Word-for-word: What Warren Buffett said about cryptocurrencies Monday

Posted May 09, 2018

Apple's share price has once again hit record heights after billionaire Warren Buffett repeated his strong support for the tech 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.

Buff Daddy made his fortune investing in stable companies that produce simple services and commodities - like gas producers, banks, or beverage-makers.

Berkshire Hathaway owns roughly 10 percent of Wells Fargo's stock, and Buffett said Saturday that he has no plans to sell it.

"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.

They may be able to do it together.

Buffett is a big fan of so-called economic moats, or advantages that allow companies to retain their customers despite the competition-which for Apple is the iPhone, he said. Not to be out-complimented, Cook gushed that, "on a personal level, [he's] always admired Warren".

Days after Berkshire Hathaway's annual shareholder meeting, Buffett told CNBC he would "love to own 100%" of Apple stock.

Berkshire Hathaway is now the third largest shareholder of Apple.

"I clearly like Apple". We like very much the economics of their activities.

If it crosses the trillion-dollar threshold, it will become the first U.S. company to do so - a title that fellow tech giants Amazon, Google and Microsoft have also been vying to achieve. And we really like their management, their way of thinking and their way of acting, "he said with a smile".

"I've been familiar with the company", he said, noting that he knew Apple co-founder Steve Jobs. "So we very much approve of them repurchasing shares".

"If you don't understand it, you get much more excited", Buffett said on CNBC television.

According to reports, Apple is now worth over $120 billion more than its tech rivals such as Amazon at $773 billion, Microsoft with $732 billion, and Alphabet, the parent company of Google, which stands at $719 billion market cap valuation.