At 88 years of age, Warren Buffett has been given rock star status among retail stock market investors, because of his unmatched track record, but by going over his successful purchases, you can easily detect that his best years are well behind him. Analysts pore over his every word whenever he speaks or releases his shareholder letters, and his value investing strategy is held in high regard by his many followers. But that’s changing now, and people are starting to notice some big chinks in his armor.
The fact of the matter is, Warren Buffett is losing his seemingly magical ability to understand the financial markets. After doling out investing advice for all these years, he’s just now admitting that he can’t beat the S&P 500 any longer. He also admitted that most of the time, he doesn’t know how to pick individual stocks. Part of his style of speech is to act humbly, but I can tell you that he is showing signs of weakness.
Berkshire Hathaway shareholders are not pleased at all with his recent performance, as Buffett’s oversized allocation in Kraft-Heinz has been an absolute bust; a blood bath, actually.
Finally, after decades of commentators being afraid to say anything negative about this financial celebrity, we’re starting to see people criticize Warren Buffett – not from the corporate media, of course, but from the more daring alternative media. And after Buffett’s angry rant against Bitcoin, there’s no reason to worship the so-called Oracle at this stage of the game.
Buffett revealed his pro-Wall Street, pro-establishment agenda with his latest anti-crypto diatribe, saying that “Bitcoin has no unique value at all. It is a delusion, basically. It attracts charlatans. If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money.”
It’s not the first time that Buffett has lobbed exaggerated and unsubstantiated verbal assaults against cryptocurrency; he has called it “rat poison squared,” a “mirage,” and “an asset that creates nothing.” But these insults are coming from a man who has fully admitted that he doesn’t understand cryptocurrency and that he knows nothing about it. Buffett doesn’t own a cell phone, missed out on the tech boom, even though his closest friend is none other than Bill Gates, and when he did sink billions into the sector, he backed-out, as he saw his IBM position losing ground.
Buffett is no angel and much of Berkshire’s price inflation is driven by the questionable practice of massive share buybacks – which were illegal and considered a form of market manipulation until the SEC legalized the practice in the early 1980’s.
Along with the massive share repurchases, Buffett keep defending banks, which are some of his biggest positions. His failure to address years of illicit activity at Wells Fargo, which is partly owned by Berkshire Hathaway, is disappointing.
Max Keiser, a major Bitcoin player from the get-go, also had a spot-on comeback to Buffett’s “rat poison” remark: “There is no bigger rat than Warren Buffett. The world is waking up. The Ponzi schemes of Buffett are being revealed and the masses are moving to hard money like Bitcoin and gold.”
The financial markets clearly aren’t buying what Warren Buffett’s selling anymore, as the price of Bitcoin shot up by over $100 after Buffet released the recent Berkshire shareholder letter with his latest anti-crypto rant.
Meanwhile, Max Keiser remains bullish on crypto, saying, “I maintain my price prediction I first made on Keiser Report in 2011 when Bitcoin was $1… We will see $100,000 for Bitcoin as it swallows up the world’s oversupply of worthless fiat money, marking the end of charlatans like Warren Buffett.”
AMEN!
Best Regards,
Brad Robbins
President, PureBlockchainWealth.com
Legal Notice:
This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.
Please read our full disclaimer at PureBlockchainWealth.com/disclaimer
Original Article Available HERE
Warning! This user is on my black list, likely as a known plagiarist, spammer or ID thief. Please be cautious with this post!
If you believe this is an error, please chat with us in the #cheetah-appeals channel in our discord.