Warren Buffett has repeatedly advised investors not to buy cryptocurrencies, explaining that it doesn’t produce anything. In fact, Buffett has even described bitcoin as “rat poison.” However, ahead of the 2025 Berkshire Hathaway Annual Meeting, value investor Chris Davis of Davis Funds did the unthinkable at the 2025 ValueX BRK, — comparing (and contrasting) Berkshire Hathaway with cryptocurrencies.
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A web of deserved trust
He noted that Charlie Munger had said we should all aspire to live in a web of deserved trust, but he’s been thinking about how to quantify that trust recently. Davis pointed out that Berkshire is clearly a trust-based organization, given that deals are made on a handshake based on character.
He said striking a deal with Berkshire doesn’t involve “reams of due diligence and consultants and forensic accountants and private investigators doing background checks.” Instead, the firm conglomerate uses a trust-based system.
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