Interest rates have created "irrational competition," mogul Warren Buffett reportedly concurred in a meeting with a top venture capitalist.
Bill Gurley, a general partner at Benchmark Capital, tweeted that he met with the CEO of Berkshire Hathaway this week. In a short conversation, Gurley and Buffett commiserated about interest rates:
Tweet: "Thanks to @chamath & @JBPritzker, & I had a chance to meet Warren Buffet this week. Lifetime dream to meet the Oracle. Short convo next: Me: neg. interest rates are impacting VC business. WB: impacting mine too. Me: it creates irrational competition. WB: 'you bet it does.'"
Gurley told Buffett that his business, raising money to invest in start-ups, was being impacted by interest rates. Buffett's business, a conglomerate of household names, is, too, he said. The two agreed that it creates "irrational competition," according to Gurley.