Thousands of people fill arena to hear from Warren Buffett

Other business luminaries are also in attendance.

It's one of the second times this year Buffett has come out bullish on Bank of America.

Buffett had harsh words for Wells Fargo's managers who failed to respond promptly to the sales practices scandal that cost the former CEO his job past year.

Buffett told Berkshire Hathaway shareholders Saturday that the bank should have done more to correct the problem once it was discovered. The bank said last fall that its employees opened up 2 million bank accounts without customer approval to meet unrealistic sales goals. Wells Fargo is Buffett's largest investment.

Buffett and Munger took questions after the traditional shareholder movie, and after Buffett had roamed a nearby exhibit hall featuring products from Berkshire companies. "One needs to be very careful of what to incentivise", Buffett said.

We tend to agree with Mr. Buffett and we're not alone.

"I thought it would do better in the six years that have elapsed than it has", Buffett said of International Business Machines. Berkshire Hathaway Specialty Insurance launched two insurance policies that cover cyber liability and the costs incurred to respond to a data breach or threat. Mr. Buffett made similar comments previous year.

"Berkshire ended March with more than $96 billion of cash and cash-like instruments, and Munger said it could do a "$150 billion" acquisition now if it wanted.

Berkshire owns more than 90 subsidiaries, including clothing, furniture and jewelry firms. "I think Apple is much more of a consumer products business".


At Berkshire's shareholder meeting Saturday, Buffett was asked about the challenges of replacing Ajit Jain because Buffett has heaped praise on Jain for years.

He also addressed criticism that Berkshire discloses too little about businesses such as aircraft parts maker Precision Castparts Corp, which it bought past year for $32.1 billion. Berkshire, a conglomerate that wholly owns Geico Insurance and other assets, has seen its share price double over the past five years.

But he said Berkshire welcomes being alerted to misbehavior via an internal "hotline" that gets 4,000 calls a year.

"So it is a huge tax cut for guys like me", Buffett was reported saying by Reuters.

Chairman Warren Buffett took on the Republican Obamacare repeal bill that was passed by the House this week and called it "a huge tax cut" for the rich.

Buffett discussed Wells Fargo in response to a question about whether Berkshire's decentralized structure could prompt a recurrence.

The billionaire faced several questions at the gathering about declining employment in the manufacturing sector - a key theme in the recent presidential race - and about job cuts at Kraft Heinz, the food maker backed by Buffett and 3G Capital.

But Buffett said Berkshire Hathaway, which kicks off its annual meeting today, still could buy IBM shares.

For much of his career, Buffett avoided investing in technology companies, and he spent years criticizing airlines as awful businesses.


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