How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
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.
Interpretation
What this quote means
The value of gold comes from its rarity, while cryptocurrency like bitcoin can be created despite claims to the contrary.
In this quote, Charlie Munger emphasizes the inherent value tied to the scarcity of gold, contrasting it with cryptocurrencies such as bitcoin, which are perceived to have fewer limitations in their creation. Munger urges skepticism towards the idea that bitcoin's supply cannot be increased, suggesting that the rules surrounding cryptocurrencies may not be as fixed as they seem.
Themes
GoldBitcoinValueScarcityCryptocurrency
In practice
Example use cases
During a financial seminar discussing investments, this quote could illustrate the differences between traditional assets and digital currencies.
More from Charlie Munger
All quotes βThe world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
Charlie MungerRead
I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.
Charlie MungerRead
Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.
Charlie MungerRead
Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused on reading.
Charlie MungerRead
Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.
Charlie MungerRead
Similar quotes
When you're Black in the United States, you grudgingly grow accustomed to having people deny that your existence is integral to everything that makes this country what it is.
Jonathan CapehartRead
It's never a question of skin pigmentation. It's never a question of just culture or sexual orientation or civilization. It's what kind of human being you're going to choose to be from your mama's womb to the tomb and what kind of legacy will you leave.
Cornel WestRead
Each and every one of us has the capacity to be an oppressor. I want to encourage each and everyone of us to interrogate how we might be an oppressor and how we might be able to become liberators for ourselves and for each other.
Laverne CoxRead
The fault with all religions like Christianity is that they have one set of rules for all. But Hindu religion is suited to all grades of religious aspiration and progress. It contains all the ideals in their perfect form. For example, the ideal of Shanta or blessedness is to be found in Vasishtha; that of love in Krishna; that of duty in Rama and Sita; and that of intellect in Shukadeva. Study the characters of these and of other ideal men. Adopt one which suits you best.
Swami VivekanandaRead
Someone ought to do it, but why should I? Someone ought to do it, so why not I? Between these two sentences lie whole centuries of moral evolution.
Annie BesantRead
The Christ-symbol is of the greatest importance for psychology in so far as it is perhaps the most highly developed and differentiated symbol of the self, apart from the figure of the Buddha.
Carl JungRead