Sage of Omaha Warren Buffett eyeing benefits of Trump tax cut

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Shareholders overwhelmingly rejected a proposal that would have required Berkshire to disclose its political contributions twice a year. And, responding to individual shareholder queries, they also spoke about their dreams and regrets. He vocally supported Hillary Clinton in the 2016 presidential election.

Health care costs in other countries are now 10 percent or 11 percent of GDP, even though the ratios were on par with the US decades ago, he said.

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

Buffett also used the meeting to criticise U.S. bank, Wells Fargo & Co for failing to stop employees from signing up customers for bogus accounts even after learning it was happening, causing a scandal which is still impacting the bank. "The moment the C.E.O. heard about it, he had to act".

Buffett also said airplanes "may become like cattle cars", but that's because a significant number of passengers will put up with crowding in exchange for cheaper fares.

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

In contrast, the billionaire offered little defense of one major holding of Berkshire: IBM.

Buffett made headlines earlier this week when he announced that he was selling a third of his stake in IBM.

Buffett also defended one of his favorite business partners of late, 3G Capital, a Brazilian investment firm that has backed both Kraft Heinz and Burger King. In the session, Buffett honored Vanguard founder Jack Bogle's work in creating passive investment funds, saying he has saved investors "tens and tens and tens of billions" of dollars.

But 3G has been frequently criticized for its ruthless cost-cutting measures, including layoffs.

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Buffett noted that many iPhone purchasers are repeat customers who know a new phone will be introduced regularly, or buy them for such occasions as graduations.

"We need to bring back the manufacturing jobs that pay a lot", he said in a Bloomberg Television interview on Friday.

"I think it's absolutely essential to America that we become more productive, because that's the only way we increase consumption per capita", he added.

Thousands of people spent most of Saturday listening to Berkshire's top two executives - Warren Buffett and Charlie Munger - take questions for several hours.

Buffett likened the situation to Salomon Brothers Inc, where in 1991 he was installed as chairman to clean up a mess after the former chief executive failed to tell regulators a trader was submitting fake bids at Treasury auctions.

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