Economy

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

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

"The idea that you're going to spend loads of time trying to guess how many iPhone Xs are going to be sold in a given 3 month period totally misses the point", Buffett said.

Billionaire investor Warren Buffett has dubbed Bitcoin "rat poison", despite admitting that he doesn't understand how to use his iPhone. The cheaper the stock is the more they will get for their money.

"If people think they're going to make money, it just draws people in".

Buffett is echoing the words of his business partner Charles Munger, who in 2014 also compared Bitcoin to rat poison. He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable".

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But amid some concerns that the conglomerate will take a hit if that happens, Buffett isn't at all anxious, according to a Morgan Stanley note on Berkshire Hathaway's annual letter to shareholders.

Greg Abel, who has overseen Berkshire's utilities, said the company's pipeline unit already does better in limited methane emissions that the goal environmental groups have suggested.

It was the first meeting since Berkshire elevated longtime executives Greg Abel and Ajit Jain to vice chairmen, making them top contenders to replace Buffett as chief executive.

Berkshire Hathaway saw its cash balance reach $108 billion in the first-quarter. As of 2012, Apple repurchased 200 billion USA dollars worth of its own stock with announcements of another 100 billion United States dollars. "And I'll get to it". We bought about 5 percent of the company. "We're betting on the success of Apple products like the iPhone, and I see characteristics in that that make me think it's extraordinary", Buffett said.

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Berkshire Hathaway now owns a large amount of Apple shares and has a 5% stack in The Company.

The endorsement was well received and Apple CEO Tim Cook responded to the endorsement and appreciation in kind in a statement where he said, "On a personal level, I've always greatly admired Warren and have always been grateful for his insight and advice".

Buffett also said the list of CEO candidates has been "narrowed down" for the healthcare venture between Berkshire, Amazon.com and JPMorgan Chase. "It's worked for us in many other situations".

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