5)“Things cannot claim value only because someone else is willing to pay more for it”Buffet and Munger have been critical of bitcoin for the longest time. Unsurprisingly, bitcoins were roundly denounced at the meeting.Buffett said that he would write a check for 1% stake in all the farmland in the US or for the same percentage in all the apartment houses in the country. But instead, if someone offered him all the Bitcoin in the world for $25, he wouldn’t take it. “What would I do with it,” he asked. According to him, assets must deliver something to someone to have value. Things cannot claim value only because someone else is willing to pay more for it.For example, a dollar can get you a cup of coffee or a piece of cake. A painting can deliver a transformative experience. But, a cryptocurrency can only be sold forward for a higher price and cannot really buy anyone anything in the general market.Munger was more biblical in his pronouncements. He called bitcoin stupid and evil. Stupid because he expects its value to come down to zero, and evil because it can destabilise the US financial system. 6. “So much better companies at so much lower pricesin China…”China’s recent aggressive action against companies doesn’t seem to worry Munger significantly.At Berkshire, he has been bullish on the country for a long time. Therefore, he took a question from a shareholder, on the risks in investing in countries with authoritarian regimes, particularly China.
“There’s no question about the fact that the government of China has worried the investors from the United States,” Munger said. “There is some tension and it has affected the prices of some of the Chinese internet stocks.” Munger acknowledged that there are more difficulties dealing with the regime in China than there are in the United States. “And it’s different, it’s a long way away…”But he added that there are signs that the government is recognising the effect it has had, and is indicating pullbacks. “So we are having some hopeful signs,” he said. 
