Sage of Omaha Warren Buffett eyeing benefits of Trump tax cut

Berkshire Hathaway CEO Warren Buffett waits to play table tennis during the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, U.S. May 7, 2017.

"Berkshire in fact ended March with more than $96 billion of cash and cash-like instruments, and Vice chair Charlie Munger said it could do a "$US150 billion" acquisition now if it wanted. Buffett is known for his candor and plain speaking.

And in comments that suggested a change in Buffett's outlook on the technology sector, Buffett said he regretted not investing early in Google.

Buffett and Munger avoided technology investments for most of their careers because they said it was too hard to figure out which companies would win.

The two major tech companies in which Berkshire holds stocks are Apple and IBM.

The bank last fall said that its employees opened up 2 million bank accounts without customer approval to meet unrealistic sales goals.

"They have followed the standard capitalist formula ... of trying to do the same business with fewer people", Buffett said. (NYSE:BRK.A) has announced Friday it has more than doubled its stake in the technology giant to almost $20 billion, or almost 2.5% of the company. "The main problem was they didn't act when they learned about it", he said of Well Fargo.

"We missed it entirely".

"We'll do well by getting US$10.2 billion (RM44.16 billion) today, with a maximum payout of US$20 billion" between "now and Judgement Day", Buffett said.

Asked if he had stopped buying, Buffett said: "Maybe, maybe not".

The executives who run Berkshire subsidiaries look forward to the meeting just as the shareholders do.

He singled out the company's founder and chief executive officer, Jeff Bezos, for praise. Yet at the same time, no one was "smart enough to do it".

"I want to hear him talk about the economy and investing", Weber said.

"I think it's absolutely essential to America that we become more productive, because that's the only way we increase consumption per capita", he added. That amounts to about $680,000 back in his own pocket, the Berkshire Hathaway chairman said.

Several questions homed in on politics, and Buffett, a Democrat with close ties to former President Barack Obama, offered measured criticism of President Donald Trump's policies.

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