Good morning…

It is that time of year on Phoenix where if I am near a Dairy Queen, I go to a Dairy Queen.

I love Dairy Queen but hate that Warren Buffett owns it.

From what I have learned, all the stores are owned by franchisees who bought the land, the building and the equipment in the 1950’s. Today they just squeeze our 80 percent margins on ice cream and blizzards and NEVER upgrade the interior or equipment.

The one I frequent on Scottsdale Road at Shea, has not invested a nickel in the store in the 40 years I have been coming. No drive through and an Abacus as the cash register. There is still an electric horse outside that kids ride for 25 cents.

Ellen the kids and I sometimes go to the Dairy Queen on Central Avenue and chaos generally ensues. They have a drive through that was built for cars in the 1960’s so I scrape my car each time we do the drive through. The microphone is from 1970 so I just yell/mumble into it and drive up to the next window without having placed my order to place my order.

Guess what…we still go and nobody cares. When I look inside that Dairy Queen as I drive up to the window, all I see is original equipment from the 1960’s an old clock and cash flow.

Dairy Queen will never need crypto or NFT’s and Warren has outsourced all his real investing in crypto to Tim Apple (Cook) …at Apple.

Warren’s greatest trick of the last 10 years though was buying Apple. Not just any position…. but nearly 45 percent of his portfolio.

It is hard to argue with his genius.

On the other side of the investing spectrum is Marc Andreessen who would probably enjoy a Dairy Queen but would have the machine built from scrap parts in his garage in his house.

Marc LOVES Crypto and NFT’s and he went on the Bankless podcast with his genius partner Chris Dixon to talk about the future which Warren Buffett could care less about.

You can listen to the interview here. Make sure you do.