Buffett and his right-hand man Charlie Munger have been long known for their limited investment interest in gold. Buffett kicked off this year’s shareholder meeting with an anecdote about why people should invest in American businesses. According to his calculations, investing $10,000 in the S&P back in 1942 would have yielded $51 million. But if he put the money in gold, he would have only yielded $400,000.
Munger dislikes cryptocurrency more than Buffett. “I think people who are professional traders that are going to trade cryptocurrencies, it’s just disgusting,” Buffett’s longtime business partner of said. “It’s like someone else is trading turds and you decide I can’t be left out.”
Munger’s thoughts on gold aren’t any softer. “I don’t have the slightest interest in gold,” he said back in 2010, “I don’t see how you become rational hoarding gold. Even if it works you’re a jerk.” Correction: The price of bitcoin on Saturday is 50% down from its all-time highs, not 100%. Krystal Hu is a technology and economy reporter at Yahoo Finance. Follow her on Twitter
