- Berkshire Hathaway (BRKB) held its annual shareholder meeting.
- Warren Buffett and Charlie Munger answered questions from investors on everything from stock buybacks to Wells Fargo to Brexit.
The Q&A at the Berkshire meeting has wrapped up. It's been a long day and Buffett and Munger touched on a lot of important topics. My final two cents?
And on that note, it's time to head to the airport. Thanks for reading!
Warren Buffett does not seem too nervous. He joked that insurance companies were as likely to be as successful building cars as auto companies selling insurance.
Berkshire Hathaway vice chairman Charlie Munger does not mince words.
"Think how stupid it would be if the two countries didn’t get along. Stupid on both sides I might add," he said.
"It's a big market, and we like big markets," he said.
Berkshire Hathaway isn't as well-known in the United Kingdom and Europe as it is in America. And Warren Buffett wants to change that -- despite the uncertainty being created by Brexit.
"I would like to see Berkshire Hathaway more well known in the UK and Europe," he said, adding that he'd love it if more businesses there would look to Berkshire as a potential buyer of their assets.
Buffett said he didn't expect any significant changes to flight training in light of two recent fatal Boeing 737 Max crashes. That's important since Berkshire owns stakes in four major US airlines.
Buffett was also asked whether or not Berkshire Hathaway would score well on various environmental, social and governance (ESG) metrics. Buffett thought they would.
Bezos "kept looking at what was coming in and saw what was possible, and he's unbelievable," Buffett said.
He added that he and Munger "won't be around forever."
But Buffett ruled out the possibility of Combs and Weschler answering questions about the stocks they are buying, citing SEC rules about disclosure.
The "Oracle of Omaha" defended the purchase, which he noted was made by one of his two investing lieutenants -- Ted Weschler and Todd Combs. Buffett said that Berkshire is still a value investor.
Munger joked they were just "sucking their thumbs" and that he feels like a "horse's ass" for not identifying it as a great investment earlier.