Welcome to a special Warren Buffett-themed edition of Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Warren Buffett’s Berkshire Hathaway hosted its annual meeting on Saturday.
The event has become a huge occasion and is sometimes called “Woodstock for Capitalists” or “Buffettpalooza.” Buffett and Vice Chairman Charlie Munger answered around five hours of questions. Here are the headlines from the day:
BUFFETT: Jack Bogle is going to save American investors “100s and 100s of billions” Buffett says Trump’s tax plan would be good for Berkshire, but won’t change how they do business BUFFETT ON HEALTHCARE: “Medical costs are the tapeworm of American economic competitiveness” A millennial asked Warren Buffett what value his firm adds – here’s what he said CHARLIE MUNGER: “A lot of other people are trying to be brilliant. We’re just trying to be rational.” “THAT’S MORE OF A SPEECH THAN A QUESTION”: Anti-Coca Cola protester interrupts Berkshire Hathaway’s annual meeting BUFFETT: Wells Fargo made three huge mistakes during the fake accounts scandal but one “dwarfs all the others” “JEFF BEZOS IS A DIFFERENT SPECIES”: Buffett and Munger praise Bezos, Amazon “WE BLEW IT”: Charlie Munger says it was a mistake for Berkshire Hathaway to not invest in Google and Walmart BUFFETT: There will be economic troubles, but “we know that America will come out fine” “The department store is online now”: Warren Buffett says the face of retail is shifting BUFFETT: Driverless vehicles “won’t be a good thing” for business BUFFETT: This is “the number one problem with mankind” BUFFETT: Here’s the kind of person I’d like to head up Berkshire Hathaway when I’m gone MUNGER: ‘I do think the Chinese stock market is cheaper than the American stock market’