Tuesday, 23 May, 2017

Thousands of people fill arena to hear from Warren Buffett

Charlie Munger's 18 Biases That Cause You to Fool Yourself and Make Bad Decisions- The Motley FoolMore Charlie Munger's 18 Biases That Cause You to Fool Yourself and Make Bad Decisions- The Motley FoolMore
Mae Harvey | 12 May, 2017, 03:48

"It was bad enough having a bad system", Buffett said.

"We should try to hit both objectives, to make sure there is not roadkill and 320 million people get the benefits of free trade", Buffett said. "People live better when there is more output per capita".

Berkshire Hathaway is the largest investor in United Airlines and also holds significant shares in Delta and Southwest Airlines.

"We need to bring back the manufacturing jobs that pay a lot", he said in a Bloomberg Television interview on Friday. But he told the meeting that he is now confident it will not resort to "suicidally competitive" pricing strategies that could spell doom. "And, of course, the government isn't very good at that", Munger said.

The Oracle of Omaha, who is according to Forbes is worth an estimated $74billion, says he blew it by not buying up shares of Google and Amazon when their stock price was a fraction of what it is today. Berkshire bought the BNSF railroad in 2010.

Buffett said flawed compensation is also a problem for hedge-fund managers, arguing that people would be better off sticking their money in a low-priced index fund.

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.

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Berkshire Hathaway Chairman and CEO Warren Buffett prepares to hug table tennis player Ariel Hsing, bottom.

Despite the earnings shortfall, Buffett's preferred measure of growth for Berkshire, book value per Class A share, or assets minus liabilities, rose 3.5 percent in the quarter to $178,073. The two executives spoke about the arcana of insurance, one of Berkshire's biggest businesses.

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 was joined at the traditional newspaper tossing contest by friends including Microsoft Corp co-founder and Berkshire director Bill Gates and Miami Dolphins defensive tackle Ndamukong Suh.

In the case of Google, however, Buffett said he could have figured out the company had a great advertising business because he was, in effect, contributing to its profits.

Buffett said the bloody removal of a 69-year-old passenger from a United Express plane in Chicago was obviously "a bad mistake". Several said they got there almost five hours before doors opened around 6:45 a.m.

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