Takeaways From Buffett's Address To Berkshire AGM


That was the verdict of Warren Buffett, chairman and chief executive, as he and Charlie Munger, his vice-chairman, spoke at the investment company's annual shareholder meeting at the weekend.

"So it is a huge tax cut for guys like me", he said, according to Reuters.

Billionaire American investor Warren Buffett has denounced the Donald Trump administration's healthcare overhaul as a huge tax cut for wealthy individuals like himself.

"We should try to hit both objectives, to make sure there is not roadkill and 320 million people get the benefits of free trade", Buffett said.

"They actually have to do something", Buffett said.

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Buffett told shareholders of his company Berkshire Hathaway on Saturday that he realized early on that Google was turning significant profits from advertising on the Internet though he did not think it could sustain long-term success, CNBC reported. Buffett's logic is straightforward: The Oracle of Omaha thinks he can make more money for shareholders by investing their money than they can make for themselves with it.

Buffett and Munger avoided technology investments for most of their careers because they said it was too hard to figure out which companies would win.

Berkshire Hathaway has operations ranging from insurance to freight railroads and investments in a host of businesses, including troubled bank Wells Fargo, which has been rocked by a fake accounts scandal.

On 3G, with which Berkshire controls Kraft Heinz Co and tried to merge it with Unilever NV, Buffett acknowledged a dislike for the cost-cutting for which the Brazilian firm is known.

By comparison, the two stock-pickers at Berkshire, Ted Weschler and Todd Combs, manage about $20 billion between them and get paid $1 million a year in salary, plus bonuses based on the amount by which they beat the annual returns on the S&P 500 index. Because the stock has never split, a single share now costs more than $250,000.

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He said the company has 'run into some pretty tough competitors'.

Shareholders overwhelmingly rejected a proposal that would have required Berkshire to disclose its political contributions twice a year.

This is Ajit Jain, who is creating more money for shareholders than Warren Buffett.

Dozens of companies Berkshire owns set up booths in an adjoining 18,580m2 exhibit hall to sell their products and take questions about their businesses.

He was joined at the traditional newspaper tossing contest by friends including Microsoft Corp co-founder and Berkshire director Bill Gates and Miami Dolphins defensive tackle Ndamukong Suh. Of the bank's ousted chief executive, John Stumpf, Buffett said, "The moment the CEO heard about it, he had to act". Several said they got there almost five hours before doors opened around 6:45 a.m.

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