The lack of standardization in ICO structures, though, makes it difficult to generalize, since loosely put, an ICO can be constructed to be anything from a donation (at least, according to Kathleen Breitman at Tezos) to quasi common boutiques (without the voting rights). You can already see that the question of whether Initial Coin Offerings (ICO) are currencies or assets becomes trickier, because an ICO can be constructed to give you a share of the ownership in a business (and the cash flows from that business), making it more of an asset than a currency (thus giving credence to the SEC's view that it is a security). A few of you have pointed to the networking benefits that might create value for Bitcoin, but I am afraid that I don't see that as a basis for assigning value to it. To value an investment, I need that investment to generate future cashflows (at least on an expected basis) and that was my basis for separating cash flow generating assets (which range the spectrum from a bond to a stock to a business) from the rest.

Compute the cash flow that would be realized from selling the old crane under each of the following scenarios. It is that perspective that led me to classifying investments into cash flow generating assets, commodities, currencies and collectibles. In fact, crypto currencies have been at the center of many of these disagreements, with the SEC recently deciding to treat ICOs as securities (and thus assets) and the Korean central bank categorizing Bitcoin as a commodity. Its primary purpose is to serve as a medium of exchange and as a store of value, and it is thus a currency. I see myself as an investor, not a trader, and that given my tool kit and personality, what works for me is to be a investor grounded in value, though my use of a more expansive definition of value than old-time value investors, allows me to buy both growth stocks and value stocks. “Travelers will see volumes increase as the economy picks up,” Clarfeld said.

Costs of equity/capital for US firms: Even if risk free rates don't rise significantly, the costs of equity and capital for US firms will increase because of rising equity risk premiums (for cost of equity) and the increase in the cost of debt for all firms (which will now bear some of the burden of sovereign default risk). I think so and I will use the same framework that I used for my implied equity risk premium to make my assessment. Are there businesses or trends or themes that you think will survive whatever the markets may do? Traditional businesses are great stabilizers for a diversified portfolio. I have written before that running a portfolio is a lot more than picking stocks, which people have focused on for Buffett. Since mid-2018, Buffett and his right-hand man Charlie Munger have authorized the repurchase of approximately $22 billion worth of Berkshire Hathaway stock.