Bill Gates would bet against Bitcoin

Ruben Fields
May 9, 2018

Bill Gates' opinion closely resembles that of his colleagues on the company's board, Warren Buffet and Charles Munger.

Warren Buffett left no doubt about the potential he still sees in stocks and his vast skepticism about bitcoin.

Buffett instead said investors would have better chances investing in USA stocks.

He said oil has tangible worth, and it can be demonstrated easily - you can use it to run a vehicle, power cities, generate heat in the winter, and many more. He said: "As a class of asset, you aren't producing anything so you should not just expect it to go up". "It does create a rising price, creates more buyers".

Resonating Buffett's sentiments, his longtime business partner and Berkshire VC Charlie Munger described Bitcoins as "worthless artificial gold".

In any case, he said, Berkshire is a "passive investor" in Wells Fargo and does not control the bank's operations, just as it doesn't control most other companies in which it holds stock. For instance, carpet installers and certain construction workers are especially hard to find.

"I do not believe in imposing my political opinions on the activities of our businesses, and if we get into what companies are pure and which ones aren't pure, I think it is very hard to make that call", Buffett explained. I'd love to own 100 percent of it. ... Buffett said on CNBC television.

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Buffett also told his investors that he (and experts he's spoken with) believe hackers are always ahead of defenders and that will continue to be the case, noting that software is written by humans who are not infallible and that code can always be exploited.

"Some of our greatest opportunities came from similar situations", he said.

Buffett said he will eventually put that cash to work either in more acquisitions or other investments.

The new stake, coupled with the firm's 165.3 million shares already owned, brings Buffett's total Apple holdings to 240.3 million.

"I don't even understand technology", said Buffett, who still uses a flip cellphone.

Buffett also shed more light on why Berkshire made a decision to buy so many more shares of Apple, even though he's too technophobic to use an iPhone. Its insurance and utility businesses typically account for more than half of the company's net income. They have a lot of animal spirits in investment banking.

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