Warren Buffett: Berkshire-Amazon-JPMorgan healthcare initiative to name CEO soon

Warren Buffett: Berkshire-Amazon-JPMorgan healthcare initiative to name CEO soon

Former Microsoft chairman Bill Gates called Apple an "amazing company" on CNBC Monday, while Berkshire Hathaway chairman Warren Buffett said he liked Apple because of the way consumers make the company's products a part of their lives. His company now has a 5% stake in Apple worth around $11 billion.

"I like cryptocurrencies a lot less than you do", Munger told Buffett at a Berkshire Hathaway shareholders meeting this weekend.

"What I do find monumentally baffling is that two of the world's most successful investors can not see the intrinsic value of some form of cryptocurrency", Nigel Green, CEO of financial consulting firm deVere Group, wrote in a report early Monday.

Buffet made the comments at Berkshire Hathaway's annual shareholders meeting Saturday in Omaha, Nebraska.

Since the initial disclosure nearly 2 years ago, Apple's stock has nearly doubled, as well as breaking records and reaching a new level on Monday, making it a massive success for Berkshire Hathaway.

Munger, meanwhile, said Berkshire may have been "a little too restrained" in buying Apple, saying "it's reasonably priced and strong".

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Buffett is a big fan of so-called economic moats, or advantages that allow companies to retain their customers despite the competition-which for Apple is the iPhone, he said.

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

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.

"And you get that and it will feed off itself for a while, and sometimes for a long while, and sometimes to extraordinary numbers, but they come to bad endings, and cryptocurrencies will come to bad endings", Buffett said.

Buffett, chairman and CEO of Berkshire Hathaway, described digital currency as a nonproductive asset while stocks earn money for investors in the markets.

Although investors enjoy speculating on which companies Apple should acquire, Buffett, ironically, is quite pessimistic about its M&A potential. But I know I don't have to do a thing and probably in a couple of years, we'll own 6 percent without laying out another dollar.

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