Warren Buffett bashes bitcoin as nonproductive 'rat poison'

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"I'm thrilled to see them re-purchasing stocks", Buffett advised Berkshire shareholders at the conglomerate's annual assembly.

It came two days later Buffett showed acquiring bought seventy five million added Apple stocks, and four weeks later Apple said it may purchase again $100 billion (around Rs. 6.7 lakh crores) of stock exchange.

While Buffett said it did seem like more moats had become susceptible to invasion recently, he still observed plenty of companies, such as the See's sweets unit that Berkshire owns, where they were holding firm.

On Saturday, Warren Buffett and his business partner, Charles Munger, shot back.

"It's an wonderful business", he said.

At the end of 2017, Berkshire had owned 165.3 million shares. He also is of the opinion that all big banks have had troubles of one sort or the other and what happened at Wells Fargo could have happened anywhere.

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Buffett left his examination earlier a large number of thousands of 1000s of Berkshire shareholders attending the conglomerate's annual assembly on Saturday in Omaha, Nebraska.

Analysts surveyed by FactSet expected operating earnings of $2.08.

The shares closed up 3.9 percent at US$183.83 on Friday.

"I love the idea of having our 5% or whatever it may be grow" to 7% or more "without us laying out a dime", Buffett said.

Charlie Munger, Berkshire's vice chairman and long-time Buffett collaborator, said during the meeting that trading in cryptocurrencies is "just dementia".

Buffett was forthright when he said that the scandal-plagued bank had committed the "cardinal sin" of incentivising employees into a "kind of insane conduct" but continued to believe that the bank was not "inferior", as an investment or morally, to its main rivals. And, according to Warren Buffett's own admission, over 40 years it has brought in a staggering $1.65 billion in total profits.

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