Warren Buffett, Charlie Munger regale the masses at Berkshire Hathaway's annual meeting

  • Warren Buffett, Charlie Munger regale the masses at Berkshire Hathaway's annual meeting

Warren Buffett, Charlie Munger regale the masses at Berkshire Hathaway's annual meeting

The mystique behind the cryptocurrency has caused its price to surge, said Buffet.

Buffett, who has previously said that cryptocurrencies like Bitcoin will nearly certainly "come to a bad ending", was asked over the weekend at the Berkshire Hathaway annual meeting about comments made by business partner Charlie Munger-who has called Bitcoin "turds" and compared it to rat poison.

However, this doesn't seem to be enough for the Berkshire Hathaway chairman and CEO. "When you're buying non-productive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along".

"If people think they're going to make money, it just draws people in". He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable".

On Saturday 5th May 2018, the 2018 Annual Berkshire Hathaway meeting was held at CenturyLink Centre Omaha 455 North 10th Street Downtown Omaha in the state of Nebraska, United States of America.

It was the first meeting since Berkshire elevated longtime executives Greg Abel and Ajit Jain to vice chairmen, making them top contenders to replace Buffett as chief executive.

Buffett said stock prices are elevated but not in a bubble. He said he would be happier if Berkshire had $30 billion of cash and equivalents, not the $108.6 billion it reported holding at the end of March. I'd love to own 100 percent of it. ... On Monday, he told CNBC that he wants to own all of the firm's shares. Berkshire is now Apple's third largest shareholder, behind Vanguard Group and BlackRock Inc.

If I'm investing in Apple, I want people to think Apple is awful because they're repurchasing shares and it will go up faster.

Munger said Berkshire may have been "a little too restrained" in buying Apple, saying "it's reasonably priced and strong".

"I shall head out and purchase a whole lot of ducks that satisfy the test and horses that satisfy the evaluation and also go really have a reallife example", Buffett mentioned on CNBC's "Squawk Box." . The pace of innovation, he said, is more important in the long run.