Billionaire Warren Buffett Calls Bitcoin 'Rat Poison Squared'

Billionaire Warren Buffett Calls Bitcoin 'Rat Poison Squared'

Billionaire Warren Buffett Calls Bitcoin 'Rat Poison Squared'

But, what stood out in the shareholder meeting, according to Berkshire veterans, was a tacit acknowledgement of China as a superpower alongside the US.

Certainly you should be working at improving your own moat, defending your own moat, all of the time.

I have been to Google headquarters.

Not perhaps the weightiest topic to emerge from Berkshire Hathaway Inc.'s annual meeting, but the sweet debate caught the imagination of two of the richest men in America: Warren Buffett and Elon Musk.

Buffett, 87, Berkshire's chief executive officer and chairman, built the company into a giant with operations spanning from auto insurer Geico to railroad BNSF, as well as electric utilities, heavy manufacturers and retailers. We bought about 5 percent of the company. "We do get into durability and competitive advantage".

He also said he would be happy to see Apple shares go down in price if it would spur repurchases. "Now, somebody calls that a store of value, I think they're delusional".

"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?"

"I think it is a miracle to be doing AWS and changing retail at the same time and without a lot of capital and the speed and to do it with the effectiveness of what Amazon has done".

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"I had very very very high opinion of Jeff's [Jeff Bezos, CEO of Amazon] ability when I first him, and I underestimated him", he added.

Alphabet is the parent company of search engine Google. "[But] I see an artificial speculative medium", he said. He added: "I wished we owned more of it".

Usually, global fund managers looking to invest in emerging markets talk of China and India in the same breath.

Buffett: "Yeah, it's buying something because you expect the pool of people who want to buy it, because they want to sell it to somebody else, will grow".

The interesting thing is that he said that he would be interested in a "Cryptocandy". When you buy something at 15-times earnings or 20-times earnings there is something there.

"The cheque is a wonderful idea but it does not make the cheque intrinsically valuable".

Rewind a few months, and Buffett was declaring that cryptocurrencies in general "will come to a bad ending".

The 94-year-old Munger then proceeded to compare cryptocurrency trading to dealing in "freshly harvested baby brains", arguing that both would be immoral even if profitable.

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