Ajit Jain, the boss of Berkshire's insurance operations, took control of Alleghany's main insurance business, Buffett said. Greg Abel, Berkshire's head of non-insurance operations, has taken charge of Alleghany's other subsidiaries, which include steel and real estate companies.Berkshire spent roughly $4 billion on stocks in the first quarter, Buffett said.
Buffett accused several banks of using deceptive accounting to flatter their profits, and forgetting basic banking principles such as not borrowing short and buying long. Moreover, he called for heavier punishments for bank CEOs who make big mistakes. Buffett also suggested that interest rates, which the Federal Reserve has hiked from virtually zero to upwards of 4.75% over the past year or so, threaten to weigh on stocks and house prices.
"It's an incredibly valuable utility," he said."We'll never own a business that makes so many people happier."The bitcoin boom has been fueled by people's love of gambling, desire to get rich fast, and fear of missing out, Buffett said.
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