Buffett bashes bitcoin as nonproductive, thriving on mystique

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Billionaire investor Warren Buffett has never been a fan of cryptocurrencies, but he ratcheted up the rhetoric this week by calling Bitcoin "rat poison squared".

Roughly 40,000 people attended Berkshire Hathaway's annual meeting on Saturday.

Berkshire investors are also eager to see how Buffett might spend the company's $116 billion in cash and short-term investments.

"I love the idea of having our 5 percent, or whatever it is, maybe grow to 6 or 7 percent without our laying out a dime".

At the shareholder meeting of The Daily Journal, a newspaper publisher in Los Angeles where Munger serves as chairman, he called it "noxious".

Both Democrats and Republicans in the U.S. believe in the benefits of free trade, he said.

Buffett added "I don't think that they bring much to the able in terms of capital allocation or investing. Or it's very unlikely we would just pay out a big special dividend", Buffett said.

Munger, meanwhile, answered a question on steel tariffs imposed by the White House by acknowledging that USA producers are hurting.

A supporter of Hillary Clinton in the 2016 presidential election, Buffett has carefully avoided directly addressing some of President Donald Trump's actions and policies.

I like listening to Warren Buffett.

For almost everyone, he said, the best choice today is a low-priced mutual fund that mirrors the USA economy through a stock index.

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Buffett said he had "made a mistake" on conglomerate Alphabet. Bitcoin as of now is priced at $9538 and has been declining in the last 1 hour by 1.17%.

But he maintained that the bank was not "inferior", as an investment or morally, to its main rivals. We own 5 per cent of it.

Wells Fargo investors last week gave strong backing to the bank's directors and executives on Tuesday, indicating confidence in its overhauled leadership to rebound.

"Part of the Berkshire secret is that when there is nothing to do, Warren is very good at doing nothing", Munger said.

Buffett faces a challenge investing Berkshire's more than $108 billion of cash and equivalents, including for acquisitions, saying his "phone is not ringing off the hook with good deals".

The investor also implied that he is willing to invest more in China this year. Buffett said the net results were not representative of the business. When the video ended and both took the stage to a capacity crowd nearing 20,000 at the CenturyLink Center in Omaha, Nebraska, there was a box of brittle waiting for the 94-year old Munger.

Berkshire's insurance businesses, which had been struggled with losses from hurricanes and other events, posted a $407 million underwriting profit, compared with a year earlier $267 million loss.

Shares of Apple were slightly higher in premarket trading on Monday.

Outside the convention center, Berkshire shareholders lined up for prime seats in the middle of the night. Consumer credit will cross the wires at 3 p.m. ET. This year's meeting is his third.

On e-commerce firm Amazon, he said: "The truth is that I've watched Amazon from the start and I think what (Amazon CEO) Jeff Bezos has done is something close to a miracle".

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