Buffett calls health bill a giveaway to wealthy

"The deferred taxes that are applicable to unrealised gains on securities would all be applicable to us", Buffett said during Berkshire's annual shareholders meeting on Saturday.

'That is a problem this society is having trouble with and is going to have more trouble " added Buffett, who's previously funded Republican candidates but threw his support behind Democratic presidential candidate Hillary Clinton a year ago.

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.

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. Yet despite a seven-digit return, Berkshire's vice chairman Munger still feels it necessary to apologize to investors for not doing more.

This "incentivized the wrong type of behaviour", and former Chief Executive John Stumpf, who lost his job over the scandal, was too slow to fix the problem, Buffett said. At that moment, that's the key to everything.

"Obviously it was a awful mistake", Buffett said.

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.

Buffett has said Berkshire could have a new chief executive within 24 hours if he died or could not continue, and that nothing had changed just because he praised fewer managers than usual in his February shareholder letter.

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

"It's a lot of people with a lot of buying power", he said. Known to his followers as "The Oracle of Omaha", Buffett has amassed a cult of reverence around his midwestern brand of capitalistic wisdom. "It's a very, very, very valuable product to people that build their lives around it".

Buffett owned about 81 million shares of IBM at the end of 2016 and sold about a third in the first and second quarters of 2017, CNBC reported, citing Buffett.

Apple is today one of the Berkshire's biggest equity holdings.

"I was impressed with Jeff early".

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