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it's it's best thought of as digital gold so it's gold is as people set a store of value for 5,000 years right and gold is what people typically fled to when the governments tried to uh you know inflate them out and in the United States frankly the Roosevelt confiscated everybody's gold in 1933 you had to turn it in and you went to jail so they can't confiscate your Bitcoin because there's nothing you hold it securely as long as you have an internet connection you can you can uh send it somewhere instantaneously at very low very low cost and the reason I I the reason I I I like the insurance company analogy is because if you think about people talk about the intrinsic value Bitcoin this is a Warr Buffett argument that Bitcoin has no intrinsic value it doesn't have any earnings it'll never pay any dividends uh and so so how do you even think about something like that it it is a new technology it's something that couldn't be done before but in any case the answer that I have to that is well I mean what's the what's the intrinsic value of that Mickey Manel baseball card that's sold for $5.5 million it's just cardboard and it it doesn't even have a leg it could be counterfeited very easily uh or what's the intrinsic value of a Picasso painting which is just canvas and paint uh and uh you know maybe a frame but people will pay millions or tens of millions of dollars for it and so it comes down at the very basic level for supply and demand so Bitcoin is the only economic entity where um the supply is unaffected by the demand so even with gold if gold which is $1,800 today if gold goes to $188,000 there will be a lot more gold mined because mines that are unprofitable will become profitable and so gold which which accrets today the production of gold is about equal about one and a half to 2% of the total value per year that's the same uh accretion that Bitcoin has currently uh that but this year 2022 I think will drop below 1.5% on that so only only 21 million Bitcoin can ever be created or close to it it doesn't matter if Bitcoin is 100,000 or or 20 million there's only going to be that many of them so um all you have to really believe is that the demand for Bitcoin will grow faster than one and a half perc you know over the next number of years and the price inexorably will go up so I I've I've only recently been allowing myself to be described as a Bitcoin bull I I used to tell people they say oh you're a Bitcoin bull you own a lot of Bitcoin I'm like I do own a lot of it but I'm actually a Bitcoin Observer and I'm observing its trajectory as a new technology and comparing it to the trajectories of things like uh the printing press or the steam engine or the railroads or the automobile or electricity and and it's following that very uh uh not not predictable because it's not predictable certainly in the ear early days a well understood path for the adoption of new technologies and you know Stan I think it was Stan drucken Miller uh said earlier in the year that and and and now he owns Bitcoin by the way um but he said that Bitcoin was a solution in search of a problem and what I found amusing about that is every new technology is is a solution in search of a problem because you you have a new technology then you're trying to figure out what you're going to do with it and so you know when you when we created the internet what are we going to do with that so uh the defense department had had good uses for it but it was tough for other other people to see and but now everybody can see what the value of the internet is same thing with the internal combustion engine which was very dangerous and all but now that's taken over the world and now we're going to move to to electricity so all kinds of technologies have to grow into their uh grow into their potential and Bitcoin is I guess if you want the theoretical answer to the question is it's the work of Brian Arthur Santa Fe Institute and and Stanford who is kind of the leading Authority on what what he calls increasing returns economics and what he calls lockin and path dependence in the the economy so his basic idea is that when Technologies reach a certain dominance and they're the they're the leader it's almost impossible to dislodge them even without a very Superior technology and bitcoin's there is that what that's what that's what I would say I and the other Bulls believe okay but why the outsize why 50% of your personal net worth I mean I'm I'm assuming that you're the other 50% is in like Miller value funds or I I don't know how you've Diversified and well actually actually close to the other 50% is in Amazon all of the rest of the Investments that I have are are B are basically there to support margin debt because I always I'm typically always on margin which means I can take a lot of volatility now I'm not obviously on uh deadly margin I'm on using regular reg te margin and I've got a fair amount of margin capacity but the rest of the all the stocks could eliminate all the margin debt and have a fair amount left over and then I'd have those those if I had to sell all those to pay off the debt then still have Bitcoin and Amazon bill can you explain exp to me the concept of Bitcoin as an insurance policy there's 21 million shares of this insurance company outstanding and every day that somebody wakes up and says you know I I need some insurance in case something you know in case the government seizes all the gold like they did back in 1933 or you know when when Afghanistan we pulled out of Afghanistan um Western Union stopped remittances so if you if you couldn't get money uh and it's still hard to get money in Afghan an uh you were in serious trouble uh in Lebanon the L has completely collapsed Venezuela is a failed State and yet Bitcoin uh continues right along that was your insurance policy against Financial catastrophe of one sort or another and what did the FED do when the pandemic shut down all parts of uh threatened to shut down all parts of the economy the the financial markets came unglued and the normal relationships between uh cash and bonds and securities especially asset back Securities got blown apart and the FED had to increase the money supply by 25% to keep those things from collapsing as they did in 2008 right during that time the Bitcoin Network functioned perfectly there was no run on it there was you know prices went down initially until people figured out wait a minute we've had a tremendous collapse here and the Bitcoin uh uh blockchain is functioning without a without a without any interference at all so I I think that that explains it I think in a way that many people can understand if you want a little bit of Financial Insurance then then buy a Bitcoin or or a part of a Bitcoin the argument I get most often is why not gold right which is considered to be an insurance policy against catastrophe historically so the the answer to that is um in my opinion anyway uh gold has gone from effect been around 5,000 years so it's gone from those call make up a number and say a dime a nickel in today's uh Parliament and in 5,000 years it's gone from a nickel to $1,850 and in 10 years Bitcoin has gone from a nickel to $557,000 so why would I own gold especially since gold in the last 10 years has gone down in the last 10 years Bitcoin is the best performing asset category in the world so you recently marked 40 years in the investment business and you know how have how has the investment business changed as far as your approach is concerned and how have you changed how have you evolved over the last 40 years the investment business is of course radically different from what it was 40 40 years ago when I got got involved in it that one major difference is interest rates at that point in time were the in the United States were the highest in US history and now they're not just the the lowest in US history or close to it but for most countries in the world the lowest in 5,000 years so complete radical transformation of the fixed income markets uh in 1982 when we started our when I was at leg Mason we started our mutual fund the value trust the amount of money and I'm going from memory here the amount of money in actively managed mutual funds in the entire country was around $70 billion and at the peak of our Assets in the in the value trust and and cognate institutional accounts we had $78 billion so more money than was in the industry at all when I got when I got into it um and but what what has changed is that that human nature hasn't changed fear and greed haven't changed and most importantly we understand a lot more than we used to through the workings of social psychologists and behavioral Finance theorists how large numbers of people behave under certain circumstances well defined circumstances and one of the things that we know it's been proven over and over again uh is that the coefficient of loss to gain is two to one so a dollar's worth of loss in the market is twice as painful as a dollar's worth of gain is pleasurable and as Warren Buffett often says U fear is contagious and spreads rapidly and confidence only returns slowly one person at a time but what that means is when you have very dramatic negative events that people tend to overreact to them and that those are you know they're rare but they're perfect buying opportunities but I think those those are the principles that can be that aren't going to be changing and that's why you can read Jesse livermore's reminiscence of a stock operator or the Ben graes the intelligent investor and and profit from it even though the markets are are very very different from when when those books were published
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