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Warren Buffett tells shareholders about spending $51 billion

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Warren Buffett gave Berkshire Hathaway investors a few details of how he spent more than $50 billion earlier this year and again reassured them that the company he built will endure long after the 91-year-old billionaire is gone

Buffett said Saturday that he also bought three German stocks but didn't name them.

Both Buffett and his investing partner, Charlie Munger, reiterated their past criticisms of cryptocurrencies like bitcoin because they don't produce anything. Munger said cryptocurrencies are"stupid because they're likely to go to zero" and"evil because they undermine the Federal Reserve.

“He built it as well as he could build it. Nobody is ever going to be him. That’s obvious,” Kupperman said. In response to concerns about the current high inflation, Buffett told investors that the best thing they could do is invest in themselves so that someone will always want to pay them for their services regardless of how much a dollar is worth. He said all of Berkshire's companies are paying extraordinarily higher prices for raw materials and products, but inflation should have been expected after all the money the government sent out during the pandemic.

 

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