Markets

Warren Buffett Speaks About Why He Chooses Apple Stock

Warren Buffett Speaks About Why He Chooses Apple Stock

Billionaire Warren Buffett says stocks remain the best option for investors - not bonds, and especially not bitcoins.

Billionaire investor Warren Buffett has dubbed Bitcoin "rat poison", despite admitting that he doesn't understand how to use his iPhone.

He says he hopes more daily newspapers can find a way to be economically viable because they are so important to society. "People like to speculate, they like to gamble".

Warren Buffett said he doesn't want Berkshire Hathaway being a leader on cyber insurance because neither he nor others in the industry really know the risk, according to a May 5 Bloomberg News report. He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable".

This past weekend, Berkshire Hathaway hosted its annual shareholder meeting in Omaha, Nebraska.

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.

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The launch in the United Kingdom follows a small-scale beta trial with Marks & Spencer, Heidi Klein and Mahabis. This feature was rolled out to Android beta users last week and should roll-out to non-beta users soon.


Buffett said the goal was to challenge the entire healthcare industry, not individual segments.

Berkshire Hathaway saw its cash balance reach $108 billion in the first-quarter.

The gap between Apple and other US companies in terms of market cap is equally impressive, with the iPhone-maker now worth over $120 billion more than its nearest tech rivals Amazon ($773B), Microsoft ($732B) and Alphabet ($719B), which are the second, third and fourth in market cap valuations, respectively.

"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.

In his statement, an uncharacteristically talkative Buffett also let slip that Apple stock now accounts for a quarter of his portfolio - a huge vote of confidence for the iPad makers.

If it crosses the trillion-dollar threshold, it will become the first USA company to do so - a title that fellow tech giants Amazon, Google and Microsoft have also been vying to achieve. "It's worked for us in many other situations".


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