Buffett's 'carnival' draws shoppers and the sleep-deprived

Speaking at Berkshire Hathaway's annual shareholders meeting in Omaha, Neb., Buffett argued that healthcare costs - rather than high taxes - were the biggest problem facing American businesses. Google stock's got a lot going for it and still has more room to run than IBM ever did.

Buffett said he was happy to gather more money that can be used for takeovers and stock picks. His holding company has a $96.5 billion cash pile that's mostly located in the U.S.to work with, according to Berkshire's 2017 first quarter report that came out on Friday. Berkshire Hathaway Specialty Insurance launched two insurance policies that cover cyber liability and the costs incurred to respond to a data breach or threat.

Munger added: "You've got to remember railroads were a awful business for decades and decades and decades, and then they got good".

Buffett said such shifts help millions of people by providing necessities at a lower cost.

Will be in India if I feel there is a good value company for sale, Buffett said. Buffett, whose Berkshire Hathaway Inc.is a major shareholder of United and other big US airlines, said Monday, May 8, 2017, that the recent spotlight on poor customer service in the airline industry doesn't change his investment strategy.

Buffett's comments come shortly after former Wells Fargo employees revealed that they were forced to resort to unethical and illegal sales tactics to meet daily sales quotes.

At Berkshire's annual meeting Saturday, Buffett is the celebrity that everyone wants to get close to.

When Warren Buffett was asked Saturday about the American Health Care Act (AHCA), taxes seemed the likely topic of discussion. At the meeting, Buffett disclosed that, as Kraft Heinz worked on its now-dead takeover bid for the consumer products giant Unilever, Berkshire was prepared to invest $15 billion in the potential deal.

Steve Wallman, a money manager based in Middleton, Wisconsin, who's been attending the meetings for more than three decades, said the remarks illustrated how Buffett and Munger are "fallible, thoughtful, and aware of how much the world has changed".

Buffett has no plans to leave his job as chairman and CEO of the Berkshire Hathaway conglomerate he built through acquisitions over more than 50 years. Still, Buffett said that layoffs were sometimes necessary to make companies more productive. "It's clear to me what we need to do" to expand the business.

"They actually have to do something", Buffett said.

Buffett says Berkshire will occasionally have problems because it has 367,000 employees. Buffett added that he thought that Jeff Bezos was brilliant but he "didn't think he'd be where he is today when I looked at it years ago".

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.