Buffett Downplays Value Clash Between Berkshire, Cost-cutting 3G

19 May, 2017, 10:16 | Author: Leticia Walters

Billionaire Warren Buffett says growing health care costs continue to be a drag on the performance of US businesses, and he's not sure the reform package Republicans passed will do much to help that. He also said rising health care costs, rather than high taxes, were the biggest drag on US businesses.

"Medical costs are the tapeworm of American economic competitiveness", he said, according to The New York Times.

Buffett's remarks came a day after thousands of documents were released online targeting French presidential candidate Emmanuel Macron, before the second round of voting on Sunday.

OMAHA, Neb. (AP) - Berkshire Hathaway shareholders are attending several events around Omaha this weekend after the company's annual meeting on Saturday. "The main problem was they didn't act when they learned about it". It's the largest shareholder in businesses including Wells Fargo & Co., Delta Air Lines Inc. and Coca-Cola Co. Buffett says he still believes in the long-term prospects of the bank even though Wells Fargo mishandled the scandal.

Buffett marveled at modern tech companies and their ability to accumulate market value with minimal fixed assets or capital needs.

Buffett also raised the possibility Berkshire could pay its first dividend since 1967, if "reasonably soon, even while I'm around", the company had too much cash it could not reasonably deploy. Berkshire said complex social and moral issues should not determine where it could invest.

The meeting also included discussions about Berkshire's succession plans.

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.

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.

Earlier this week, Buffett announced that Berkshire Hathaway had dumped about a third of its IBM stock.

"I'm sure that they give money to people I wouldn't vote for, but that is the reality of doing business", he said. Berkshire, a conglomerate that wholly owns Geico Insurance and other assets, has seen its share price double over the past five years.

"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.

Recommended:

  • Sam Allardyce

    Sam Allardyce "expecting a lot more" from Wilfried Zaha

    Sakho stayed with Palace after his injury and attended the 4-0 win over Hull City, with Parish adding: "The player could have gone anywhere once he was injured, he could have gone back to Liverpool but he has been with us and was there on Sunday".
    Alibaba reveals US$6 billion share buyback as it misses EPS forecast

    Alibaba reveals US$6 billion share buyback as it misses EPS forecast

    It's also trying to appeal to a growing middle class demanding premium products from Alaskan salmon to New Zealand milk. Adjusted earnings per share was 4.35 yuan in the first quarter, missing analysts' estimates of 4.51 yuan per share.
    Israel was source for some of information shared with the Russians

    Israel was source for some of information shared with the Russians

    House Speaker Paul Ryan, also Republican, did not heed to calls to defend the president and demanded more information to do so. McMaster shot down speculation that such disclosures might have put USA intelligence assets at risk.
  • Bad sleep makes you ugly

    Bad sleep makes you ugly

    So for now, try your best to avoid those lost hours of mind-numbing Instagram scrolling before bed-and get some damn beauty sleep. But sometimes we forget just how important sleep truly is, and need a little nudge from a different direction.

    Oil prices soar as KSA, Russia back extension of output cut

    Members of the Organization of Petroleum Exporting Countries agreed in November to cut 1.2 million barrels a day of oil production.

    NHS works to curtail cyber attack damage

    The attack was one of the largest ransomware attacks in history. "The message to patients is clear: the NHS is open for business". Microsoft released patches last month and on Friday to fix a vulnerability that allowed the worm to spread across networks.
  • Soundgarden frontman Chris Cornell dies at 52

    Soundgarden frontman Chris Cornell dies at 52

    Cornell started out as a drummer and played some guitar, but his soaring four-octave voice was Soundgarden's key ingredient. Cornell released a handful of solo records before Soundgarden reformed in 2010 and released the record King Animal .

    McCaskill: Rosenstein Knew Comey's Fate Before Writing Memo

    And House and Senate investigators had invited Comey back to Congress to explain what happened - although Utah Rep. The memo harshly criticized Comey's handling of an investigation of Hillary Clinton's emails.

    Tottenham thrashes Leicester City

    Here, we focus on four-goal hero Harry Kane. "It is a season again where he fights to be the top scorer in the Premier League". I was looking to score a couple of goals. "I am in the driving seat but there's still one more game".
  • Donate to Relay for Life and be the Wellesley principal's pal

    Donate to Relay for Life and be the Wellesley principal's pal

    In total, the 50 Ipswich teams registered have raised nearly half of their $90,000 with donations now sitting at $37,610. Other events throughout the evening include the Survivor's Lap, the Caregiver's Lap and the Luminaria Ceremony.
    Always Dreaming wins Kentucky Derby in slop

    Always Dreaming wins Kentucky Derby in slop

    Third was Gun Runner and fourth, Mohaymen, none of which came as a big surprise - these horses were the top for betting choices . Saeed bin Suroor's charge was quickly pulled up by Christophe Soumillon but was checked over by on-course vets and was fine.

    LeBron and Co. cruise past Celtics in game one romp

    Game 2 will tip off tomorrow at 8:30pm but if last night was any indication your Friday night would be better served elsewhere. Celtics live streaming as well as all of the other 2017 NBA Playoffs by signing up with a one-time payment of $9.99.


Popular

Always Dreaming installed as 4-5 favorite
Brendan Walsh-trained Multiplier is expected to arrive later in the day following a van ride from Keeneland in Lexington, Ky. Classic Empire won the Breeders' Cup Juvenile last year, when he was voted 2-year-old male champion.

North Korea poses threat to China, Russia: US admiral
President Donald Trump has said he wants South Korea to pay for the Terminal High Altitude Area Defense (THAAD) system which detected Sunday's test launch.

Author: Trump Pressured Flynn to Be National Security Adviser
The controversy surrounding former national security adviser Michael Flynn has engulfed President Donald Trump's White House. Flynn resigned from his position as Trump's national security advisor in February.

Ailes' political legacy: GOP control in divided America
Roger was a patriot, grateful to live in a country that gave him so much opportunity to work hard, to rise-and to give back. Watch above, via Fox News . "Roger was a great patriot who never ceased fighting for his beliefs", he added.

Sydney teen lured to NYC over Snapchat by convicted killer
Once she arrived, Mr Price hired a vehicle and drove the teenager across the country to New York City, US police believe. The girl told police she had met a man in Guinea in January and he offered her employment.