Thousands of people fill arena to hear from Warren Buffett

Warren Buffett at the Annual Berkshire Hathaway Shareholder's Meeting in Omaha NE

Buffett Says Money Spent on Plumbers Better Than on Hedge Funds

Every year, tens of thousands of investors descend on Omaha, Nebraska, to attend the annual meeting of Berkshire Hathaway, the conglomerate controlled by Warren Buffett, and hear directly from the billionaire.

Buffett said on CNBC that the bloody removal of a 69-year-old passenger from a plane was obviously "a bad mistake".

The world's most famous investor, the Oracle of Omaha, Warren Buffett expressed regrets about not being able to gauge two tech companies, where he doesn't own a stock but they are doing extremely well. He supported Democratic candidate Hillary Clinton during the 2016 election and has asked Trump to release his tax returns in the past.

Brooks Running chief executive officer Jim Weber said he is always careful about how much of Buffett's time he takes up when he talks to him, so those conversations tend to focus just on Brooks' running-shoe business.

He said the current 35 percent corporate tax rate was "not much" of a competitive disadvantage for US companies, despite Trump's push to slash it to 15 percent.

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. Of the bank's ousted chief executive, John Stumpf, Buffett said, "The moment the CEO heard about it, he had to act". "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".

He also addressed criticism that Berkshire discloses too little about businesses such as aircraft parts maker Precision Castparts Corp, which it bought past year for $32.1 billion. Berkshire does now own 133 million Apple shares, but it just sold off one-third of its 81 million IBM shares because Buffett misjudged that firm.

Warren Buffett said Monday that United Airlines bungled the case of the passenger dragged off a plane last month, and he is criticizing the CEO's handling of the incident.

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 ended March with more than $96 billion of cash and cash-like instruments, and Munger said it could do a "$150 billion" acquisition now if it wanted.

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