Buffett Q&A - I

| May 07, 2018
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I wanted to save you 8 hours and highlight a few of Warren Buffett’s answers during the annual Berkshire Hathaway Annual Meeting:

  • On Bitcoin: “It’s probably rat poison squared.”
  • On the tax cuts: “It is very helpful to Berkshire…[but] as an individual I don’t agree with it.”
  • On President Trump: “I’m not going to rate presidents.”
  • On Elon Musk saying moats are lame: “I don’t think he’d want to take us on in candy.”
  • On Wells Fargo’s recent troubles: “All the big banks have had troubles of one sort or another…I like it as an investment. I like CEO Tim Sloan as a manager.” Munger also quipped, “Harvey Weinstein has done a lot in improving behavior too.”
  • On Amazon and Google: “I made the wrong decisions on Google and Amazon…I think what Jeff Bezos has done is something close to a miracle…The problem is when I think something will be a miracle, I tend not to bet on it.”
  • On Amazon, Berkshire, and JPMorgan’s healthcare venture: “I think we will probably have a CEO within a couple months.” He called medical costs “hugely noncompetitive” and a “tapeworm.”
  • On the U.S.-China relationship: Remaining optimistic, Buffett predicted, “We will not sacrifice world prosperity based on differences that arise in trade.”
  • On Apple’s buyback program: “We very much approve of them.” Berkshire recently disclosed it added 75 million more shares of Apple to its portfolio (it now owns $42.5 billion worth).
  • Best question: An 8-year-old girl questioned Buffett on Berkshire’s capital efficiency. What were you doing when you were eight?
  • Katy Perry breaks her silence: In a video at the conference, she admitted Warren Buffett was the left shark in her 2015 Super Bowl appearance.

 

Stay Tuned, Disciplined & Patient! {TJM}

The Investor & Character Equation (ICE) | S + R = O

 

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