WARREN BUFFETT: Bitcoin is 'probably rat poison squared'

Alicia Cross
May 8, 2018

However, he said, "At the parent company level, we have never made a political contribution".

"I do not believe in imposing my political opinions on the activities of our businesses, and if we get into what companies are pure and which ones aren't pure, I think it is very hard to make that call".

Dismissing concerns that the trade tensions between China and the USA could potentially escalate into a trade war, famous U.S. billionaire investor Warren Buffett said Saturday that the world depends on the United States and China for progress and that both the countries need to focus on common interests.

"I made the wrong decisions on Google and Amazon", he said at the Berkshire Hathaway 2018 annual shareholder meeting on Saturday.

His sentiments were echoed by the Vice Chairman of Berkshire Hathaway Charlie Munger.

"Do they not see numerous world's major tech companies, established banking groups and household name investors investing in, using and/or beginning to adopt cryptocurrencies?"

The candy idea is apparently part of a not-so-sweet tit-for-tat between Musk and billionaire investor Warren Buffett. Last week, Musk said, "I think moats are lame".

Apple's share price hit a record high after Buffett revealed having boosted Berkshire's already large stake in the Cupertino, California company to roughly 240 million shares, now worth some $44bn.

Buffett and Munger hit back at Musk over 'moats'
The jocular series concluded with a more serious critique of Buffett's moat theory. In another tweet , Musk recently made a new, "sweeter" announcement.

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Remarking on the future of Berkshire without Buffett and Munger, Buffett said the promotion of Greg Abel and Ajit Jain to Berkshire vice chairmen has been "very, very good" for the company. He said he and Buffett do not approve of all repurchase strategies.

Buffett encouraged everyone in the crowd to make long-term investments without worrying about headlines, such as trade disputes, Federal Reserve actions or the economy.

In time, other companies will face their version of Wells' problems, and their response will be the critical factor, according to Buffett, who has owned the bank's stock since the late 1980s.

"I didn't go into Apple because it was a tech stock in the least", he said.

The questions at the meeting always include a few focused more on life lessons than investing.

The interesting thing is that he said that he would be interested in a "Cryptocandy". Its insurance and utility businesses typically account for more than half of the company's net income.

Buffett also stuck by his long-term commitment to Wells Fargo & Co.

Other reports by Free-Prsite

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