to be a lawyer, so I am very alert to legal risks. In the future, the CSRC has been more and more strict in the investigation of insider trading. Of course, I am unlikely to take the risk of prison life in order to make some money. In fact, if you buy 20 stocks that are optimistic for a long time and go to prison for 10 years, the yield may be higher than that of changing positions once a year. But people don't make money to go to jail. Lu made it clear that small cap stocks are the focus of investment. Because of the above ideas or plans, I didn't bother to talk about my methods or strategies from 20 minutes before the meeting. In the stock market, the eight immortals cross the sea and show their own magic power. It is not easy to say whose method is right and whose method is wrong. The key is to stick to your own effective method and do not be obsessed. They want to eat the advantages of all kinds of methods and avoid all the disadvantages. They want to have monkey king's iron stick, lacquer Er Bian and Jin Dou Yun, and they don't want to have a gold hoop on their head. Do not dream of private equity fund at all, why is Warren Buffett and his partner Munger about 0 years old, Warren Buffett also got cancer, but also happily managed the stock fund, and Peter Lynch retired before the age of 50? I think the pressure from investors is different. Buffett's initial investment partnership was his relatives and friends with full trust, and he agreed that the client should not interfere in his investment. In the later period, when he took charge of Berkshire Hathaway, the funds came from the insurance company rather than the direct client, so he didn't need to face some stupid questions and pressure questions. But Lynch, as a public fund manager, has to face these things. Lynch has white hair in his 40s. He retired early. I have great respect for him. He retired after success, leaving a record that can hardly be broken by later generations. He is not greedy for fame and wealth, which is really high. When doing private placement in China, we also face the same problem as Lynch. Any client is his parents and can't afford to offend him. Many private equity fund managers are generally young. Under the unrealistic requirements of customers, they are prone to psychological imbalance and difficult to concentrate on investment. What's more, most private equity fund managers have not been successful at all. So most of the private equity fund performance is poor, so they boast to raise funds, so they constantly defend themselves. Although the trip to Beijing was not successful, it was very pleasant. Maybe after I'm 50 years old, I'll break through the moral and psychological barriers of being a private fund. China's financial market is relatively developed. In order to develop my daughter's financial field, I'll start a private fund. But at present, I don't dream of being a private fund at all. China is not suitable for the dream of private equity