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

07 May, 2018, 16:23 | Author: Corey Lynch
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Warren Buffett mentioned he would be glad if his conglomerate Berkshire Hathaway owned more than 5 percentage of Apple's stock, for example if the i-phone manufacturer bought straight back of its own shares. That adds to 165 million shares that Berkshire had at the end of previous year.

The accounting change required Berkshire to report $6.2 billion of unrealized losses in its marketable stock portfolio, which totaled $170.5 billion at year end, regardless of whether it planned to sell those stocks.

While the primary focus of his company remains on USA businesses, investment opportunities in other parts of the world, including emerging markets, will also be taken into account, according to Buffett.

Likening bitcoin demand to tulip mania in 17th century Holland, Buffett, chairman and CEO of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has produced a surge in its price.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", the chairman and CEO of Berkshire Hathaway said then. He also is of the opinion that all big banks have had troubles of one sort or the other and what happened at Wells Fargo could have happened anywhere.

At Berkshire Hathaway's annual shareholder's meeting, Buffet endorsed Apple's buyback program.

Buffett says most of Berkshire's businesses are hiring, and several of them are having trouble finding workers.

Charlie Munger, Berkshire's vice chairman and long-time Buffett collaborator, said during the meeting that trading in cryptocurrencies is "just dementia".

Berkshire's insurance unit, which includes Geico and several large reinsurance firms, reported a $407 million underwriting profit, compared to a $267 million loss a year ago. He explained and also Buffett usually do not approve of re-purchase strategies. "Yet the costs keep going up".



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