Buffett, whose Berkshire Hathaway Inc.is a major shareholder of United and other big USA airlines, said Monday, May 8, 2017, that the recent spotlight on poor customer service in the airline industry doesn't change his investment strategy. Buffett says United Airlines bungled the case of the passenger dragged off a plane in April 2017, and he is criticizing the CEO's handling of the incident.
This is his first interview post the Annual General Meeting (AGM) of Berkshire Hathaway.
Buffett said US stocks looked "dirt cheap" for anyone who believed interest rates will stay low for a long time.
Buffett also argued that when Wells Fargo turned the other way when fraudulent accounts had been created, it only continued to contribute to the toxic culture, according to the Times.
Berkshire plans to name one of its existing managers chief executive officer after Buffett is gone and the decentralized structure of the company allows Berkshire's subsidiaries to largely run themselves.
Buffett is the celebrity that everyone wants to get close to at the meeting. Had the new law been in effect, Buffett said his taxes would have gone down 17 percent previous year.
"It's a lot of people with a lot of buying power", he said.
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On 3G, with which Berkshire controls Kraft Heinz Co and tried to merge it with Unilever Buffett revealed to the meeting a dislike for the cost-cutting for which the Brazilian firm is known.
The billionaire investor said he hoped that the person who succeeds him will already be "very rich" - because the executive will have already worked for a long time and had success - and wouldn't be motivated by having 10 times or 100 times as much money as they need.
And on his surprise change of heart about IBM, Buffett admitted he was wrong to think IIBM "could do better" when he started amassing 81 million shares six years ago.
Buffett, speaking to a crowd of tens of thousands in Omaha, said the cost of health care hurts businesses way more than corporate taxes.
Today, one share of Amazon can be bought for $934.15. "We do view Apple and IBM differently - Apple more of consumer business, IBM has more to do with products".
Buffett said he should have known early on that Google was going places.