Buffett: GOP Health Care Bill a Tax Cut for the Rich

With big slugs of Berkshire Hathaway's portfolio struggling, including Wells Fargo and IBM, returns are converging with the S&P 500.

Over the course of 6 1/2 hours, Buffett, 86, and Munger, 93, touched upon a range of topics, as they sipped Coca-Cola and munched on See's sweets (from two of Berkshire's holdings). Berkshire is also the top shareholder at Delta, No. 2 at Southwest and No. 3 at American.

Buffett says the country's huge population and rapidly growing middle class is too big to ignore.

Among the reasons Buffett cited for the purchase was IBM's track record in repurchasing its stock.

On Sunday morning, almost 3,000 people ran in a 5K race through downtown that was sponsored by Berkshire's Brooks Running subsidiary. "We never owned a share of Amazon", Buffett said.

Buffett had harsh words for Wells Fargo & Co managers who failed to respond promptly to a sales practices scandal that cost the then-chief executive officer his job previous year.

While it remains unclear how Trump's trade policy will evolve in the next few years, investors are concerned about potential increases of trade frictions between the US and other trading partners.

To no one's surprise, Buffett did not mention who would take over for him as Berkshire's chief executive. Currently, Berkshire has more than $90 billion in cash on hand. "Get me in a lot more of those businesses and I'll accept a little extra worry".

Berkshire now owns 133 million shares of Apple, which Buffett said behaves more like a consumer-products company than a tech company.

- On May 4, Warren Buffett said Berkshire Hathaway had sold about 25 million shares in International Business Machines. Sloan, the bank's CEO, has said most calls to what the bank calls the EthicsLine were handled properly and promised to fix cases where they weren't.

Now, ET Now has decoded insights from Warren Buffett's views.

Around 40,000 investors around the world over the weekend came to Omaha to attend Berkshire's annual meeting.

So they missed out on Google even though they knew the business well because Berkshire's Geico insurance unit advertised with the search engine.

One such example is Eric Schnur, who started reporting to Mr. Buffett as chief executive of Lubrizol in January, replacing the retiring James Hambrick. By the end of 2011, his holding company Berkshire Hathaway had purchased nearly 64 million shares of the company - equivalent to 5.5% of IBM - for $10.9 billion, paying about $170 per share for the initial stake.

"I think Apple is much more of a consumer-products business" with skill at finding opportunities that are hard for rivals to duplicate.

"I had plenty of ways to ask questions, or anything of the sort, and educate myself", Buffett said.