If we were to write a screenplay about the world of finance in early 2020, we would certainly want to include a scene depicting a conversation between those committed to traditional investments and those involved in the innovative and decentralized crypto arena. Such a scene recently transpired when a meeting was held between the leading financial investor of our time and five of the top global names in crypto, on a wintry evening last month.
The backdrop was America’s Heartland: Omaha, Nebraska, a small American city,
famous, particularly in the financial industry, for being home to one of the world’s
most illustrious business magnates. That resident, of course, is Warren Buffett, and
for some three and a half hours on a mid-winter night, the 89-year-old world-
renowned investor and philanthropist joined a small group of distinguished leaders in
the world of crypto for an intimate discussion.
Buffett, often referred to as the Oracle of Omaha for his phenomenal achievements as
an investor, may be best known for leading Berkshire Hathaway, his Nebraska-based
holding company, to unparalleled success. Currently the world’s third-largest public
company, Berkshire has over time afforded shareholders with great returns. The invitees included dinner organizer Justin Sun, founder of the Tron network; eToro CEO and Co-Founder Yoni Assia; Litecoin founder Charlie Lee; Huobi CFO Chris Lee; and head of the Binance Charity Foundation Helen Hai.
The Buffett philosophy
During the course of the evening, Buffett shared his philosophy, including two rules
for producing high returns on investments — that there are only two rules. Rule no.1:
never lose money, and rule no.2: never forget the first rule, recounted Assia with a
smile.
One thought especially left a major impression on Assia
As the evening continued, Buffett described the career path he didn’t pursue. Had he
not spent his life heading corporations and becoming an investment sage, the fourth-
wealthiest person in the world told the group he would have chosen to become a
teacher.
“Here was a person who built a company worth half a trillion dollars; who himself is
worth 90 billion dollars, describing how had he not chosen to become one of the
world’s most celebrated investors, he would have wanted to pursue teaching as a
profession. Learning this, and understanding his commitment to educating people —
that was just amazing,” said Assia.
That commitment also meshed with the way he engaged with the crypto leaders
throughout the evening. “As he spoke, I heard him as I would a teacher. He wasn’t
just conversing. He was teaching us. He wanted us to understand that he believes
investing and making money is simple – if you follow the rules.”
“Buffett’s methodology is in many ways similar to ours here at eToro,” said Assia.
From the very beginning, we have tried to communicate our philosophy to our users:
We too believe that it is possible to make money investing in the market, and towards
that end, we have created products that let investors trade an ever-growing range of
assets – including crypto – in a simple, easy, and transparent way.
Assia continued “Explaining that investing doesn’t have to be complicated, rather that
it can be straightforward and rewarding, isn’t always an easy message to convey.
Even so, I was inspired when the Oracle of Omaha stated that he knows that making
money via investing in the market is an absolute truth. It’s the same message we
convey to our 12 million users.”
Buffett’s Last Piece of Advice to a Rapt Audience
Buffett’s advice focuses on the practical, from reading annual reports to investing
over the long term. As Assia explained, “He recommended reading only one thing:
company reports. Ignore the news and updates from Wall Street, but read the annual
reports from companies you are considering investing in.” Buffett went even further,
said Assia: “If you don’t understand what you’re reading, or if you can’t explain what
business they’re in or what they do don’t invest in the company.”
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