Buffett bashes bitcoin as nonproductive, thriving on mystique

Buffett bashes bitcoin as nonproductive, thriving on mystique

Buffett bashes bitcoin as nonproductive, thriving on mystique

Berkshire Hathaway (BRKB) chief Warren Buffett lavished more praise on Apple (AAPL) Monday, sending the iPhone maker's stock to a fresh all-time high. Buffett hasn't become an avid Apple user just yet, joking that the iPhone isn't the most important form of technology in his own personal life.

Munger was speaking from Omaha, where Berkshire Hathaway BRK.A held a weekend of events around Saturday's annual meeting.

Since the initial disclosure nearly 2 years ago, Apple's stock has nearly doubled, as well as breaking records and reaching a new level on Monday, making it a massive success for Berkshire Hathaway.

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"I suspect that eventually, when Democrats control both houses of Congress and the White House, that we will get single-payer medical care, and I don't think it'll be much more friendly than any of the PBMs", Munger said.

"Apple's an incredible company, and the multiple's not enormous", he added.

Apple's share price has once again hit record heights after billionaire Warren Buffett repeated his strong support for the tech company. Buffett also praised Apple's announcement of a $ 100 billion share buyback program.

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"I think it's extremely hard to find acquisitions that would be accretive to Apple that would be in the $50 billion, or $100 billion or $200 billion range", Buffett said. Berkshire owned $40.7 Billion of Apple share at the end on Q1,2018 rising by 12.59 %, as they owned $28.2 billion at the end of 2017.

Buffett, famed for his love of junk food, has said spiraling healthcare costs are responsible for 18 percent of US gross domestic product, up from 5 percent in 1960, and he wants to slash a few percentage points off. "[But] I see an artificial speculative medium", he said. For investors that like to invest based on which stocks Buffett believes in, let's take a look at how his largest positions have fared so far in 2018. We buy them to hold. And though the price of Bitcoin has gone down considerably since then, many people are still of the mind that cryptocurrency represents the wave of the future.

It comes as little surprise that Mr. Buffett, and his 94-year-old business partner, criticized cryptocurrencies at their annual meeting. "With the passage of time, we may own 6 or 7 percent because they repurchase shares".

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