Buffett says AHCA is tax cut for the rich

Debra Rodriguez | 21 May, 2017, 02:58

"The main problem was they didn't act".

Still, Buffett's support of current management and board was key to ensuring the re-election of the entire board last month.

"I thought it would do much better", Buffett admitted.

When Warren Buffett was asked why he's not buying Amazon shares, the billionaire investor had a simple answer. But he said Berkshire has an internal "hotline" to flag possible misbehavior, which gets 4,000 calls a year.

Buffett noted that he has had to oversee job cuts himself, citing job losses at the original Berkshire Hathaway textile business, which shut down 20 years after he took it over.

"If I die tonight, I think the stock would go up tomorrow", he said in response to one shareholder's question.

Mr Buffett's conglomerate and 3G have worked together on a number of deals and "there's a chance we will do more and perhaps even bigger things together", he said.

"It was huge what they did on cutting taxes for the rich in this", he said of the American Health Care Act, which passed the House on Thursday and awaits discussion in the Senate. Currently, Berkshire has more than $90 billion in cash on hand.

Around 40,000 investors around the world over the weekend came to Omaha to attend Berkshire's annual meeting. "It may not be good for a given business". Berkshire bought the BNSF railroad in 2010.

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Yet Buffett and Munger stood by Wells Fargo and other Berkshire investments, including United Airlines and Coca-Cola.

As of February, Berkshire Hathaway held Apple shares worth $17B at the time, and significantly more today.

Buffett also explained that, in his view, Berkshire's investment in Apple - despite his noted aversion to investing in technology companies - was more a bet on a highly successful peddler of consumer electronics than a wager on technology per se.

Buffett said Saturday that health care costs have gone up incredibly, and are expected to continue increasing.

"It is a huge tax cut for guys like me", Warren Buffett said at the 52nd annual event, known as the "Woodstock of Capitalism".

Buffett and Munger started taking questions after the traditional shareholder movie, and after Buffett had roamed a nearby exhibit hall featuring products from Berkshire companies. Buffett recalled how Microsoft founder Bill Gates once told him he would just hire people from IIT if he were to choose one university.

Many hundreds of shareholders started lining up outside the CenturyLink Center, including several who said they got there almost five hours before doors opened at about 6:45 a.m.

"I was impressed with Jeff early".

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Buffett says AHCA is tax cut for the rich

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