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this weekend Vice Chair Charlie Munger liken Trading cryptocurrency to quote trading turds the always eloquent Charlie Munger joins us now hi Charlie thank you for me this is getting a lot of attention more than it probably deserves because there are much bigger issues that we deal with here but Charlie did you know there was supposed to be a Bitcoin conference this weekend in Omaha had they asked you could have been the keynote speaker would you have said yes well they were probably crowded out back people wanted to have a conference on sewage you called rat poison five years ago right here in these chairs on Fox Business you called it rat poison but that was one it was about 150 dollars today it's nine thousand it had hit 19 thousand so it's more expensive rat poison but there are some people who were able to make some money and and we heard from people who are very passionate about this and they said oh those guys are just trying to protect their old-school investments in US dollars what do you say with that well I think these idiot booms do harm to a country they frequently come to bad ends and they cause economic consequences that are bad for the whole damn country and so I like it when my country steps hard on idiot booms instead of Fanning the flames and if there's ever anything that needed stepping down on hard it's Bitcoin born what was your gut reaction you're sitting there on stage children in the audience and and you guys work out you got the crypto currency a question and and Charlie came out swell we have an r-rated going back to the net no money has been made from book Bitcoin I mean there were somebody pays somebody else to own the same thing the Bitcoin has produced nothing and and you you have people entering at X and other people exiting at X and the people who came in at a half extra fine you can have you can have stocks and you don't have to do anything with them and they earn money for you as you go along it's a whole different phenomena and it it breeds a lot of chicane reroute it you've already seen some all you two are in the business of buying productive assets and if you two were a married couple I was thinking about this you'd have about 63 children 63 businesses that you have bought over the years that have been unbelievably successful and what I wanted to do was I wanted to take shareholders sort of behind the curtain it and just see how do you guys go through that process so Charlie Warren calls you up and says somebody's come to me because you don't do hostile bids somebody's come to me they want to sell their business I'm really excited about this boom Charlie what's the first question you ask Warren well usually we think so much alike we practically don't have to talk so it's not a hard problem the problem is we don't get offered as much as we would like to buy and that probably one's getting worse and worse but we're coping pretty well Charlie and I have never had an argument and doing and all the time we've disagreed on things but we've never had an argue have you ever disagreed on purchasing a business or a stock and then Warren you've gone ahead with it anyway we certainly never had a big fight over yeah we never I mean Charlie might say I wouldn't do that by the but he's but if he if he really negative on something I'm not going to do it but but I am more inclined to action than Charlie to some degree I'll do more things that are what he would consider marginal and probably are and Charlie would wait for the big fat pitch that will drive in three or four runs one day do you remember how the C's conversation went down when you bought C's we were both idiots and finally one of my old partners said to me you guys are too cheap this is wonderful business why don't you grow up I looked over one he looked over at me and we paid an extra hundred thousand reluctantly that the fellows insulted us actually was brother died and so on if he didn't want to run it and he really liked girls and grapes and Charlie gave the greatest speech on the to the seller when he started wavering on the virtues of girls and grapes I've ever heard of it well I got to make some candy I know you dipped some - yeah yeah yeah well we we we did I Charlie would move faster on see I I almost made a huge mistake on season by being snooty well it worked the partnership they were a partner for that
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