Warren Buffett has admitted to being “out of touch” when it comes to why he doesn’t use an iPhone despite his appeal for Apple as a company. While Buffett’s billionaire buddy Bill Gates probably won’t be picking up an iPhone anytime soon, either, the Microsoft co-founder is also heaping a bit of praise on his one-time tech adversary.
Gates called Apple “an amazing company” during an appearance on CNBC on Monday. “I think Warren’s applied great thinking there,” he said, in reference to the fact that Buffett and Berkshire Hathaway bought more Apple stock than anything else over the previous year.
For his part, Buffett stressed that he likes Apple because of how its products become part of people’s lives.
“If there was something coming out tomorrow that would obsolete everything that made it attractive to that group, Bill would know it before I would,” Buffett said.
Gates and Buffett were also joined by Charlie Munger, vice chairman of Berkshire. And in another segment, above, the three discussed Bitcoin and other cryptocurrencies.
When asked if he owned any Bitcoin, Gates said that someone had given him some for his birthday. And while he said there’s some “very good technology” associated with the endeavor, he called Bitcoin and ICOs (initial coin offering) “one of the crazier speculative things.”
“As an asset class, you’re not producing anything and so you shouldn’t expect it to go up. It’s kind of a pure ‘greater fool theory’ type investment,” Gates said. “I agree I would short it if there was an easy way to do it.” Gates previously weighed in on the subject during a Reddit AMA in which he called cryptocurrencies “super risky.”
Munger didn’t mince words on the topic either.
“I think it’s a scumball activity,” he said.
Regardless of what those great investment and technical minds believe, Bloomberg Tech’s Emily Chang got the real scoop on cryptocurrency from Bertram Gilfoyle of Pied Piper, the startup at the center of HBO’s “Silicon Valley,” which just happened to go with an ICO this week instead of a $30 million Series B funding round.