on Saturday to rail against Wall Street excess and extol the virtues of cash after rapidly spending tens of billions on stocks and companies. He also addressed the risk to his conglomerate from the threat of nuclear war.
Mr Buffett, 91, said it “really feels good” to address shareholders in person, after holding the past two meetings without them. Attendees included JPMorgan chief executive Jamie Dimon and actor Bill Murray, who is a shareholder, among others.Mr Buffett had in his annual shareholder letter in February bemoaned the lack of investment opportunities.
“We will always have a lot of cash,” he said. “It’s like oxygen, it’s there all the time but if it disappears for a few minutes, it’s all over.”Mr Buffett and Mr Jain stumbled for answers when asked about whether the Ukraine conflict could degenerate into nuclear war. Mr Buffett also picked on a favoured target, Wall Street, saying the sharemarket sometimes resembled a casino or gambling partner.
Mr Abel, who would succeed Mr Buffett as chief executive if Mr Buffett could not serve, defended Berkshire’s BNSF railroad. He said there was “more to be done” to improve operations and customer service, and compete against rival Union Pacific.
Source: News Formal (newsformal.com)
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