Buffett: "Well, they probably think that lots of people are going to get excited about cryptocurrencies, or maybe they already are, but they think there's money to be made trading it". "People like to speculate, they like to gamble".
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. He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable".
But at the annual Berkshire Hathaway meeting in Omaha Saturday, Buffett faced questions about how he became so bullish on Apple (aapl)-after famously avoiding tech stocks for most of his investing lifetime.
Buffett said their promotions have been "very, very good" for the company.
Buffett also reportedly said that he's fine with writing some cyber policies to remain competitive but doesn't want to be among the top three in the industry.
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"If a $100 billion deal came along that Charlie and I really liked, we'd get it done", he said.
"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.
According to Buffett, operating results are a better barometer of company performance, due to Berkshire's more than $170 billion stock portfolio can fluctuate from quarter to quarter. Indeed, the company plans to use part of its cash to buy the shares and increase dividends.
"I've been familiar with the company", he said, noting that he knew Apple co-founder Steve Jobs.
Buffett also said the list of CEO candidates has been "narrowed down" for the healthcare venture between Berkshire, Amazon.com and JPMorgan Chase.
Months earlier, many grew increasingly concerned that Apple's top-of-the-line phone has been a dud among consumers, due to its hefty US$1,000 price tag.