A Quote by Charlie Munger
It is one thing to think gold has some marvelous store of value because man has no way of inventing more gold or getting it very easily, so it has the advantage of rarity. Believe me, man is capable of somehow creating more bitcoin... They tell you there are rules and they can't do it. Don't believe them.
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Gold actually has properties - you can use gold for all sorts of things. People value gold for the metal. Nobody values bitcoin for the bitcoin; they value it because they believe that they can exchange it for something else.
The obsession with gold, actually and politically, occurs among those who regard economics as a branch of morality. Gold is solid, gold is durable, gold is rare, gold is even (in certain very peculiar circumstances) convertible. To believe in thrift, solidity and soundness is to believe in some way in the properties of gold.
Gold is unique because it has the age-old aspect of being viewed as a store of value. Nevertheless, it’s still a commodity and has no tangible value, and so I would say that gold is a speculation. But because of my fear about the potential debasing of paper money and about paper money not being a store of value, I want some exposure to gold.
Gold has intrinsic value. The problem with the dollar is it has no intrinsic value. And if the Federal Reserve is going to spend trillions of them to buy up all these bad mortgages and all other kinds of bad debt, the dollar is going to lose all of its value. Gold will store its value, and you'll always be able to buy more food with your gold.
My treasure chest is filled with gold.
Gold . . . gold . . . gold . . .
Vagabond's gold and drifter's gold . . .
Worthless, priceless, dreamer's gold . . .
Gold of the sunset . . . gold of the dawn . . .Gold of the showertrees on my lawn . . .
Poet's gold and artist's gold . . .
Gold that can not be bought or sold -
Gold.
Some believe in Jesus, they don't act like they do. Some believe in Mohammed, I don't believe that's true. Cause they do believe in money, and gold is what it's for, all the gold can't buy no peace of mind in a world that don't believe in nothing anymore.
Sometimes I think that all mankind exist but to be bought and sold: The rich man's paramour is gold, the poor man's goddess, gold, gold, gold.
I believe in the Golden Rule - The Man with the Gold... Rules.
I believe the world economy will crash when Russia or China moves to a gold-backed currency. They know that when this thing blows, the old law returns: he with most gold makes the rules.
Somehow, I can't believe that there are any heights that can't be scaled by a man by a man who knows the secret of making dreams come true. The special secret it seems to me is summarized in four C's. They are Curiosity, Courage, Confidence and Constancy. And the greatest of all is Confidence. When you believe in a thing, believe in it all the way, implicitly and unquestionably.
But what's worth more than gold?" "Practically everything. You, for example. Gold is heavy. Your weight in gold is not very much gold at all. Aren't you worth more than that?
I believe that Bitcoin is going to change the way that everything works. I want entrepreneurs to tell me how its going to change. Build the equivalent of an Iron Man suit with Bitcoin.
The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.
Over the past decade or so, you have seen the flip side of that as you've seen stock prices have come down a lot relative to gold. Now you are getting a change where people are more comfortable holding gold because in the rear-view mirror it doesn't look so bad for gold. Bonds have not come down as much relative to gold, but I think the bond bubble is going to burst and will be falling for years too. And gold will look that much better.
I don't think anyone has ever really been able to marry tech, fashion, and this concept that sustainable material, up-cycled material can be luxurious. And nothing is more luxurious than gold, right? Gold is luxurious because it's gold, post-consumer or virgin. Whatever it is, it's just gold.
To love is to value. Only a rationally selfish man, a man of self esteem, is capable of love - because he is the only man capable of holding firm, consistent, uncompromising, unbetrayed value. The man who does not value himself, cannot value anything or anyone
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