Berkshire Hathaway Chairman and CEO Warren Buffett displays Berky Shorts, made by Fruit of the Loom, one of the Berkshire-owned companies, as he tours the exhibit floor at the CenturyLink Center in Omaha, Neb., Saturday, May 6, 2017, where company subsidiaries display their products. Buffett said he was happy to gather more money that can be used for takeovers and stock picks.
"It's intrinsically a unsafe kind of activity, but that's one of its attractions", Munger said on Saturday at Omaha, Nebraska-based Berkshire's annual meeting, highlighting the judgement of Buffett and his reinsurance deputy, Ajit Jain. "The main problem was they didn't act when they learned about it", he said of Well Fargo.
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.
'That is a problem this society is having trouble with and is going to have more trouble " added Buffett, who's previously funded Republican candidates but threw his support behind Democratic presidential candidate Hillary Clinton past year.
Buffett said the company could offer a modest pay package, with the chance for compensation to climb with long-term improvements in results.
Buffett is the celebrity that everyone wants to get close to at the meeting.
"It's a lot of people with a lot of buying power", he said.
"Bonds are a awful choice against stocks", he said.
But, he said, "it is absolutely essential to America that we become more productive, and 3G was "very good at making a business productive with fewer people".
In 2015, Buffett's Berkshire Hathaway (BRK-A) worked with Brazilian private equity firm 3G to merge Heinz with Kraft Foods.
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. "We got it wrong on IBM and will find out whether we are wrong on Apple", Buffett said.
"In retrospect, I think we were smart enough to figure out Google early, and we didn't", Munger said.