'Rat Poison Squared.' Warren Buffett Really Doesn't Like Bitcoin

08 May 2018, 12:51 | Andres Norman

Elon Musk'Super Super serious about starting Candy firm

Elon Musk'Super Super serious about starting Candy firm

Warren Buffett was on CNBC on Monday and was asked about cryptocurrencies after he called Bitcoin "rat poison squared" at Berkshire Hathaway's annual meeting.

"It's going to get worse, not better", CNBC quoted Buffett as saying at the company's annual meeting held at Omaha city in the U.S. state of Nebraska late on Saturday. Some felt Munger stole the show this time with his one-liners while responding to shareholder queries. "It was much more the nature of consumer behaviour" that led him to invest. "Demand is driven by market speculation, but the absence of institutional investors means the market is unstable".

It came two days after Buffett revealed having bought 75 million additional Apple shares, and four days after Apple said it may buy back $100 billion (roughly Rs. 6.7 lakh crores) of stock.

Speaking of the USA trade deficit, Buffett said he would not like the gap to get too wide, but "when you think about it, it's really not the worst thing in the world to have someone send you the goods that you want and for you to send a piece of paper". He said in the 1970s, United States exports and imports both contributed to about 5 per cent of the GDP.

BRK.B has been the subject of a number of recent analyst reports. "There will be times when there will be tensions". The benefits of free trade are huge, and the world is dependent on it in a major way for its progress, Buffett said. "In August, I will be 88, in a year that ends in an 8".

Many shareholders say they trust that Buffett has a solid succession plan in place.

"The asset itself is creating nothing", said the Oracle of Omaha.

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Following the February 14 school shooting at Marjory Stoneman Douglas High School in Parkland, Florida, Buffett told CNBC: "I don't believe in imposing my views on 370,000 employees and a million shareholders".

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".

Charlie Munger: "I like cryptocurrency even less than Warren does ... to me it's just dementia".

He continues: "One of the world's greatest investors, Warren Buffett is a hero". "I don't suggest he take on Snickers".

"Certainly, you should work on improving your own moat and you should defend your own moat all the time". He added, "Elon may turn things upside down in some areas". I don't think he'd want to take us on in candy.

And so, Musk's seven-hour Twitter rant began, either as a means of mocking Buffett or an elaborate excuse to pursue his dream of starting a candy enterprise.



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