But Buffett says he believe companies with strong and sustainable moats do exist.
Warren Buffett has been buying a lot of Apple shares recently, saying that he would buy even more at the right price. The stock traded at a discount to its 60-day VWAP through much of the quarter, and Apple spent $18 billion to buy up its own shares, according to filings.
It came two days later Buffett showed acquiring bought seventy five million added Apple stocks, and four weeks later Apple said it may purchase again $100 billion (around Rs. 6.7 lakh crores) of stock exchange. "I'm delighted to see them repurchasing shares", Buffett said.
On Thursday, the 87-year-old revealed he had bought 75 million shares in the iPhone maker on top of the 165.3 million Berkshire Hathaway owned at the end of last year. Apple is now one of Berkshire's largest holdings.
Up to Friday's close, Apple stock had risen 9.8 percent since Berkshire disclosed on February 14 that it had raised its stake in the company, Reuters noted. I think what Jeff Bezos has done is something close to a miracle.
Buffett's initial commitment to Apple surprised many given his usual aversion to companies in the technology sector, but the billionaire views Apple more as a consumer products company.
Could a workaround help the United States stay in Iran nuclear deal?
Within the week, Trump must decide if the USA will continue to waive sanctions on Iran or move to withdraw from the nuclear deal. US Secretary of State Mike Pompeo said the documents were authentic and show the 2015 Iran nuclear deal was "built on lies".
Conte's Chelsea find resilience to boost top four hopes
Joel Matip, Emre Can and Alex Oxlade-Chamberlain are out with long-term injuries while Joe Gomez could be back after an ankle injury.
Jodhpur, Jaipur most polluted cities in state, says World Health Organization report
But other pollution sources, including construction dust and the burning of crop stubble in the winter, continue unchecked. PM2.5 are tiny but deadly air particles, which can increase the likelihood of respiratory and cardiovascular diseases.
Tesla CEO Elon Musk has vowed to start a candy company, in what appears to be a weird trolling response to comments made by fellow billionaire Warren Buffett.
The California-based giant's market valuation, meanwhile, has surpassed the $930 billion mark.
However, the "Oracle of Omaha" told investors investing Berkshire's cash stockpile-which now amounts to around $108 billion-was a challenge.
However, operating profit excluding investment and derivative gains and losses, surged 49 percent year-on-year to a record $5.29 billion.
"My phone is not ringing off the hook with good deals", he said.