Published: Sun, January 14, 2018
Finance | By Loren Pratt

Warren Buffett hints at succession plan

Warren Buffett hints at succession plan

More prominently, legendary investor Warren Buffett recently appeared on CNBC and articulated his believe that individuals heavily invested in crypto are in for something of a rude awakening at some point down the line.

Buffett was interviewed by CNBC in Omaha, Nebraska.

When asked if he's contemplated trading BitCoin futures, Buffett said that he wasn't interested.

Of options trades that would profit from price declines, he added: "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth".

Mr Buffett has named Gregory Abel, current chairman and CEO of Berkshire Hathaway Energy Company, and Ajit Jain, who is now executive vice-president of Berkshire Hathaway-owned reinsurer National Indemnity Company, as the new board members. Gregory Abel, 55, will be vice chair of non-insurance businesses while Ajit Jain, 66, will be vice chair of insurance operations.

"When it will the collapse or how - I do not know", added he.

"We don't own any, we're not short any, we'll never have a position in them", he said.

The statement comes only a day after JP Morgan CEO Jamie Dimon offered regrets for earlier remark saying "the currency isn't going to work" in an interview with FOX Business Network a year ago.

Buffett didn't explain the reason for his dire predictions, but has previously expressed concern about cryptocurrencies' lack of intrinsic value.

While Jain's experience has primarily been on the underwriting side of the business, his success there has been built on his ability to avoid making "dumb decisions" rather than making "brilliant" ones-attributes that have kept him in good stead with Buffett over the years.

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