Warren Buffett stepped down as Berkshire chairman this morning. I'll be honest: I barely know the man. I know he called Bitcoin "rat poison squared" in 2018, and that was about it.

Give him his due. Sixty-one years, one company, and a letter today about "owners who thought in decades rather than quarters." That's a nod to low time preference and he's right about that. He played the game in front of him better than anyone alive.

But look at the game. Cheap credit, a Fed backstop, a dollar that shrank for everyone holding it and rewarded everyone holding assets. He didn't build that. He was very good at living inside it.

Bitcoin was written to fix the thing his fortune sat on. Of course it looked like poison to him because it would turn the mechanism that made him his fortune on its head.

Respect for the player, but we're here to end the game.

- Zach