Warren Buffett's one-word answer for why he hasn't purchased Amazon shares

Violet Tucker
May 16, 2017

Warren Buffett, the billionaire chairman and chief executive officer of Berkshire Hathaway Inc., assured shareholders that they'll be fine after he's gone. When a protester from Germany delivered a long speech decrying Coke, sugar and capitalism itself, Buffett said he would continue to drink his favorite beverage, Cherry Coke.

- Berkshire Hathaway Chairman Warren Buffet, 86, and his Vice Chairman Charlie Munger, 93, fielded questions from analysts, journalists, and shareholders for several hours on May 6 at the company's annual meeting in Omaha. "The main problem was they didn't act when they learned about it", he said of Well Fargo. 'I did not think [Bezos] could succeed on the scale he has'.

Buffett, a Democrat who vocally supported Hillary Clinton's unsuccessful White House candidacy, added that the impact of lower corporate taxes would not translate into higher profits across all of Berkshire's many dozens of businesses.

Buffett told the meeting Berkshire could pay its first dividend since 1967, "reasonably soon, even while I'm around".

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

"We'll do well by getting US$10.2 billion (RM44.16 billion) today, with a maximum payout of US$20 billion" between "now and Judgement Day", Buffett said.

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But he also said it would be a "terrible mistake" if capital allocation were not the "main talent" of his successor. "It's a very, very, very valuable product to people that build their lives around it".

He said it may have been harder to single people out because "we have never had more good managers".

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.

Asked if he had stopped buying, Buffett said: "Maybe, maybe not".

Separately, Buffett expressed regret over his failure to invest early in Internet search company Google, now part of Alphabet Inc GOOGL.O , saying "I should have some insight into" what became an "extraordinary business" with attributes of a monopoly.

Other reports by Guamnewswatch

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