Warren Buffett says bitcoin is 'probably rat poison squared'

Warren Buffett says bitcoin is 'probably rat poison squared'

Warren Buffett says bitcoin is 'probably rat poison squared'

Billionaire investor Warren Buffett told CNBC on Monday that if someone invested $10,000 in an index fund back in 1942, it would be worth $51 million today.

Apple developers products that Buffett describes as being "extremely sticky, meaning that customers become attached to these products and in turn support Apple as a company".

Despite the Apple purchase, Berkshire ended the quarter with $108.6 billion of cash and equivalents, giving Buffett ammunition to make one or more "huge" non-insurance acquisitions he has said he wants.

Likening bitcoin demand to tulip mania in 17th century Holland, Buffett, chairman and CEO of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has produced a surge in its price.

He admitted to making the wrong decision on both the companies and said, "We've looked at it".

"If I had to say which bank is more likely to behave the best in the future, it might be Wells Fargo", Munger said.

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On admitting that he underestimated Amazon's ability to disrupt retail and cloud computing at the same time with such a rapid pace, he opined that he has "watched Amazon from the start, and I think what Jeff Bezos has done is something close to a miracle".

"First of all, I think moats are lame", Musk said during an earnings call for his Tesla on May 2.

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. Buffett said it was hard to find qualified women to lead companies because of what he termed a "pipeline problem". What matters is the pace of innovation.

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

They are not a "productive asset".

And then: "Saying you like "moats" is just a nice way of saying you like oligopolies".

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