© Reuters
By Laura Sanchez
Investing.com – Warren Buffett is known to be against investing in cryptocurrencies, and his business partner, Charlie Munger, shares that view. Both called it a “rat poison”.
Guy Spier, a value investor and one of Buffett’s biggest supporters, believes that Munger was probably trying to protect traditional investors and that he may not be as averse to cryptocurrencies as he thinks he is. seems.
“A lot of people approach the world of cryptocurrencies in a not very smart way,” Spier said. “He (Munger) is probably absolutely right that they’re much more likely to lose a lot,” Business Insider reports.
Mr. Spier compares the cryptocurrency market to a crowded poker room, and the smartest crypto investors to poker players who maximize their chances of success by joining the right table.
“There may only be 1% of these tables worth playing, but people I know have a high chance of finding this place,” he said, adding that Munger is probably not telling elite investors to avoid at all costs.
Mr Spier, head of the Aquamarine Fund, points to the difficulty of identifying the best investments these days, as they are “unpopular” almost by definition. “If you just look at the leaders of the , you’ve already missed the mark,” concludes Mr. Spiel.
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