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Offbeat Elon Musk about stock market legend Warren Buffett: "Not his biggest fan"

23:15  16 may  2020
23:15  16 may  2020 Source:   finanzen.net

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Tesla boss Elon Musk explains in a podcast that he is not Warren Buffett's biggest fan. This is not because he does not value his work, but because he considers his job to be "boring". In Musk's eyes there should be more makers.

DANIEL ROLAND/AFP/Getty Images © Provided by Finanz.net GmbH DANIEL ROLAND / AFP / Getty Images

• Musk explains Buffett's job is boring but also important

• Tesla CEO calls for "more people doing things"

• Buffett describes Musk as " Notable Guy "

" The Joe Rogan Experience podcast, released last week, talked about a variety of topics, including billionaires and the different types, of Joe Rogan and Elon Musk. The Tesla boss chose stock market legend Warren Buffett as an example.

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The World Needs More Makers

Musk spoke on the podcast about not being the biggest fan of Berkshire Hathaway boss Warren Buffett, "but he does a lot of capital allocation". It is hardly likely that Musk is not too big a fan of Buffett because he does not think that he does a good or important job. It is very important to find out which companies have potential, "which company earns more or less capital? Should the company grow or expand? Are products or services produced that are better or worse than others?" Musk believes: "If a company produces convincing products or services, it should get more capital. If not, it should get less." But since Buffett's job would consist of reading "a lot of business reports and bookkeeping", it was "important", but also "boring" in Musk's eyes.

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Musk lists Buffett as the kind of billionaires who gain wealth by "investing in companies or making money on the stock market", while others make their money by "developing fantastic products". Musk should count himself among the latter. In his view, there should be fewer people "making the law" and "doing the finances", and instead there should be doers who do something.

billionaires in disrepute

Musk also tells Rogan that he thinks that the image or mood of billionaires has deteriorated. Being a billionaire "has become pejorative, as if it has become a bad thing, which in my opinion doesn't make much sense in most cases." In fact, there has been much discussion in the past about the widening gap between rich and poor, which was also discussed by market legend Warren Buffett . In his opinion, the US government should respond with tax breaks for low-income people and tax increases for those who make a fortune today.

The current Corona crisis fueled the discussion about the richest of the rich and their commitment - or rather their lack of commitment or "lack of action and charity" as CNBC describes it.

What does Buffett say to Musk?

So while Musk is not the "biggest fan" of stock market guru Warren Buffett and once described his investment strategy as "lame", Buffett last year told Yahoo Finance that Tesla boss Elon Musk still had "room for improvement" and that he think Musk would see it the same way. Nevertheless, he also called him "a remarkable guy". In CNBC's "Squawk Box," Buffett said of Musk and his 2018 e-car company Tesla: "He's trying to do something to improve a product, and I'm taking his hat off for it." Editorial staff finanzen.net

Mark Zuckerberg is now richer than Warren Buffett .
Facebook CEO Mark Zuckerberg is climbing Bloomberg's Billionaire Index, but Amazon's Jeff Bezos and Microsoft cofounder Bill Gates still sit on top.

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