Buffett, Gates are latest bitcoin critics, halting $10000 push

Buffett, Gates are latest bitcoin critics, halting $10000 push

Buffett, Gates are latest bitcoin critics, halting $10000 push

"If you look at Apple, I think it earns nearly twice as much as the second most profitable company in the United States". He said choosing the CEO will be "by far the most hard decision we will make".

Warren Buffett says he's surprised that the rate of decline in the newspaper industry hasn't slowed much in the past five years.

Buffett: "Well, they probably think that lots of people are going to get excited about cryptocurrencies, or maybe they already are, but they think there's money to be made trading it".

"And you get that and it will feed off itself for a while, and sometimes for a long while, and sometimes to extraordinary numbers, but they come to bad endings, and cryptocurrencies will come to bad endings", Buffett said.

Several years ago, Berkshire held small investments in Visa and MasterCard along with its long-time major stake in American Express. So even with the recent pullback, bitcoin has drastically outperformed the broader market, not to mention Berkshire stock and top Berkshire holdings like Apple (AAPL).

Buffett says the bank didn't act quickly enough when executives learned of the problem.

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"The idea that you're going to spend loads of time trying to guess how many iPhone Xs are going to be sold in a given 3 month period totally misses the point", Buffett said.

Berkshire Vice Chairman Charlie Munger was more blunt, as he often is: "It was clearly an error".

For a second straight day, the iPhone maker's stock hit a fresh record closing high Monday and moved closer to a $1 trillion market capitalization after the chairman and CEO of Berkshire Hathaway revealed that his company had added 75 million shares to its investment.

Speaking at the annual shareholder meeting of his Berkshire Hathaway Inc. conglomerate, Buffett maintained that healthcare is a "tapeworm" on American businesses, hurting their ability to compete with rivals in other countries.

"It is an unbelievable company", Buffett explained.

Buffett doesn't plan to retire, but he likely invited more discussion of his eventual replacement earlier this year when he promoted Greg Abel and Ajit Jain to vice chairmen and expanded their responsibilities.

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