Buffett and Munger hit back at Musk over 'moats'

Aaron Brown
May 8, 2018

With Berkshire's 2018 annual meeting in the books, users can revisit the highlights in CNBC's Warren Buffett Archive, which houses searchable video from 25 full annual meetings, going back to 1994, synchronized to 2600 pages of transcripts. "What matters is the pace of innovation, that is the fundamental determinant of competitiveness".

"Certainly you should be working on improving your own moat and defending your own moat all the time".

If you've read the headline and are asking yourself, why the CEO of an electric auto company would start a candy business, then we have one word for you: flamethrower. While Musk has a habit of sharing all his ridiculous ideas which include building flamethrowers and sell them to fund his tunnel-digging project, using party balloons for rocket launches and building a cyborg dragon, he also has a habit of making some of this dreams a reality.

The jocular series concluded with a more serious critique of Buffett's moat theory. A moat is actually a term Buffett came up with in reference to the competitive advantages in business, according to Investopedia. "Even though they're quaint". Still, Musk added, "Ok ok, just for sake of argument, what do you wish for in candy?"

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Billionaire Elon Musk has announced his latest venture on Twitter. On the call, he got a chance to pass those questions onto Musk when the exec, bored with the demands of high-level analysts, remarked "We're going to go to YouTube". He followed that up with a single-word tweet: "Cryptocandy".

In another tweet, Musk recently made a new, "sweeter" announcement.

While he also asked what kind of candy followers would be interested in - most of that centered on some version of a Falcon 9 chocolate bar - he noted that he planned to build a moat and fill it with candy, expecting that Berkshire Hathaway leader and famed investor Warren Buffett would be unable to resist investing in such a company.

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