Warren Buffett says people who lose their jobs have become 'roadkill'
Warren Buffett says people who lose their jobs have become 'roadkill'
14 May, 2017, 00:44
Warren Buffett, chairman and chief executive officer of Berkshire Hathaway, speaks to media when viewing an exhibition of goods he invested during the annual stockholders meeting in Omaha, the United States on May 6, 2017.
"It's intrinsically a unsafe kind of activity, but that's one of its attractions", Munger said on Saturday at Omaha, Nebraska-based Berkshire's annual meeting, highlighting the judgement of Buffett and his reinsurance deputy, Ajit Jain.
And this year, those who made the trek heard Buffett on Saturday criticize the Trump administration's health care overhaul as a giveaway to wealthy individuals like himself, and heard him rebuke the previous management of Wells Fargo, of which Berkshire is one of the biggest shareholders.
The annual meeting is the main event of a weekend of events that Buffett calls "Woodstock for Capitalists". "The CEO has to act", Buffett said. "I did not think [CEO Jeff Bezos] could succeed on the scale he has", Buffett said, adding that he "really underestimated the brilliance of the execution".
"I thought it would do much better", Buffett admitted.
"I was too dumb to realize". Had the new law been in effect, Buffett said his taxes would have gone down 17 percent a year ago.
Buffett was joined by his longtime business partner, Charles Munger, who said both political parties - Republicans and Democrats - were facing great difficulty in thinking rationally about the issue at hand because they "hate each other so much". Berkshire Hathaway Specialty Insurance launched two insurance policies that cover cyber liability and the costs incurred to respond to a data breach or threat.
"Berkshire in fact ended March with more than $96 billion of cash and cash-like instruments, and Vice chair Charlie Munger said it could do a "$US150 billion" acquisition now if it wanted.
Apple, which Buffett bought a stake in previous year, accounts for about 5.5% of Berkshire's portfolio.
The billionaire faced several questions at the gathering about declining employment in the manufacturing sector - a key theme in the recent presidential race - and about job cuts at Kraft Heinz, the food maker backed by Buffett and 3G Capital.
Vice chairman Munger reminded the meeting "you've got to remember railroads were a bad business for decades and decades and decades, and then they got good".
"They actually have to do something", Buffett said.
Warren Buffett likened unemployed workers to animals that are helpless to avoid auto crashes, and said the US must do more to help those displaced by competition from overseas and technology.
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.
Clark vowed if re-elected to ban thermal coal exports from BC in retaliation for USA duties on Canadian softwood lumber. The province has Canada's lowest unemployment rate and has led the country in economic growth two years in a row.
On Afghanistan, Coats said the situation "will very likely continue to deteriorate, even if worldwide support is sustained". Senators sought an assessment of when North Korea would be able to strike the USA with a nuclear weapon.
He said that since he and Jones have both played in the AL East for years, it is likely that they have had different experiences. Price (elbow) is scheduled to make his first rehab start with Triple-A Pawtucket on Sunday, Ian Browne of MLB.com reports.
The NHS said it was not attacked specifically, and the attack is "affecting organizations from across a range of sectors". First discovered in February of this year, the attack has been wreaking havoc on a number of computer systems recently.
The roundtable event was held at the South Shore Cultural Center where two prominent Chicago couples were married. The Obama Presidential Center is expected to cost $500 million and should be complete by 2021.
According to Soder, the decision is not altogether new. "I believe these weapons or this support will arrive soon", he said. SDF commander Abdul Qader Hevdeli said on Friday the push to Raqqa "will be in the coming period of time".
In another move that is bound to get developers salivating, Microsoft launched its Visual Studio coding platform for Mac. Instead the company has signed deals with HP and Intel to bring more built-in Cortana-powered products to market.
The government also showcased two established ballistic missiles, one for submarines and one for on-land use. China is North Korea's main trading partner and Chinese companies produce military components for the North.
Raising interest rates would help limit inflation but hurt growth by making borrowing more expensive for companies and households. The MPC noted that both regular and total pay had been weaker than policymakers expected in February.
Other times anxiety takes hold and I'm like a deer caught in the headlights, nearly paralysed by fear of what's coming. This May, for Mental Health Awareness Month, one more unexpected voice is jumping into the wellness conversation.
UK working to restore hospital systems after cyberattack
Security experts from Kaspersky Lab and Avast Software say Russian Federation was the hardest hit, followed by Ukraine and Taiwan. Unfortunately, it doesn't help people who are already hit by the ransom, but at least it prevented it rolling out further.
Ducks eager for rematch with Rinne's Predators in West final
The NHL's operations department tracks all games and issues citations when it determines that a player warrants a sanction. The Edmonton Oilers and Anaheim Ducks approach Game 7 of their second-round playoff series from different perspectives.
Waymo's Lawsuit Against Uber Going to Federal Prosecutors
Uber has seen a string of high-profile executive departures following a controversy over sexual harassment and discrimination. In Waymo's telling, this was a grand conspiracy by Uber to steal trade secrets by hiring away a key engineer.
Demi Lovato, Kate Hudson collaborate on workout clothes
The " Demi Lovato for Fabletics " collection will be available online and in selected stores in eight countries worldwide. Speaking about the fashion range, she said: "It's important to feel comfortable in what you're wearing".
Game 6 tonight in Washington
Isaiah Thomas had one last shot for the win, but his tightly contested, off-balance 3-pointer was off the mark as time expired. For a time , it seemed like the fourth quarter would belong to him like it had on so many other occasions this season.
Engineer charged in deadly Amtrak crash
Bostian was not under the influence of drugs at the time of the crash, nor was he distracted by his cellphone. The Amtrak train bound for New York City crashed in Philadelphia, killing eight people and injuring hundreds.
Ducks' reward for Game 7 win is date with Rinne and Preds
While all other teams have posted a below.500 record at home during the playoffs, the Preds are a flawless 5-0 through two rounds. Ritchie scored the game victor at 3:21 of the third when he rifled a high shot past Oiler goalkeeper Cam Talbot from the slot.
FBI Raids Offices Of Republican Consulting Firm
This firm is known for its pioneering use of technology in political campaigns for GOP candidates nationwide. Less than one-half of one percent of that money, $10,000, actually made it to the Cuccinelli campaign.
Honor 8 Lite launched in India through offline channels
Chinese smartphone-maker Huawei on Thursday launched ' Honor 8 Lite' in India that will be available through offline channels. Similar to other Honor smartphones, the Honor 8 Lite comes with a 15-month warranty as well as door pick-up and drop service.