Buffett Not Eager for Berkshire to Be Cyber Insurance Leader

In the same meeting, Buffett admitted that "I made the wrong decisions" by passing on the investments in Google and Amazon.

Berkshire Hathaway CEO Warren Buffett once again slammed the fees charged by stock pickers who tout their potential to outperform the broader market. On Monday, he told CNBC that he wants to own all of the firm's shares.

Those factors recently led Berkshire to make a substantial investment in Apple, "because I came to certain conclusions about the intelligence with which the capital would be deployed" and also because he assessed the Apple ecosystem and its likely permanence.

For its first fiscal quarter, ended December Apple posted quarterly revenue of $88 billion, up 13pc, and net profit of US$20 billion - both of them records.

"We don't think of whether we should be in tech companies or not", he said.

"We were not ideally located to be high-tech wizards", Munger said, adding "I have been to Google headquarters".

Buffett replied, "The US and China are going to be the two superpowers of the world, economic and in other ways, for a long, long, long time". "I think moats are lame", Musk said earlier this week. We own about 5% of Apple, but I know I don't have to do a think and with a couple years, I will own 6% without laying out another dollar.

Musk wasted no time in reacting to the candy comment, tweeting yesterday that he was starting a candy company and "it's going to be unbelievable". "There's no reason at all for me to encourage people to buy Apple".

In a separate interview with the broadcaster, he called Apple "unbelievable".

Apple bought more than $23 billion of its own shares in the first three months of the year at an average price of $171.48, the company said this week.

Although many analysts predicted that Apple would be affected by declining iPhone sales, this didn't stop Buffet from buying more shares. However, his jovial comments send the message that he is very confident in Apple's financials and businesses, with a positive outlook on the stock. Volatility is a feature of most cryptocurrencies, according to one source, which says it is not just the temporary result of a coin's growing volume.

"There's a very material risk which did not exist 10 or 15 years ago and will be much more intense as the years go along", he added. If you buy a bond that's going to pay you 4% a year, you're not going to get any surprises, it's going to pay you 4% a year.

  • Anthony Vega