Chinese entrepreneur Sam Ling and his partner spent 2.35 million US Dollars in 2015, on a bid on a private lunch with one of the richest man in the world. This richest man was no other than Warren Buffett, whom Sam Ling still considers his idol. The main purpose of such a costly and unusual lunch was that they were hoping to get some real time advice from the legendary investor in terms of their cryptocurrency index project which could lead to nourish their future investment plans in the same direction. Even today, the 31-year-old Sam Ling still uses the photo of that memorable buffett as his phone’s wallpaper to pay a debut to the legendary Warren Buffet however, his present day intentions are quiet thrilling as now he has a motto of beating his hero on the sticky grounds of cryptocurrency.
In Spite of such “Deadly” intentions, Sam Ling, now founder and CEO of Supwin Financial Services Group exclaimed in his interview with CNBC that Buffett is still his idol, he has been pursuing and studying his investment strategies for so many years just as a loyal fan of his without any ill intentions.
In fact that loyalty of Sam King did not stop him from betting even something bigger than his last bet on Buffett. According to Sam’s opinion the world’s third-richest person Warren Buffett will come to a bad ending due to cryptocurrency index fund.
What Did Sam Learn From Warren Buffett?
Many people have asked that question from Sam Ling which also seems to be a key to his present day success. The answer of Sam to that question is very simple, If there’s anything really learned from Buffett, it was just an appreciation for index funds. Ling, however, innovated that outlook to his own concept of digital currency kingdom.
The term cryptocurrency index may be new for some our readers as it is not commonly used. The fact is that most of the cryptocurrencies i.e; bitcoin are too much unstable to become a trusted mode of investment, and that’s why investors like Sam Ling have started to launch cryptocurrency indexes of their own in order to bring their crypto investments to a relatively safer mode. It has been noted that over the past few months, Sam Ling’s cryptocurrency index has a lower decline rate as compared to the bitcoin. That ratio pertains to the corrections, on the other hand outperformed bitcoin by 50 to 80 percent during upsurges.
Further Progress By Ling
Ling has not stopped yet, he has finalized his plans to launch the “BB Index”, which is an advanced form of that kind of index and will consist of a family of 26 cryptocurrency indexes. These indexes would be further grouped by market capitalization according to their categories and strategy. These indexes would range from a “Blockchain Top 7 Index” to a “Blockchain Top 50 ex top 20 Token Index”.
The major difference between these two kinds of Blockchains is that the “Blockchain Top 7 Index” covers the largest cryptocurrencies while “Blockchain Top 50 ex top 20 Token Index” is used to represent mid-cap assets. All these indexes are updated every three minutes on the company’s official website according to Sam Ling.
A Summary Of Buffet’s Conversation With Ling
Later Sam Ling shared a summary of his conversation with Buffet. He related that Buffett discussed a lot of core issues with him and his friend during that precious lunch, but in the end, he just gave them a piece of advice that they should focus on what they were doing and were already successful at. Ling further recalled the conversation which took place ten years ago in which Buffett made it clear that he believed in the craze of cryptocurrencies which will not come an end and will keep on increasing with the passage of time.
When asked what were his thoughts about the fate of cryptocurrencies, Ling exclaimed that in his opinion cryptocurrencies would meet a very bad ending and those who are investing in it including his idol Buffet, they would have to pay for their overconfidence.
On the other hand Ling also stated that he was quiet confident that the BB Index devised by him would even beat traditional crypto investor including Buffett. He further stated that Warren Buffett just won a 10-years bet stating that an index fund would outperform a collection of hedge funds over that time. Now, Ling has a bet that his cryptocurrency index will outperform Buffett’s portfolio over the same period of time.
According to a correspondent of CNBC when they reached out to Warren Buffett’s office in order to know his views in this regard, they could not receive any satisfactory response.
We are waiting for your worthy opinion in the comments section below.