Munger and Buffett have both long been critics of bitcoin, which has become increasingly attractive to certain investors for its potential as an inflation hedge.Warren Buffett said he has never figured out how to time the markets.
"We have not been good at timing," Buffett said. "We've been reasonably good at figuring out when we were getting enough for our money. And we had no idea when we bought anything, but we always hoped it would the down for a while so we could buy more. ... I mean, that stuff, you could you could learn in fourth grade.
"Progressive has been on the telematics bandwagon for more than 10 years. Geico, until recently, wasn't involved in telematics," Jain said. "It's a long journey, but the journey has started, and the initial results are promising. It will take a while, but my hope is that in the next year or two, Geico will be positioned to catch up with Progressive."
"We have computers with algorithms trading against other computers," Munger said. "We've got people who know nothing about stocks, being advised by stockbrokers who know even less.After Munger likened the activity to a casino, where people play craps and roulette, Buffett expanded on the comparison. Buffett played a significant role during the Great Recession, providing capital during a pivotal moment to companies such as Bank of America and Goldman Sachs. The move drew criticism from those who disapproved of the support of big banks.
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