Word-for-word: What Warren Buffett said about cryptocurrencies Monday

by Ben Pena May 9, 2018, 5:10
Word-for-word: What Warren Buffett said about cryptocurrencies Monday

Buffett says most of Berkshire's businesses are hiring, and several of them are having trouble finding workers. "But they come to bad endings and cryptocurrencies will come to bad endings". "To me, it's just dementia". He has often compared the cryptocurrency to gold, saying that both assets are strictly speculative and don't produce earnings and dividends like stocks do.

"What I do find monumentally baffling is that two of the world's most successful investors can not see the intrinsic value of some form of cryptocurrency", Nigel Green, CEO of financial consulting firm deVere Group, wrote in a report early Monday. "It's kind of a pure 'greater fool theory' type investment". They did it with tulips and they'll do it again. And we really like their management, their way of thinking and their way of acting, "he said with a smile".

Buffett, famed for his love of junk food, has said spiraling healthcare costs are responsible for 18 percent of USA gross domestic product, up from 5 percent in 1960, and he wants to slash a few percentage points off.

United States will not push China to change its system, says Lighthizer
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Buffett: The thing about investing, is that you're not interested in what other people think. You don't defensive if you're buying something that produces something. You say, "look I can watch the crops grow and sell them". You're dependent on the mob growing, so people do get angry.

Buffett revealed last week Berkshire had bought about 75 million additional Apple shares in the first quarter, adding to the 165.3 million it already owns.

Becky Quick: Warren, I guess when you had described this company, the reason you like Apple are not reasons that are technology based reasons, you think of it as a consumer company. Warren was appreciative of the buyback programme too and CNBC reported that he said, "When I buy Apple, I know that Apple is going to repurchase a lot of shares", he said. If it's cheaper my money goes even farther. "And the fact that it's clever computer science doesn't mean that it should be widely used, and that respectable people should encourage other people to speculate on it. Bitcoin reminds me of Oscar Wilde's definition of fox hunting: the pursuit of the uneatable by the unspeakable".

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