Warren Buffett's one-word answer for why he hasn't purchased Amazon shares

Warren Buffett and business partner Charlie Munger did their best Abbott and Costello routine at Berkshire Hathaway's (BRKA) annual meeting on Saturday for a crowd of some 40,000.

'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 previous year.

Last year, Buffett said CNBC - cyber, nuclear, biological and chemical attacks - posed a major threat to the economic well-being of Berkshire shareholders.

Yet Buffett and Munger stood by Wells Fargo and other Berkshire investments, including United Airlines and Coca-Cola.

Buffett said there's no change in Berkshire's plan to eventually replace him.

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Chairman Warren Buffett took on the Republican Obamacare repeal bill that was passed by the House this week and called it "a huge tax cut" for the rich.

He said he was more comfortable buying shares of Apple Inc, in which Berkshire has disclosed a 133 million share stake.

AIG agreed in January to pay US$10.2 billion to Berkshire to help shoulder the risk of additional losses on policies that already burned the New York-based company with higher-than-expected claims costs. "I think it's absolutely essential to America that we become more productive, because that's the only way we increase consumption per capita".

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

"It is a huge tax cut for guys like me", Warren Buffett said at the 52nd annual event, known as the "Woodstock of Capitalism".

"I think it's a neat way to keep the enthusiasm up in shareholders", said Jerry Meyer, who drove to Omaha with family from Coffeyville, Kansas.

Buffett said rising health care costs are crippling the competitiveness of USA companies overseas. The fourth richest man in the world with a net worth totaling $74.3 billion, according to Forbes magazine, Buffett has vowed to donate almost his entire fortune to charity.

Buffett also criticized Wells Fargo's leadership Saturday for lackluster handling of a firm-wide sales scandal that affected thousands of customers across the U.S. "The CEO has to act", Buffett said.

Buffett, whose Berkshire Hathaway Inc. is United's largest shareholder and has large stakes in other big USA airlines, said the recent spotlight on poor customer service in the airline industry doesn't change his investment strategy.

Mr Buffett's conglomerate and 3G have worked together on a number of deals and "there's a chance we will do more and perhaps even bigger things together", he said.

  • Zachary Reyes