Warren Buffett To Shareholders: 'We Messed Up By Not Investing In Amazon'

Speaking at Berkshire's annual shareholders' meeting in Omaha, Buffett said his federal income taxes past year would have gone down 17 percent had the new law been in effect.

Berkshire Hathaway CEO and billionaire Warren Buffett delivered condemning remarks about President Trump's new health care plan that passed the House of Representative last Thursday.

Billionaire investor Warren Buffett has explained why Berkshire Hathaway doubled its AAPL holdings in January, stating that he used his understanding of the furniture market to appreciate the strength of the iPhone ...

"Massive trade should be - and is actually - enormously beneficial to both the U.S. and the world", he 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".

Buffett told the more than 30,000 people who attended the annual meeting that flawed compensation systems - such as the arrangement that rewarded Wells Fargo employees for meeting aggressive sales goals - can promote the wrong behavior.

Last year, Buffett said CNBC - cyber, nuclear, biological and chemical attacks - posed a major threat to the economic well-being of Berkshire shareholders.

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.

He also said that a lot of the benefits of lower corporate taxes would likely be competed away.

But he also said it would be a "terrible mistake" if capital allocation were not the "main talent" of his successor.

Buffett said he was happy to gather more money that can be used for takeovers and stock picks.

"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.

In 2015, Buffett's Berkshire Hathaway (BRK-A) worked with Brazilian private equity firm 3G to merge Heinz with Kraft Foods. Berkshire bought the BNSF railroad in 2010.

Companies such as Walmart and Apple, which both feature in Buffett's huge portfolio, have thus far failed to open their own stores in the country.

'I don't value IBM the same way that I did six years ago when I started buying, ' Buffett said on Saturday.

Most of the weekend's other events celebrate shopping at companies owned by Berkshire Hathaway.

Gates, for his part, said that any tax cut is unlikely to benefit businesses in the tech sector but will likely help shareholders.

"Every year it seems I have to come earlier", said Chris Tesari, a retired businessman from Pacific Palisades, California who said he arrived at 3:20 a.m. for his 21st meeting.

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