Buffett says stocks remain best investment option for most

Buffett plays bridge with Gates as part of the company annual meeting weekend in Omaha Nebraska

Yet Charlie Munger, Buffett's longtime business partner and a Berkshire vice chairman, suggested that Democrats could take over Congress after November's elections and push for a national healthcare system financed by a single payer.

He said investors now are much better off owning USA stocks, whose prices are elevated but not in a "bubble", and it would take a "nanosecond" for him to choose stocks over 10- or 30-year US government bonds now yielding around 3 percent.

Tech billionaire Gates joined the FUD by declaring that he would "short it if there was an easy way to do it".

"The idea that you're going to spend loads of time trying to guess how many iPhone Xs are going to be sold in a given 3 month period totally misses the point", Buffett said. For instance, carpet installers and certain construction workers are especially hard to find.

Buffett said cryptocurrencies like bitcoin are nonproductive assets similar to gold.

Berkshire Hathaway Vice Chairman Charlie Munger on why investors should stay away from bitcoin and Berkshire Hathaway CEO Warren Buffett's reaction to Munger's stance on the cryptocurrency.

"To me, it's just dementia,"Munger said Saturday during Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska". We own 5 percent of it.

But Buffett defended Wells Fargo as an investment. "It's worked for us in many other situations". Many of them are still wondering what Buffett might do with the more than $100 billion cash that Berkshire is holding. Already this year Berkshire has bought 75 million additional Apple shares to give it more than 240 million shares.

"Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way", Gates said in March 2018.

Buffett said Monday that he really likes the economics of the iPhone maker's business, and the company's management.

Apple's buybacks also mean that Berkshire Hathaway, which owns roughly 5% of Apple's outstanding shares, could end up owning a larger percentage chunk of the tech company in the future-simply because there will be fewer shares left after Apple buys them up. Its insurance and utility businesses typically account for more than half of the company's net income.