Skip to Content

Warren Buffett Says He Is More Likely to Buy IBM Shares Than Sell

Warren Buffett, chairman and chief executive of conglomerate Berkshire Hathaway, said Monday he would be more likely to buy than to sell IBM shares over the next two years, and that he did not seek to profit from global central bank actions.

Buffett, who presided over Berkshire’s 51st annual shareholder meeting in Omaha, Nebraska over the weekend, told cable television network CNBC: “We would be much more likely to buy more in the next 12 or 24 months than we would be to sell shares, but we will make that call as time goes along.”

Buffett, whose Berkshire held an 8.59% stake in IBM as of the end of last year and who has caught some flak for his stake, said his cost basis in IBM was around $170 a share and that he had still never sold a share.

IBM shares were little changed at $146 in early trading on Monday.

Read More: Warren Buffett: Valeant’s Business Model Was ‘Deeply Flawed’

Buffett also said he did not seek to profit from global central bank monetary policies, but that low and negative interest rates could produce an unanticipated reaction.

“It’s a fascinating movie to watch. I don’t try to make money off the movie,” Buffett said.

“If currency in a bank is worth less than currency in your hands or in a mattress, that could produce something in the way of behavior that nobody has ever anticipated.”

Buffett, whose Berkshire is an American Express shareholder, said the company’s loss of its contract with retailer Costco Wholesale Corp was “significant” but he agreed with American Express Chief Executive Kenneth Chenault’s decision to split from Costco.

He said American Express would remain “under attack” from alternative payment methods, but he remained confident in his stake.

“Costco was a very, very, very valuable co brand to have for American Express, but that value wasn’t limitless,” he said.

Get Data Sheet, Fortune’s daily technology newsletter

Berkshire Vice Chairman Charlie Munger told CNBC, however, that he would have made the opposite decision with regard to American Express’s contract with Costco.

Buffett also criticized companies that repurchase their own shares at too high a price: “They have in mind a limit as to what they pay for any business they buy except their own, and it has become fashionable to repurchase shares.”

Buffett, who has ordered that most of the money he is not giving away at his death should be placed in an index fund, also said active investing as a whole was “certain” to produce worse than average results.