Warren Buffett. Getty Images / Jemal Countess Warren Buffett dismissed art as a bad investment nearly 60 years ago. France could have made $1 quadrillion if it had invested instead of buying the Mona Lisa, he said. Buffett described investing, valuing and building businesses, and Berkshire Hathaway as art. See more stories on Insider's business page. Warren Buffett invoked one of the most famous paintings in history to explain why art is a poor investment.The billionaire investor tackled the topic in his 1963 letter to clients of his Buffett Partnership, the investment fund he ran before turning his attention to Berkshire Hathaway.