Buffett bashes bitcoin as nonproductive, thriving on mystique

Mae Love
May 7, 2018

Regarding Apple, which has grown into Berkshire Hathaway's biggest holding, Buffett voiced his approval of the iPhone maker's plans to buy back US$100bn of its own stock.

"You can't have 377,000 employees and expect everyone is behaving like Ben Franklin", Buffett said, adding, "when we find that it is going on, we have to do something about it".

"When I buy Apple, I know that Apple is going to repurchase a lot of shares", he said. At the end of 2017, Berkshire had owned 165.3 million shares.

"He's trying to do something to improve a product and I salute him for that", Buffett said on CNBC's "Squawk Box." .

Billionaire and all-round world leader in investment, Warren Buffett, the man they call the Oracle of Omaha, and his company Berkshire Hathaway had their annual meeting over the weekend. On Saturday, he expressed optimism that the USA and China would resolve an increasingly tense trade relationship, and said that extreme partisanship in America is making people miss the overwhelming potential of business in the country.

On having never invested in Microsoft, Buffett said that "in the earlier years, the answer is stupidity".

"This is bigger than the internet", Draper said. "We both may do things that are mildly foolish from time to time".

Buffett suggested U.S. President Donald Trump should be an "educator-in-chief" on the invisible benefits of trade.

A supporter of Hillary Clinton in the 2016 presidential election, Buffett has carefully avoided directly addressing some of President Donald Trump's actions and policies.

For almost everyone, he said, the best choice today is a low-priced mutual fund that mirrors the US economy through a stock index.

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Gates was interviewed alongside Buffett and his longtime investing partner and vice chairman, Charlie Munger, who spoke to the tens of thousands attendees on a wide range of topics from their massive stake in Apple to missing out on Alphabet 's Google and Amazon to bashing bitcoin as "rat poison".

"Wells Fargo is a company that proved the efficacy of incentives and it's just that they had the wrong incentives".

On Saturday, a shareholder submitted a question about that stance, citing Buffett's decades-old testimony before Congress after he took over troubled Salomon Brothers.

So, what is propelling Golem upward, gaining 10% against bitcoin in the last 24 hours alone?

But he maintained that the bank was not "inferior", as an investment or morally, to its main rivals.

Wells Fargo investors last week gave strong backing to the bank's directors and executives on Tuesday, indicating confidence in its overhauled leadership to rebound. The price is certainly down since his broadside, though as ever it is hard to say what has caused Bitcoin's latest fluctuations. Buffett reiterated Saturday that he thinks shareholders will be better off if that cash is reinvested in the business, not used for dividends.

That compares to a profit of US$4.07 billion in the same quarter of a year ago. Buffett said the net results were not representative of the business.

It said the loss was due to billions in charges on estimated potential losses it must book because of new accounting rules.

Apple shares fell even more than the broader market, tumbling over 13 percent from their record high close.

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