Buffett's magic touch sends Apple stock to its highest value in history

In Omaha preparing for change at Berkshire Hathaway

Berkshire Hathaway's legendary duo Warren Buffett and Charlie Munger could retire soon. That apparently prompted Buffett, at his yearly Berkshire Hathaway meeting this weekend to counter that moats remain a good idea. I'd love to own 100 percent of it.We like very much the economics of their activities. "It's worked for us in many other situations".

"We are attacking an industry moat", Buffett said.

The endorsement was well received and Apple CEO Tim Cook responded to the endorsement and appreciation in kind in a statement where he said, "On a personal level, I've always greatly admired Warren and have always been grateful for his insight and advice".

"We want our employees to get better medical services at lower cost", Buffett said.

Several years ago, Berkshire held small investments in Visa and MasterCard along with its long-time major stake in American Express.

Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterized as "rat poison squared", thrive on the hope they'll find other people who will pay more for it.

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"The asset itself is creating nothing", he said.

Buffett says the bank didn't act quickly enough when executives learned of the problem.

He said investors now are much better off owning US stocks, whose prices are elevated but not in a "bubble", and it would take a "nanosecond" for him to choose stocks over 10- or 30-year USA government bonds now yielding around 3 percent.

Berkshire Vice Chairman Charlie Munger was more blunt, as he often is: "It was clearly an error". Buffett said he still spends most of his time reading about businesses, thinking and fielding the occasional phone call.

The "rat poison" comment, made just prior to the Berkshire Hathaway 2018 annual shareholder meeting last Saturday, was a prelude of things to come, as Buffett spent much of the meeting discussing the emerging asset class, saying they will come to "bad endings".

Berkshire shareholders can celebrate the fact that most of the companies 90-odd businesses are performing well as the economy continues growing, but the conglomerate's future is always in the back of their minds because Buffett is 87.

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