Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
CNBC's Jim Cramer said in November that General Electric Company (NYSE:GE)'s old management team led by ex-CEO Jeff Immelt deserves a spot in his "wall of shame." Billionaire investor, former GE shareholder and Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) CEO Warren Buffett isn't going that far in his critique.
Buffett: Everyone Makes Mistakes
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Speaking to CNBC's Becky Quick on Monday, Buffett said he doesn't feel like he was "duped" by the old management team led by Immelt. Buffett's initial investment in GE occurred in late 2008 at a time when the company "really had a problem" with its commercial paper. But at that time, Buffett said any problems would be temporary and reverse once the U.S. economy started turning around — which it did within the following years.
Buffett said his $3-billion investment in preferred warrants at a 10=percent coupon generated a profit. But it is obvious that "mistakes were made" since then, especially in long-term care and insurance, he said. GE's accounting woes prompted the need to restate its financial results, so obviously its accounting practices are "not a model at all" for other companies to follow, Buffett said.
Nearly every company can make mistakes in the insurance business, including Buffett's own firm, he said.
"You can make mistakes in something like insurance reserve, and long-term care is probably the single biggest element of mis-reserving in insurance throughout the industry," Buffett said. "And they were in it big time, but I was staggered by the amount. That was huge."
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
Why Does Berkshire Hathaway Report Earnings On The Weekend?
Berkshire 'Always In The Market'
Buffett said GE remains a "wonderful" company, which prompted CNBC's Joe Kernen to ask Buffett whether he would be willing to buy the company's stock now.
Buffett answered that he has been a seller of the stock near $29 per share, which was attached to the warrants. Now that the stock is trading around $15 per share, Buffett said he's in a position to write a check to acquire the whole company — although he said he doubts the company is looking to sell itself in the first place.
"We are always in the market for a big business that we can understand and like and have the management for," he said. "I don't understand [GE], the whole place, but I think I would be capable of understanding the other businesses."
Related Link:
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.