Warren Buffett explains why he doesn't own Microsoft shares

06 May, 2018, 05:13 | Author: Martin Tyler
  • What Investors Are Watching For In This Year's Berkshire Hathaway Meeting

Warren Buffett said he doesn't want Berkshire Hathaway Inc. being a leader on cyber insurance because neither he nor others in the industry really know the risk.

The main event is a daylong question-and-answer session where Buffett, 87, and vice chairman Charlie Munger, 94, will field questions from an estimated crowd of 40,000 on topics ranging from who will run the conglomerate when Buffett leaves the stage and how they plan to deploy a cash hoard that hit a record $116 billion at the end of past year. Both men now oversee about half of Berkshire's operating companies.

"Cryptocurrencies will come to bad endings", said Buffett, 87.

The Trump administration has drawn a hard line in trade talks with China, demanding a $200-billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies, people familiar with the talks said on Friday.

"We have a lot of common interests and like any two big economic entities, there are times when they'll be tensions, but it is a win-win situation when the world trades", Buffett said.

R. Kelly says media using sex allegations to kill his legacy
Fresh allegations claimed that the 51-year-old singer "knowingly and intentionally infected" a 19-year-old woman with an STD. In the case of Lizzette Martinez , she willingly entered a relationship with Kelly in 1995, when she was 17 years old.

"Warren preaches that we should manage it as if it's our own business and protect reputation", Bader said.

William Robertson, a Scotland native who now fights fires and does forestry work in Switzerland, said he lined up at 11:30 p.m. Friday, 7-1/2 hours before doors opened.

"He's done a phenomenal job for his shareholders", said Gary Gocken, of Lincoln.

Buffett, famed for his love of junk food, has said spiralling healthcare costs are responsible for 18 percent of USA gross domestic product, up from 5 percent in 1960, and he wants to slash a few percentage points off.

Longtime Berkshire board member Ron Olson told Yahoo Finance he thinks the new roles for Abel and Jain will take some pressure off of Buffett and make it easier for him to continue running Berkshire, which includes an eclectic mix of more than 90 companies. Buffett, 87, is considered one of the most successful investors globally and is the third wealthiest person both in the USA and the world.

United Kingdom peer calls Irish PM Varadkar 'a typical Indian', denies being racist
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Shareholders have been enthusiastic about Berkshire, which sent out slightly more tickets to this year's extravaganza than in 2015 when an estimated 42,000 celebrated Buffett's 50th year at the helm.

The benefits of trade are basically not visible. He used the example of World War II headlines from 1942 to illustrate how investing can pay off over time even if conditions seem bleak.

Asked a pointed question why Buffett is willing to do business with gun makers, Buffett sharply retorted, "I do not believe in imposing my political opinions on the activities of our businesses". Some companies emerge from scandals stronger than ever, Buffett said. Wells Fargo had been trying to fix its reputation after admitting in 2016 that employees opened as many as 2 million accounts without getting customers' permission to meet aggressive sales targets.

"We very much approve of them", Buffett said. Its insurance and utility businesses typically account for more than half of the company's net income.

UK ministers attack Britain's upper house over Brexit vote
The Prime Minister is looking at plans to give European Union nationals a deal "very similar" to current free movement rules. This would give MPs and Lords four months to decide what to do next before Britain's scheduled exit date of March 2019.

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