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.
Kim Summit to take place in Singapore in June
French President Emmanuel Macron urged Trump to stay in the deal when he met with the president in Washington last month. They will also discuss the USA president's own upcoming summit with the North Korean leader, a statement said.
Trump says time, place set for planned US-North Korea summit
At the same meeting last week , Kim also vowed to begin shutting down North Korea's nuclear test site in Punggye-ri this month. The North Korean defectors do not trust Kim's intentions and want to keep fighting for the rights of their former compatriots.
DNA profile sought to solve mystery of Zodiac Killer
Joseph DeAngelo, 72, was scheduled to appear in a Sacramento courtroom connected to the county jail where he's being held. Prosecutors argued that DeAngelo wouldn't have to say anything to investigators as they collected evidence.
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.