Attendees pass a cardboard cut out of Warren Buffett, chairman and chief executive officer of Berkshire Hathaway. (Photographer: Daniel Acker/Bloomberg)

Buffett Says He Had Underestimated Jeff Bezos

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On Amazon

Buffett: Whats Jeff Bezos has done is a miracle. I had underestimated him.

Don’t think of businesses as technology or not. I am more interested in whether businesses are understandable to us, have durable competitive advantages or not and whether price is favourable.  
Warren Buffett

On Cryptocurrencies

Buffett: Anytime you are buying a non-productive asset, you are basically hoping someone else in the future buys it an even more inflated price hoping to repeat the same.

Would you look for mis-priced stock opportunities?

Munger: If the gap between value and price isn’t attractive, just move on to other opportunities. If you want a formula, you should go to graduate school.

Advice To Investors

Buffett: Investors can learn a lot by going out and doing things yourself.

What can Berkshire do to increase women’s participation at senior levels and board levels?

Buffett: I feel optimistic about the future because there will be lot more selection by merit than by inheritance.