Why Warren Buffett’s strategy has no chance against Bitcoin
According to Jeff Park, Chief Investment Officer at ProCap BTC, the era of traditional value investing is definitively over.
According to Jeff Park, Chief Investment Officer at ProCap BTC, the era of traditional value investing is definitively over. In a View post on X he left no room for doubt: “The Intelligent Investor is dead.”
With that statement Park refers to the famous book The Intelligent Investor by economist Benjamin Graham, which since its first publication in 1949 has stood as the standard work for value investing. But in this era, says Park, investors who still cling to that automatically “belong to the losers.”
From Graham to Geopolitics
His statement is clear: “Anomalies are no longer exceptions. They are the rule.” According to Park, market dynamics have fundamentally changed. Where demand and supply used to determine the value of sectors, today it’s sanctions, import duties and presidential decrees.
The classic Graham approach Park calls “Newtonian investing,” an outdated strategy in a world where geopolitics, AI and culture are the new value benchmarks. From this, he says, arises the “ideological investor,” who radically redefines the concept of value.
Bitcoin as ‘deep value’
In that new paradigm, Park sees Bitcoin as the ultimate representation: “Bitcoin is deep value.” The former Morgan Stanley employee added: “The future belongs to ideological investors. That’s why Bitcoin will win.”
ProCap and the BTC race
ProCap, the treasury-focused company founded by Bitcoin influencer Anthony Pompliano, is putting that vision into practice. The firm operates a strategy akin to Michael Saylor’s MicroStrategy: accumulate as much BTC as possible. Currently ProCap owns 4,932 Bitcoin, worth about $542 million.
Buffett’s skepticism and Saylors’ conviction
Warren Buffett, the best-known heir to Graham’s value investing tradition, has been skeptical of Bitcoin for decades. But according to Michael Saylor, that doesn’t have to stay the case: “If I could talk with Warren Buffett for an hour in a quiet setting, he would admit that Bitcoin is a good idea. Charlie Munger would have liked that. We’re going to buy more.”
