While most of the US was out, taking advantage of an unusually warm spring day, there was a slice of us who stayed in doors to watch the Berkshire Hathaway annual investor meeting.
Despite a year of sheltering in place during a pandemic nothing seemed more compelling than to watch two of finance’s most famous nonagenarian, Warren Buffett and Charlie Munger talk about where they see investments going.
Here are some highlights:
The “Gamifying of trading” is bad news: Buffett and Munger are squarely on the Robinhood hate train. Both said the commission-free trading app fed off the speculative trading in the stock market and contributed to it according to CNBC.
Bitcoin’s ruining humanity: Munger did not mince words when it came to his feelings about Bitcoin and it’s success saying, “I think the whole damn development is disgusting and contrary to the interests of civilization.”
He added, “I don’t welcome a currency that is so useful to kidnappers and extortionists.”
Meanwhile Buffett steered clear of the question because he didn’t want to deal with people in a long position of the crypto giving him “grief.”
Tax hikes, what tax hikes?: The freak out over tax hikes is “much ado about nothing” according to both men. The proposed corporate tax hike from POTUS admin would suck and it would be a negative for shareholders but Berkshire would adapt.
Financial advisors just like yourself were also tuning in and searching for answers. Buffett gave his take on owning more AAPL, why he still wouldn’t touch airlines and how he has no guilt about own CVX according to our TrackstarIQ data – check it out:
The Buffett and Munger show may be what everyone is talking about today but there is more in store for the week. Check it:
Earnings:
5/3/2021: EL, WEC, CAR, CVI, FLS, MOS, RIG, TA
5/4/2021: APO, BEN, BG, CMI, SYY, TRI, UA, AKAM, H, HLF, PRU, PFE
5/5/2021: ABC, BWA, GM, GOLD, NYT, ODP, BKNG, MRO, MTW, ZNGA
5/6/2021: K, PENN, NRG, EXPE, GPRO, GRPN, NWSA
5/7/2021: AXL, GCI, GLP, NKLA, TRP, TU
IPOs:
5/3/21: BWMN, FSBC, IPW, OG, HNST, VALN, WDH
Speakers:
5/3/21: US Fed Chief Powell speaks on “Community Development” before virtual National Community Reinvestment Coalition
5/4/21: US Minneapolis Fed’s Kashkari participates in fireside chat hosted by the Economic Club of Minnesota
Economic:
5/3/21: US Mar Construction Spending
5/4/21: US Redbook Retail Sales,US Redbook Retail Sales,US Mar Final Durable Goods Orders
5/5/21: US MBA Mortgage Applications,US Apr ADP Non-Farm Employment Change, DoE Crude Oil/Gasoline/Distillate Inventories
5/6/21: US Continuing/Initial Jobless Claims5/7/21: US Apr Change in Non-Farm Payrolls; Change in Private Payrolls; Change in Manufacturing Payrolls, US Apr Unemployment Rate