Warren Buffett says economy remains strong

Mae Love
May 9, 2018

Warren Buffett said he doesn't want Berkshire Hathaway being a leader on cyber insurance because neither he nor others in the industry really know the risk, according to a May 5 Bloomberg News report.

Charlie Munger also said that he wished they owned more of Apple.

Buffett said the goal was to challenge the entire healthcare industry, not individual segments.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", Buffett explained.

Months earlier, many grew increasingly concerned that Apple's top-of-the-line phone has been a dud among consumers, due to its hefty US$1,000 price tag. The cheaper the stock is the more they will get for their money.

Several years ago, Berkshire held small investments in Visa and MasterCard along with its long-time major stake in American Express.

Berkshire Hathaway is now the third largest shareholder of Apple.

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Buffett, chairman and CEO of Berkshire Hathaway, described digital currency as a nonproductive asset while stocks earn money for investors in the markets.

Charlie Munger's response, a deadpan, "No".

When Warren Buffett was asked to shed more light on Berkshire's decision to buy more shares in Apple, he revealed that he's too technophobic to operate his own iPhone by himself. Buffett said he still spends most of his time reading about businesses, thinking and fielding the occasional phone call.

Apple's stock has been further boosted by news that Warren Buffett has endorsed Apple wholeheartedly, telling CNBC that he would love to hold 100 percent stock of Apple.

"It is an unbelievable company", Buffett explained.

Kirk Meyer of Nashville, one of the thousands at the annual shareholders meeting in Omaha, Nebraska, on Saturday, says he always hopes Buffett will address the "taboo subject of succession".

It was the first meeting since Berkshire elevated longtime executives Greg Abel and Ajit Jain to vice chairmen, making them top contenders to replace Buffett as chief executive.

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