Warren Buffett Doesn’t Need Elon Musk’s Falcon Wings
While the world was busy tweeting rocket emojis, Berkshire was quietly betting on batteries.
Someone should have been checking on Warren Buffett.
Photographer: Justin Sullivan/Getty Images
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A stock market dominated by technology giants and punctuated by eye-watering valuations, Reddit-fueled fads and inane tweets has left investing icons Warren Buffett and Charlie Munger a tad out of place. If you look up “meme stock” in the thesaurus, AMC Entertainment Holdings Inc. is the first result, while their company, Berkshire Hathaway Inc., is listed under the antonyms. (Munger, who recently called Bitcoin “disgusting,” would have other choice words for the legions of AMC traders who were giddy Tuesday over the money-losing movie chain’s gimmicky plan to accept Bitcoin for popcorn.) That’s led some investors, particularly younger ones, to lose interest in Buffett and Munger and their style of investing; few probably even bothered to catch up with Berkshire’s earnings last weekend.