Warren Buffett says bitcoin is 'probably rat poison squared'

What Investors Are Watching For In This Year's Berkshire Hathaway Meeting

What Investors Are Watching For In This Year's Berkshire Hathaway Meeting

U.S. billionaire investor Warren Buffett said Saturday that the world depends on the United States and China for progress, dismissing concerns that the two countries' trade tensions could potentially escalate into a trade war.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", the chairman and CEO of Berkshire Hathaway said then.

The Trump administration has drawn a hard line in trade talks with Beijing, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies, people familiar with the talks said on Friday.

"It is an unbelievable company", Buffett says. He said he and Mr Buffett do not approve of all repurchase strategies.

"We have a lot of common interests, and like any two big economic entities, there are times when there'll be tensions, but it is a win-win situation when the world trades", the investor said.

Berkshire shareholders can celebrate the fact that most of the companies 90-odd businesses are performing well as the economy continues growing, but the conglomerate's future is always in the back of their minds because Buffett is 87.

But he maintained that the bank is not "inferior" as an investment or morally to its main banking rivals.

Wells Fargo investors last week gave strong backing to the bank's directors and executives on Tuesday, indicating they are ready to give its revamped leadership time to rebuild from scandals that included its employees opening potentially millions of sham accounts.

Buffett addressed his alliance with another banker, JPMorgan Chase & Co's Jamie Dimon, and Amazon.com Inc's Jeff Bezos to tackle healthcare. "I never would have thought it could have happened", Buffett said. Buffett said US healthcare costs are a tapeworm on the economy, and he said the venture partners expect to name a chief executive within a couple months.

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Warren Buffett is not a fan of investing in bitcoin.

"They are not going to find $50 billion or $100 billion acquisitions that they can make at remotely a sensible price", ReCode quoted Buffett as saying at the company's annual meeting held at Omaha city in the USA state of Nebraska.

Berkshire's revenue declined to $58.47 billion in the quarter from last year's $64.37 billion.

But operating profit, which excludes investment and derivative gains and losses, rose 49 percent to a record $5. That helped the company to a net loss of $1.14bn, or $692 per share, compared with net income of $4.06 billion, or $2,469 per share, a year earlier.

Berkshire sent out slightly more tickets to this year's extravaganza than in 2015, when an estimated 42,000 celebrated Buffett's 50th year at the helm.

Buffett and Vice Chairman Charlie Munger both said little has changed with this year's promotion of Abel and Jain because Berkshire's businesses largely run themselves day-to-day.

William Robertson, a Scotland native who now fights fires and does forestry work in Switzerland, said he lined up at 11:30 p.m.

This year's meeting is his third.

While Mr Buffett "very much" approves of Apple repurchasing shares, he and Mr Munger expressed skepticism that Apple could find meaningful acquisitions on which to spend cash.

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