losangelesnewstoday.com
losangelesnewstoday.com June 22, 2017


Thousands of people fill arena to hear from Warren Buffett

08 May 2017, 03:54 | Dawn Berry

Speaking at an annual conference of his company's shareholders in Omaha, Nebraska, on Saturday, Buffett said that healthcare costs were the biggest problem facing United States businesses, adding that his federal income taxes previous year would have gone down 17 percent had the new healthcare law been in effect.

"Medical costs are the tapeworm of American economic competitiveness", Buffett said.

Most of the weekend's other events celebrated shopping at companies owned by Berkshire Hathaway. 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'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.

"They were totally wrong on that", Buffett said in Omaha, Neb., at the annual meeting of his Berkshire Hathaway Inc.

At Wells Fargo there were three very significant mistakes, he says, but the biggest problem was the bank's incentive system.

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.

US government needs a 'shutdown' to 'fix mess': Donald Trump
He said Republicans also had prevailed on defense funding, although the budget gives Trump only about half of what he was seeking. He says it's "a really good down payment" on rebuilding the military and "the biggest increase in border security in a decade".

But for long time watchers of Buffett, perhaps the most tantalising point to emerge, was a stronger suggestion of a dividend - either by way of a cash payment or capital management. For most of his career, Buffett avoided technology stocks, saying the companies were outside his expertise.

Warren Buffett, chairman and chief executive officer of Berkshire Hathaway and Bill Gates, billionaire and co-founder of the Bill and Melinda Gates Foundation, attend the Berkshire Hathaway annual meeting.

Increasing healthcare costs and not high tax rates, were impacting America Inc., according to him. "The main problem was they didn't act when they learned about it".

"Berkshire ended March with more than $96 billion of cash and cash-like instruments, and Munger said it could do a "$150 billion" acquisition now if it wanted. A year ago the shares rose more than 23%, nearly twice the rise in the S&P 500 (plus reinvested dividends) and the 10.7% rise in the book value of Berkshire Hathaway shares.

"We want you to understand what you own", he said, and "there are just a million things that are of minor importance" at Berkshire, whose market value is about $411 billion.

"We need a money mind as CEO", said Buffett, who has no plans to retire.



Other News

Trending Now

Ann Coulter a no-show at raucous but peaceful Berkeley rally
Coulter had publicly floated the idea of making a controversial visit to Berkeley despite the cancellation, but didn't appear. But Cole said late Wednesday the government cannot define threats to free speech because that could result in censorship.

Physicians Realty Trust (DOC): What does the future look like?
Howe & Rusling Inc increased Altria Group Inc (NYSE:MO) stake by 7,280 shares to 157,510 valued at $10.65 million in 2016Q4. It improved, as 51 investors sold DLR shares while 146 reduced holdings. 35 funds opened positions while 128 raised stakes.

Labour Party Suffers Crushing Defeat After Local Elections, Jeremy Corbyn Unperturbed
The favorable results for the Conservatives echoed May's call to the public to give her party the majority ahead of Brexit talks. In total, 35 English council elections - a lot of them county councils - and every seat in Scotland and Wales were up for grabs.

'Shockingly high' losses for Afghan forces over winter
Afghan military forces " continued to suffer high casualties, and insurgents retained control in certain rural areas". Afghanistan produced roughly 4,800 metric tons of opium in 2016 alone.

Kerala Congress got hurt during UDF rule
Mani also dismissed the UDF's threat that the KC (M) had closed the door to returning to the UDF by aligning with the CPI (M). Eight KC (M) members supported Congress candidate Sheela Thomas who was elected as the vice-president of the panchayat.

After Deepika, Kangana performs Ganga Aarti in Varanasi!
She clarified that Ketan's movie was in English and since it didn't start even after two years, she chose to take up this one. The film will have grand action sequences and Kangana is doing her best to match up to her director's vision.

On Afghanistan, Trump could learn from Bush
She says the intention is to adjust the approach in Afghanistan to break what commanders say is a stalemate. Current and former USA officials said discussions revolve around adding three to five thousand troops.

Runner Sprays Prince William With Water During London Marathon
But at some point, he said, "someone has to lead and has to be fearless enough to force that conversation". They also talked about their recent campaigning around mental health for Heads Together .

Levee breaks in Arkansas as record flooding continues to plague the region
A school bus trying to drive on a flooded road got stuck and almost tipped over near the town of Iowa, Louisiana. At least seven people have been killed due to the severe storms and heavy flooding in Arkansas since April 26.

And it should feature Anthony Joshua
Once it is done, and if that is Anthony Joshua, the UAE could become a main hub for boxing. That's what boxing is all about but most fighters just don't have that hunger.