Max Keiser, a prominent Bitcoin (BTC) investor clap back at Warren Buffett for his recent letter sent to Berkshire Hathaway shareholders. Keiser called Buffett’s letter as prime reasons people should buy Bitcoin instead of investing in the stock market.
As per Keiser, Buffet’s annual letter to shareholders proves that he is a “fraud and a charlatan.” He further adds in a Tweet that Buffet is entirely reliant on tax-payer bailouts and accounting tricks.
Being very vocal about his displeasure with anything to do with traditional investing. Though on Saturday, he upped the ante by specifically going after Buffett, and what was revealed in that letter.
Newsflash: Bitcoin (BTC) Surmounts $4,000, Max Keiser says Warren Buffet Exposes Himself As A Crook. https://t.co/JgZMdmy2mr
— Max Keiser, tweet poet. (@maxkeiser) February 23, 2019
The letter elaborated that companies that repurchased shares were more attractive. He wrote:
Berkshire’s holdings of American Express have remained unchanged over the past eight years. Meanwhile, our ownership increased from 12.6% to 17.9% because of repurchases made by the company. Last year, Berkshire’s portion of the $6.9 billion earned by American Express was $1.2 billion, about 96% of the $1.3 billion we paid for our stake in the company. When earnings increase and shares outstanding decrease, owners – over time – usually do well.
As for Keiser, the Buffett is saying “blah, blah, blah, blah, blah,” as for stock buybacks, or repurchases of a company’s stock, he told RT:
It’s pure fraud. Its sole purpose is to commit accounting fraud for the benefit of insiders.
Buffett’s stance on gold
Buffett added in his letter:
Those who regularly preach doom because of government budget deficits (as I regularly did myself for many years) might note that our country’s national debt has increased roughly 400-fold during the last of my 77-year periods. That’s 40,000%! Suppose you had foreseen this increase and panicked at the prospect of runaway deficits and a worthless currency. To “protect” yourself, you might have eschewed stocks and opted instead to buy 31?4 ounces of gold with your $114.75.
To that Keiser responded:
The real story is to put gold in context and understand that Buffett’s so-called success is entirely driven by a cozy relationship with Wall Street and the Fed that gives him virtually unlimited access to credit carrying zero percent interest.
Buffett – a BTC skeptic
Notably, Buffett didn’t mention Bitcoin in the letter, but Keiser did not still comment on the same. In the past, Buffett called it “rat poison” and “an asset that creates nothing.”
He is right. And there is no bigger rat than Warren Buffett. The world is waking up. The Ponzi schemes of Buffett are being revealed and the masses are moving to hard money like bitcoin and gold.