Buffett Says Trump's Tax Proposal Won't Change Berkshire

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Buffett told Berkshire Hathaway shareholders Saturday that the bank should have done more to correct the problem once it was discovered.

More recently, Berkshire and 3G worked together on Kraft Heinz's proposal to buy European food company Unilever NV ULVR.L UNc.AS for $143 billion, only to be turned down. Berkshire Hathaway Specialty Insurance launched two insurance policies that cover cyber liability and the costs incurred to respond to a data breach or threat.

Buffett has always been willing to sell stock investments, as opposed to entire businesses, when they do not pan out or he finds something better.

Warren Buffett is considered one of the world's greatest investors, yet even he makes mistakes.

Buffett's change of heart would be both a boon to his shareholders and somewhat ironic: The investor has publicly espoused the value of income-paying stocks, particularly for retirement savers, but may bring dividends to Berkshire just as he prepares to retire himself.

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

Berkshire Hathaway chairman and CEO Warren Buffett, holds an ice cream as he poses for a selfie with Liz Claman of the Fox Business Network during the annual Berkshire Hathaway shareholders meeting in Omaha, Nebraska.

Buffett said the $3 trillion hedge fund industry is "such a big game" that people are able to make "huge sums of money, far beyond what they're going to make in medicine" or other professions. "The main problem was they didn't act when they learned about it".

Buffett said at Saturday's annual meeting that it's crucial his successor have what he calls a "money mind". He's in his final year of a wager with Ted Seides, managing partner for Hidden Brook Investments, on whether an investor putting money in a low-priced fund tracking the S&P 500 index of stocks would see more gains than the returns of five funds of hedge funds over a decade.

Buffett also admitted he was wrong to think International Business Machines Corp (IBM.N) "would do better" six years ago, when he started amassing an 81 million share stake.

To no one's surprise, Buffett did not mention who would take over for him as Berkshire's chief executive.

Still, Buffett is uncomfortable with keeping so much of Berkshire's cash parked on the sidelines, and acknowledges that the pressure is on to figure out whether to spend it-likely on a major acquisition-or pay it back to shareholders.

Dozens of companies Berkshire owns set up booths in an adjoining 200,000-square-foot exhibit hall to sell their products and take questions about their businesses.

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