'Rat Poison Squared.' Warren Buffett Really Doesn't Like Bitcoin

07 May, 2018, 16:25 | Author: Sally Reid
  • 'Rat Poison Squared.' Warren Buffett Really Doesn't Like Bitcoin

Buffett was forthright when he said that the scandal-plagued bank had committed the "cardinal sin" of incentivising employees into a "kind of insane conduct" but continued to believe that the bank was not "inferior", as an investment or morally, to its main rivals.

As is the case with all his investments, Buffett said he's looking at the long term and wasn't particularly anxious about whether Apple would hit various sales targets in the first quarter.

Buffett's very first commitment to Apple surprised many given his standard aversion to businesses in the tech sector, nevertheless also the billionaire perspectives Apple more as being a consumer solutions company.

Warren Buffett's conglomerate reported the loss of 46 cents per Class B share shortly before its annual meeting in Omaha, Nebraska. Berkshire is now Apple's third largest shareholder, behind Vanguard Group and BlackRock Inc.

On Friday, Apple's stock hit an all-time high after Berkshire disclosed it bought an additional 75 million shares of the iPhone maker in the first three months of the year.

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Both Democrats and Republicans in the USA believe in the benefits of free trade, he said.

It is a better idea than spending that money on other companies which have the disadvantage of not being Apple, he added.

Berkshire first invested in Wells Fargo almost three decades ago and is now the bank's biggest holder with a almost 10% stake valued at around $25 billion. The pace of innovation, he said, is more important in the long run.

Rewind a few months, and Buffett was declaring that cryptocurrencies in general "will come to a bad ending". That means the value of cryptocurrencies is determined exclusively by what someone is willing to pay for it.

And then: "Saying you like "moats" is just a nice way of saying you like oligopolies". "It's like somebody else is trading turds and you decide you can't be left out".

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