Archrock Inc
Change company Symbol lookup
Select an option...
AROC Archrock Inc
PACK Ranpak Holdings Corp
NVEE NV5 Global Inc
YARIY Yara International ASA
HYB New America High Income Fund
ACV Virtus Diversified Income & Convertible Fund
XLO Xilio Therapeutics Inc
ORN Orion Group Holdings Inc
SMHI SEACOR Marine Holdings Inc
ASC Ardmore Shipping Corp
Go

Energy : Energy Equipment & Services | Small Cap Value
Company profile

Archrock, Inc. is an energy infrastructure company with a pure-play focus on midstream natural gas compression. The Company is a provider of natural gas compression services to customers in the oil and natural gas industry throughout the United States, in terms of total compression fleet horsepower and a supplier of aftermarket services to customers that own compression equipment in the United States. The natural gas that it helps transport satisfies demand from electricity generation, heating and cooking and the industrial and manufacturing sectors. It has two segments. Its Contract Operations segment is comprised of its owned fleet of natural gas compression equipment that it uses to provide operations services to its customers. Its Aftermarket Services segment provides a full range of services to support the compression needs of its customers, which owns compression equipment, including operations, maintenance, overhaul and reconfiguration services and sales of parts and components.

Closing Price
$8.00
Day's Change
0.07 (0.88%)
Bid
--
Ask
--
B/A Size
--
Day's High
8.13
Day's Low
7.90
Volume
(Heavy Day)
Volume:
1,308,672

10-day average volume:
1,011,290
1,308,672

Crypto enthusiasts sniff at Buffett, Munger comments on bitcoin. 'It took them decades before they decided to invest in Apple,' one analyst says.

3:54 pm ET May 2, 2022 (MarketWatch)
Print

By Frances Yue

'In my life, I try and avoid things that are stupid, evil and make me look bad in comparison to somebody else...bitcoin does all three,' Munger said.

Warren Buffett and Charlie Munger doubled down on their criticism of bitcoin at Berkshire Hathaway's annual shareholders meeting Saturday, while crypto enthusiasts appear unswayed.

Buffett, Berkshire's (BRKA) chairman and chief executive, reiterated his view that bitcoin is not a productive asset and is not linked with anything tangible. "Whether it goes up or down in the next year, or 5 or 10 years, I don't know. But the one thing I'm pretty sure of is that it doesn't produce anything," Buffett said.

Buffett said he would pay $25 billion to own 1% of all farmlands in the U.S., or another $25 billion for 1% of all apartments and houses in the country. But "if you told me you own all of the bitcoin in the world and you offered it to me for $25, I wouldn't take it, because what would I do with it? I'd have to sell it back to you one way or another. It isn't going to do anything," Buffett said.

Read:Is bitcoin digital gold, speculative asset or safe-haven? Here's how the Ukraine crisis shapes the narrative

Munger went further on criticizing the asset. "In my life, I try and avoid things that are stupid, evil and make me look bad in comparison to somebody else...and bitcoin does all three," he said.

Munger said bitcoin was stupid because it was likely to go to zero, evil because it undermines the role of the Federal Reserve and the financial system, and makes the U.S. look foolish "relative to the communist leader of China" who effectively moved to ban bitcoin.

Buffett's and Munger's views are "understandable from their perspective," said Eric Chen, co-founder at Injective Labs, which backs decentralized exchange Injective. "After all, they're not exactly the most technology-forward investors in the space, and they've certainly lived on most of the growth strategies based on the traditional approach when it comes to investing," Chen said in an interview.

"As a matter of fact, I think that goes more towards the affirmation that the space is really disrupting something," according to Chen. "From their understanding of the financial market and financial infrastructure overall, fiat currencies, especially the dollar, is probably what they base everything on."

Chen also argued that the crypto ecosystem is much broader than bitcoin. "Blockchain technology overall provides a lot of fundamental infrastructure to build things on. It's not just any type of investable assets but it's also known with a lot of amazing utilities," Chen said.

David Tawil, president and co-founder of crypto asset fund ProChain Capital, compared Buffett's view on bitcoin to his reluctant embrace of tech stocks. It took Buffett "decades before they decided to go ahead and invest in Apple," Tawil said. Berkshire Hathaway Inc. started investing in Apple Inc. (AAPL) in 2016, while it stood as the investment company's largest holding as of the end of first quarter.

A representative of Berkshire Hathaway didn't immediately respond to a request for comment.

Read more: Apple is Berkshire's largest stock holding, but Buffett and Co. own a bigger share of these companies

Though bitcoin plunged to as low as $37,438 on Saturday, the lowest level since early March, Tawil does not believe it has much to do with remarks by Buffett and Munger, which were largley a reiteration of their past views. "The people that are listening to them for their comments about bitcoin are people that are never going to invest in bitcoin," Tawil said.

According to Chen, the drop could be attributed more to macro uncertainties, as investors sell of risky assets while expecting the Federal Reserve to deliver a half-point rate hike on Wednesday.

The Dow Jones Industrial Average went up 0.2% Monday afternoon. Bitcoin is trading at around $38,449 on Monday, up 1.7% over the past 24 hours, according to CoinDesk data.

-Frances Yue

	

(END) Dow Jones Newswires

May 02, 2022 15:54 ET (19:54 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2022 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., ,, and

Copyright © 2022. All rights reserved.