Why Warren Buffett Thinks Buying Microsoft Stock 'Would Be a Mistake'

Alicia FarmerMay 08, 2018

Apple's share price hit a record high after Buffett revealed having boosted Berkshire's already large stake in the Cupertino, California company to roughly 240 million shares, now worth some $44bn.

Bitcoin is "probably rat poison squared", he said.

Mr Buffett made his assessment before tens of thousands of Berkshire shareholders attending the conglomerate's annual meeting on Saturday in Omaha, Nebraska.

The shareholder meeting celebrates the successes of the conglomerate that Buffett built with Berkshire Vice Chairman Charlie Munger while offering a chance to learn from the two accomplished businessmen.

In January Buffett warned investors about the craze over bitcoin and other cryptocurrencies in interview with CNBC.

Berkshire Hathaway reported a 48.7 percent first quarter gain in operating earnings, to $5.3 billion, as its insurance underwriting business swung back into the green and railroads, utility and other businesses posted gains.

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

"The United States and China are going to be the two superpowers of the world, economically and in other ways, for a long, long, long time", Buffett said.

The investor also implied that he is willing to invest more in China this year. Both men now oversee about half of Berkshire's operating companies.

Dairy Queen CEO Troy Bader was promoted to lead the restaurant chain this year, and he said Berkshire's overall philosophy hasn't changed just because Buffett isn't directly overseeing the companies now. "I never would have thought it could have happened", Buffett said. Buffett said he still spends most of his time reading about businesses, thinking and fielding the occasional phone call.

Buffett said he hopes employees of the three companies will wind up with better medical care at a lower cost.

Billionaire Warren Buffett says Wells Fargo is cleaning up its act after the misconduct at the bank in recent years.

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