Warren Buffett: Can't Operate His iPhone, Calls Bitcoin 'Rat Poison'

Jeannie Matthews
May 9, 2018

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. "But they come to bad endings and cryptocurrencies will come to bad endings". If you and I buy various crypto currencies, they're not going to multiply, they're just going to sit there. "As an asset class, you're not producing anything".

There were many rumors that the US-based company, Apple's favorite iPhone X was a complete disappointment and that the company was struggling to regain its competitive edge.

Q: It's the "greater fool theory", is that what you're saying? "They are acutely aware of it and don't want it to happen again".

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"I love the idea of having our 5% grow to 6 or 7% without us laying out a dime", Buffett said.

That's why some cryptocurrency experts think that investors should ignore Buffett's and Munger's repeated bitcoin bashing. You don't defensive if you're buying something that produces something. "You can get that and it will feed on itself for a while - and sometimes for a long while - and sometimes to extraordinary numbers". And in response to the person who bought the house, they did the right thing, they sold the Bitcoin. In addition to discussing the company's increased stake in Apple, Warren Buffett and longtime business partner Charlie Munger were asked their opinions on cryptocurrencies.

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"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. "Whereas I do see a business that they know everything about, and where they may or may not be able to buy at an attractive price when they repurchase their shares". If it's cheaper my money goes even farther. There is no reason at all for me to encourage other people to buy Apple.

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