I know we are multiple days past it and many people, including myself, have already commented on it, but, I still keep thinking about the statements from Buffett and company on crypto.  If you are one of the few who do not know, here is a quick rundown of his comments at Berkshire Hathaway Inc’s 2021 annual meeting held on May 1:

“I think the whole damn development is disgusting and contrary to the interests of civilization. Of course, I hate the bitcoin success… I don’t welcome a currency that is so useful to kidnappers and extortionists”. He also questioned their legitimacy by saying they are financial products “invented out of air”.

My question this time, is why are his investors, the people he is supposed to make money for, accepting this kind of talk.  Basically, he is arguing that is is justified in leaving money on the table because he doesn't like the success of something. (While not my main question, why is blaming a currency for evil activities? Would these things stop if crypto went away, or can he point to any actual study that shows these activities have increased by crypto?)

If I were an investor, I would be asking why they have not been looking into crypto as investment.  Both BRK.B and BRK.A are up less than 100 percent over the last five years.  Even a company that says it focuses on value stocks, should be wondering if two percent of their portfolio in crypto could have been a solid play?  This has not been an overnight jump, there is over a decade on information out there on BTC.  How did the Oracle of Omaha miss this badly?

OK, one last point and I will end this rant. Even if your position is that crypto is disgusting and created out of thin air, shouldn’t the greatest investor of all time have been able to ride the wave and create value for his investors over the last ten years, and then get out. Shouldn’t Buffett have seen where there was money to be made? Just because I may think something is “invented out of thin air” doesn’t mean I don’t want to make money off it.