Warren Buffett condemned stock-market gambling, attacked bitcoin, and praised Elon Mussos and Jeff Bezos in 2017. Here are his top ten quotes from 2022.

Warren Buffett.Thomson Reuters
Warren Buffett slammed bitcoin, praised Elon Musk, Jeff Bezos and condemned stock-market gambling.

Warren Buffett criticized stock-market gamblers and dismissed bitcoin as useless. He also praised Elon Musk in 2022 and Jeff Bezos.

The investor, who is now 92 years old, said that he doesn’t plan to retire as Berkshire Hathaway CEO anytime in the near future. He also criticized companies that report misleading financials and suggested one way to offset inflation.

The comments were made in his annual shareholder letter, at Berkshire’s annual meeting and during an interview for Charlie Rose.

These are Buffett’s top 10 quotes for 2022. They have been lightly edited to improve clarity and length.

1. Charlie and I are not stock-pickers. We are business-pickers. Charlie Munger, Charlie’s long-time business partner and Berkshire vice-chairman was Buffett.

2. Stocks have increased and deceptive earnings “adjustments” have become more common and more bizarre. I’d say bull markets breed bloviated bull, but that is a more polite way of putting it.

3. Teaching, just like writing, has helped my thoughts develop and be clearer. Charlie refers to this phenomenon as the “orangutan effect”. If you take a few minutes to explain one of your favorite ideas to an orangutan, it may leave you with a confused primate but you will be able think clearly.

4. “I am certain that I will win the long-term. This doesn’t necessarily mean that I will beat everyone else or anything similar. The game is easy if you know the basics of what you are buying. (Buffett was referring to the fact that shares are pieces of a company.

5. “We have a replacement in place, but he isn’t warming up. “I’m still in overtime, but I’m out there.”

6. “Elon is challenging General Motors, Ford, and Toyota and all these people with all the stuff. He’s got an idea, and he’s winning. That’s America. You can’t dream it up. It’s astounding.”

7. It was impossible, but it happened. They could have stopped in Omaha to talk about the idea. I would have said, “Good luck Jeff.” (Buffett was talking about Amazon’s remarkable transformation from an online book seller to a technology giant under Jeff Bezos.

8. “Sometimes, the stock market is very investment-oriented and other times, it’s almost entirely a casino or a gambling parlor — and this has been evident to an extraordinary extent in the past couple of years, thanks to Wall Street.”

9. “If you said you owned all the bitcoins in the world and offered it to you for $25, I would not take it. What would I do with it?” It would be a hassle to sell it back. It won’t do anything.”

10. Your personal earnings power is the best protection against inflation. Anything that you develop yourself is the best investment.

Continue reading: David Rubenstein considers Warren Buffett the ultimate investor. Buffett’s success is attributed to 12 habits and traits identified by Carlyle billionaire.

Business Insider has the original article.
—————————————————————————————————————————————
By: tmohamed@businessinsider.com (Theron Mohamed)
Title: Warren Buffett called out stock-market gamblers, savaged bitcoin, and praised Elon Musk and Jeff Bezos last year. Here are his 10 best quotes of 2022.
Sourced From: markets.businessinsider.com/news/stocks/warren-buffett-quotes-2022-stocks-bitcoin-crypto-musk-bezos-inflation-2023-1
Published Date: Mon, 02 Jan 2023 11:45:00 +0000