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Warren Buffett says the face of retail is shifting

08 Mai 2017

The billionaire announced earlier this week that Berkshire Hathaway dumped about a third of his IBM stock.

Berkshire Hathaway chairman and CEO Warren Buffett, holds an ice cream as he poses for a selfie with Liz Claman of the Fox Business Network during the annual Berkshire Hathaway shareholders meeting in Omaha, Nebraska.

Berkshire Vice Chairman Charles Munger, 93, chipped into the debate by noting that "there's too much chemotherapy on people who are all but dead".

Buffett noted that he has had to oversee job cuts himself, citing job losses at the original Berkshire Hathaway textile business, which shut down 20 years after he took it over.

Among the bank's many mistakes, "there was one that dwarfs all the others", Buffett said.

Mr Buffett's conglomerate and 3G have worked together on a number of deals and "there's a chance we will do more and perhaps even bigger things together", he said.

Speaking to almost 30,000 of his Berkshire Hathaway shareholders Saturday, the second richest person in the world didn't mince words about Republicans' second attempt at repealing and replacing Obamacare.

Warren Buffett on Saturday faulted Wells Fargo & Co's WFC.N previous management for failing to take action immediately upon learning that its employees were signing up customers for bogus accounts, causing a national scandal.

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. In the past, Mr. Buffett has suggested that a dividend nearly certainly wouldn't be on the table until after he had given up the reins.

Berkshire is known for its decentralized structure with fewer than 30 people at headquarters that allows the more than 90 companies it owns to largely run themselves.

"We have an extraordinary group of good managers", Buffett said.

It's one of the second times this year Buffett has come out bullish on Bank of America.

"I want to hear him talk about the economy and investing", Weber said. "But I did not think he was going to succeed on the scale that he has".

The fossil fuels proposal from the Nebraska Peace Foundation would have required Berkshire to sell investments in oil refiner Phillips 66 PSX.N and other companies involved in fossil fuels over 12 years. The event offers Geico insurance quotes, See's Candy, Justin cowboy boots, RVs and homes manufactured by Clayton Homes.

"I'm very pessimistic on weapons of mass destruction generally although I don't think that nuclear probably is quite as likely as either primarily biological and maybe cyber", he said.