Warren Buffet regrets missing out on Google and Amazon
Buffett also admitted that he made a mistake by not investing heavily in Amazon.
Listening to Warren Buffett never gets old to the thousands of Berkshire Hathaway shareholders who are filling an arena to listen to the billionaire investor at the company’s annual meeting on Saturday.
Buffett is least excited by driverless cars and trucks, saying they pose a threat in many ways.
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. And, responding to individual shareholder queries, they also spoke about their dreams and regrets.
Buffett, who had backed Hillary Clinton in last year’s USA election, did not directly criticise Trump at the meeting.
Berkshire recently sold about one-third of those shares even as it built a huge stake in Apple Inc, which Buffett said is more as a “consumer” company than a technology company.
Buffett also called rising medical costs the “tapeworm of American economic competitiveness“, claiming it has been health care expenses, as opposed to high corporate taxes, that are holding companies back.
Buffet also said that people should remain invested in strong businesses and that it was easier to invest in 1950 than today as there was less competition.
Buffett said a CEO’s natural tendency is to first defend his employees, but that should not have been the case if Munoz had seen the video. Of the bank’s ousted chief executive, John Stumpf, Buffett said, “The moment the CEO heard about it, he had to act”.
On the methane emissions proposal from shareholder Marcia Sage, Berkshire said its gas pipeline and other units have already taken steps to reduce emissions, and that a separate report was unnecessary. The combined Kraft Heinz (KHC) firm then announced plans to close seven factories and cut about 2,600 jobs.
But 3G has been frequently criticized for its ruthless cost-cutting measures, including layoffs.
Apple has ticked all of Mr. Buffett’s boxes of late, and with an iconic brand and ever-improving product portfolio, Berkshire Hathaway Inc.
“Whether it’s a better tax system or not depends on how it’s constructed”, he said.
Buffett told shareholders that he blew it by not buying up stock in Google years ago.
To no one’s surprise, Buffett did not mention who would take over for him as Berkshire’s chief executive.
It is unclear whether Berkshire booked losses as Buffett began selling some of its stock in IBM Corp, which it has owned for about six years.