Buffett bashes bitcoin as nonproductive, thriving on mystique

Anna Jefferson
May 7, 2018

Buffett told CNBC that the reports he gets from Berkshire Hathaway's many businesses show that the economy is doing well.

Buffett has long said Berkshire's operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely.

Berkshire owns confectionary See's Candy which it bought in 1972 for $25 million.

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Billionaire US investor Warren Buffett said on Saturday that his firm, Berkshire Hathaway, would be interested in buying more shares of Apple if they are available at the right price. The company also has major investments in such companies as American Express, IBM and Wells Fargo & Co.

U.S. billionaire investor Warren Buffett said on Saturday that the world depends on the USA and China for progress, dismissing concerns that the two countries' trade tensions could potentially escalate into a trade war.

Buffett presided on Saturday at Berkshire's annual shareholder meeting in Omaha, Nebraska, which was expected to have drawn more than 40,000 people.

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Following this, Berkshire Hathaway acquired more shares and now owns a large slug of Apple stock and has 5 per cent stake in the company. That's up from $3.6 billion, or about $1.78 per B share, a year ago.

In other comments at the shareholder meeting on Saturday, Buffett said it is unlikely that the United States and China will come to loggerheads on trade.

General Re (GenRe) also managed a profit, with growth in premiums earned helping the reinsurer to an underwriting profit of $130 million, compared to its loss of -$141 million in the prior year.

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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. "There are some pretty good moats around". "Yet the costs keep going up".

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