Buffett Says Healthcare Venture CEO Pick Coming Soon

Marcus Newton
May 9, 2018

But Apple is a sweet exception to Buffett's distaste for tech stocks because it plans in the long-term, insulates itself from bad leadership, and prioritizes American production - three business attributes that make Buffett giddy like a Nebraskan schoolboy.

He says he hopes more daily newspapers can find a way to be economically viable because they are so important to society.

"If people think they're going to make money, it just draws people in".

CNBC anchor Becky Quick spoke with both billionaires, as well as Berkshire Hathaway vice chairman Charlie Munger, about Apple. He likened it to Oscar Wilde's definition of fox hunting, calling it "the pursuit of the uneatable by the unspeakable".

Buffett said their promotions have been "very, very good" for the company.

Speaking at the annual shareholder meeting of his Berkshire Hathaway Inc. conglomerate, Buffett maintained that healthcare is a "tapeworm" on American businesses, hurting their ability to compete with rivals in other countries.

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Berkshire Hathaway shareholders have approved expanding the company's board to 14 to promote two company executives to new vice chairmen jobs.

One of its members, Microsoft Corp co-founder Bill Gates, said on CNBC "it's not a horse race" between Abel and Jain.

Berkshire Hathaway saw its cash balance reach $108 billion in the first-quarter. "And I'll get to it".

If it crosses the trillion-dollar threshold, it will become the first USA company to do so - a title that fellow tech giants Amazon, Google and Microsoft have also been vying to achieve. While others see potential weakness in the company for fear of slowing iPhone sales, Buffett sees a fantastic company that was worth buying an additional 75 million shares in addition to its previous 165 million shares, and stated that he would like to own 100% of the company. He added: "I wished we owned more of it".

He also said "The truth is that I've watched Amazon from the start and I think what Jeff Bezos (Amazon CEO) has done is something close to a miracle".

Months earlier, many grew increasingly concerned that Apple's top-of-the-line phone has been a dud among consumers, due to its hefty US$1,000 price tag.

Other reports by MaliBehiribAe

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