Cybersecurity uncharted territory, risks to get worse: Warren Buffett

Mae Love
May 7, 2018

The shareholder said it was a symbol of what it meant for a business leader to "have a moral compass" and seemed at odds with his later position on guns.

Berkshire Hathaway acquired See's sweets in 1972, and Buffett is famously fond of its peanut brittle- which he and his business partner Charlie Munger continuously munch on while answering questions for six hours at their shareholder meeting each year.

At an annual shareholders' meeting in Omaha, Nebraska, Mr Buffett was peppered with questions about the future of the company without him. Yet over the years, the event has drawn protesters ranging from climate activists to even pilots at Berkshire's NetJets who were fighting over labor contract negotiations. "In August, I will be 88, in a year that ends in an 8".

Some attendees questioned his investment in Wells Fargo & Co., which has been reeling from a phony-account scandal. Berkshire is now Apple's third largest shareholder, behind Vanguard Group and BlackRock Inc. He repeated his view that the lender had made mistakes and had the wrong incentives in place. He said he and Buffett do not approve of all repurchase strategies.

"I'm starting a confectionery company, and it will be incredible", he wrote on may 6, expressing their "superseries" intentions and the desire to create a "cryptolope".

A supporter of Hillary Clinton in the 2016 presidential election, Buffett has carefully avoided directly addressing some of President Donald Trump's actions and policies.

"I do not believe on imposing my political opinions on the activities of our businesses", Buffett said, drawing applause from the admittedly pro-free-market crowd.

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"He's very cautious and he's politically savvy", Shanahan said.

Following the February 14 school shooting at Marjory Stoneman Douglas High School in Parkland, Florida, Buffett told CNBC: "I don't believe in imposing my views on 370,000 employees and a million shareholders".

It said the loss was due to billions in charges on estimated potential losses it must book because of new accounting rules.

In the first quarter of the year, it posted a rare loss - of US$1.14 billion (S$1.52 billion) - according to a statement on Saturday.

Some in America wonder if Berkshire Hathaway will remain such a bellwether once Mr Buffett is gone. If your only defense against invading armies is a moat, you will not last long. On Saturday, Buffett pushed back, saying that there are still pretty good moats around. And Elon may turn things upside down in some areas.

Speaking of the U.S. trade deficit, Buffett said he would not like the gap to get too wide, but "when you think about it, it's really not the worst thing in the world to have someone send you the goods that you want and for you to send a piece of paper".

Not to be beaten in the war of words, Musk tweeted on Saturday evening: " I'm starting a candy company & (and) it's going to be amazing".

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