Buffett's partner Charlie Munger said in an interview broadcast on Tuesday that he fell in love with ZoomBelieves that even if life returns to normal after the pandemic, the videoconferencing software will continue to flourish.
"I fell in love with Zoom," Munger said. I think Zoom will continue to exist. It adds too much convenience. "
The 97-year-old investor said he used Zoom, at least three times a day and closed a deal in Australia via video phone.
Zoom stood out during the outbreak, with revenue soaring and its share price soaring 395 per cent in 2020 as demand surged. Earlier this month, the company reported a 191% increase in sales for the quarter ended April 30.
Munger is bullish on Zoom, because he believes business travel is unlikely to return to pre-pandemic levels. At the same time, he said, office demand will remain low because many employees may have the flexibility to work from home.
"I don't think a lot of business trips will ever come back," Munger said. One company after another decided to hold face-to-face meetings once or twice a year, and the rest were Zoom. I think this situation will continue. "
He added: "the change in office requirements is just. Now think about the pain in this field. Many people find that they don't need to go there at all. I think a lot of people will decide that they can work three days a week and stay at home the other day. I think all kinds of things will happen... We won't go back to the way we used to be. "
However, Buffett disagrees with Munger on Zoom, saying he still prefers old-fashioned phones.
Buffett said: "I am not a fan of Zoom, I do not see any special benefits." I've used it once or twice, and they have a whole screen of people. I just don't know what experience it will add. You know, I'd rather put my feet on the table. I think the phone is a very satisfying tool. "