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Warren Buffett says coal won't make a comeback

17 May 2017

Wells Fargo spokesman Mark Folk said "we agree" with Buffett's comments, and have taken "decisive actions" to fix the problems and "make things right for customers".

The chance to hear Buffett and Berkshire Vice Chairman Charlie Munger field questions for more than five hours is again expected to attract more than 30,000 people to Omaha, Nebraska.

Berkshire owns Geico and General Reinsurance as well as a number of specialized insurers that handle malpractice, worker's compensation and other businesses. And, responding to individual shareholder queries, they also spoke about their dreams and regrets.

"Unless I actually deliver something beyond what you can get yourself, I don't want to get paid.' It just doesn't happen".

"So medical costs are the tapeworm of American economic competitiveness", he said.

- Buffett also faulted Wells Fargo executives for not acting quickly enough when they found out about problems involving the creation of fake customer accounts at the bank. Of the bank's ousted chief executive, John Stumpf, Buffett said, "The moment the CEO heard about it, he had to act". Buffett says he still believes in the long-term prospects of the bank even though Wells Fargo mishandled the scandal. Buffett said that Trump's new health care plan is "a huge tax cut for guys like me".

In contrast, the billionaire offered little defense of one major holding of Berkshire: IBM.

On 3G, with which Berkshire controls Kraft Heinz Co and tried to merge it with Unilever NV, Buffett acknowledged a dislike for the cost-cutting for which the Brazilian firm is known.

When Warren Buffett was asked why he's not buying Amazon shares, the billionaire investor had a simple answer.

But 3G has been frequently criticized for its ruthless cost-cutting measures, including layoffs. "And that's true of 8-year-olds and 80-year-olds", he added. "There's no way I can come back here three years from now and tell you that we hold $150 billion or so in cash or more and we think we're doing something brilliant by doing it".

Buffett owned about 81 million shares of IBM at the end of 2016 and sold about a third in the first and second quarters of 2017, CNBC reported, citing Buffett.

According to him, India has a "terrific future", thanks to some professionals it produces.

Buffett also addressed the question of driverless vehicles, saying they could pose a threat to Berkshire-owned auto insurer Geico, and to BNSF if it spread to trucks.