Warren Buffett And Bill Gates Denounce Bitcoin

Berkshire Hathaway's $1.14-Billion Loss Explained

After first investing in Apple in 2016, the iPhone maker is now the largest holding of Buffett's Berkshire Hathaway, which owns a staggering 250 million Apple shares, Buffett said Saturday.

Buffett's Berkshire Hathaway owns a group of more than two dozen small and medium-sized newspapers.

The addition of Apple shares increased Berkshire Hathaway's stake in the company to 240 million shares, or roughly 5%.

A cryptocurrency conference, Bitcoin Day in Omaha, was coincidently scheduled during the same weekend as the Berkshire Hathaway annual shareholder meeting, but organizers had to cancel after the event's location host cited "conflict" with events on the same day. His moves are so respected that his Apple announcement pushed the stock to a new record high.

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"I'm starting a candy company & it's going to be wonderful", he tweeted on Saturday.

"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. "There's no reason at all for me to encourage people to buy Apple".

In its Q1 2018 report, Apple also announced a new $100 billion stock buyback programme.

Buffet quoted "They are not going to find $50 billion or $100 billion acquisitions that they can make at remotely a sensible price".

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Months earlier, many grew increasingly concerned that Apple's top-of-the-line phone has been a dud among consumers, due to its hefty US$1,000 price tag.

Messrs. Buffett and Munger also said they liked Apple's management, calling it, "very intelligent management".

"I like cryptocurrencies a lot less than you do", Munger said to Buffett.

"As I look around the horizon, I don't see anything that would make a lot of sense for them [to buy] in terms of what they'd have to pay and what they would get", said Buffett, who is known for investing in low-cost stocks. When I buy Apple, I know that Apple is going to repurchase shares.

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In other words, the business that looks most attractive for Apple to buy is Apple itself. "With the passage of time, we may own 6 or 7 percent because they repurchase shares".

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