Buffett: Don’t Get Smug About Wells Fargo Troubles

As for Wells Fargo, Berkshire is sticking with the banking giant despite the black eye it gave itself by creating millions of fake bank and credit card accounts. So, all the talking about candies is not about a real sweet candy company, but a dig at billionaire investor Warren Buffett. “I don’t think that we should have a question on the GEICO policyholder form, ‘are you an NRA member?,’ you know, if you are, you just aren’t good enough for us”. “As a result, investors’ demand for it is the only price-determining factor, making the digital currency a handy tool for charlatans”.

“Nobody buys a farm based on whether they think it’s going to rain next year”. They did it with tulips and they’ll do it again.

“You can’t have 377,000 employees and expect everyone is behaving like Ben Franklin”, Buffett said, adding, “when we find that it is going on, we have to do something about it”. “I think moats are lame”, Musk said earlier this week. “Cryptocurrencies will come to a bad ending”, said Buffett, adding that cryptocurrencies have no intrinsic value.

The accounting change required Berkshire to report $6.2 billion of unrealized losses in its marketable stock portfolio, which totaled $170.5 billion at year end, regardless of whether it planned to sell those stocks. I could whisper something on this program about a non-productive asset.

“If you had bought gold at the time of Christ and you figured the compound rate on it, it is maybe a couple of tenths of a percent”.

Munger and Buffett both expressed their disdain for bitcoin and other cryptocurrencies, which they view as nonproductive assets.

“I would say that people who manage money make a whole lot more money with perhaps less contribution to the welfare of the person that they’re dealing with”, Buffett said. You don’t defensive if you’re buying something that produces something.

Because Buffett and Li are like wine: they get better as they grow older. You’re speculating. There’s nothing wrong with it. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock.

“I clearly like Apple”. In an interview with CNBC today, Buffet heaped even more positivity onto Apple, and the stock market is looking to propel AAPL even higher at the open.

He also said he would be happy to see Apple shares go down in price if it would spur repurchases.