QuestionerCapitalization of cryptocurrencies approached that of Berkshire and Apple last year. And clearly the idea behind crypto will affect conventional banking groups where Berkshire is a shareholder. You always say you didn't go into too much detail to obtain an understanding on cryptocurrencies. So what factors caused you to say that it's a bubble?
WarrenWell, generally non-productive assets remain the... If you bought gold at the time of Christ and you figure the compound, rate on it you know it's it may be a couple tenths of one percent the it's it's essentially is not going to deliver anything other than supposed scarcity you know because they'll only you can only mind so many but so what I mean what is what does it produce itself you know the check is a wonderful idea just imagine well how the world would be without being able to write checks or have wire transfer of funds but it doesn't make the check intrinsically itself worth a lot of money and if you said you can't use something called check with a little piece of paper you'd do something else to transfer money i i think that anytime you buy a non-productive asset uh you are counting on somebody else later on to buy a non-productive asset because they think they can sell it to somebody for more money and it's been tried with tulips and it's been tried with various things over time and it does come to a bad ending
Charliei like cryptocurrencies a lot less than you do and so to me it's just dementia and i think the people who are professional traders that go into trading cryptocurrencies it's it's just disgusting it's like somebody else is trading turds and you decide i can't be left out