Warren Buffett says Wells Fargo botched response to abuses

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During today's annual shareholder meeting of Warren Buffett's holding company, Berkshire Hathaway, the Oracle of Omaha admitted he failed to grasp Amazon's potential and also said he regrets missing a chance to get in early on Google.

Buffett and Munger avoided technology investments for most of their careers because they said it was too hard to figure out which companies would win.

Berkshire Hathaway Vice Chairman Charlie Munger says the US healthcare system is "ridiculous" in its complexity.

Berkshire and 3G control Kraft Heinz Co and recently tried to merge it with Unilever NV for $143 billion, but was rebuffed.

The Brazilian firm is known for "zero-based budgeting", where it requires managers to periodically defend all of their expenses, and cuts waste where possible.

Nonetheless, he acknowledged that cutting jobs can be a "painful process".

"The investing world is just a morass of wrong incentives, insane reporting and, I'd say, a fair amount of delusion", Munger said.

According to FactSet, Berkshire Hathaway owns more than 9 percent of United Continental Holdings Inc., a stake worth almost $2.2 billion at Monday's closing share price of $74.98.

'That is a problem this society is having trouble with and is going to have more trouble " added Buffett, who's previously funded Republican candidates but threw his support behind Democratic presidential candidate Hillary Clinton past year.

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Munger has said that he thinks neither political party "can think rationally" about healthcare because they "hate each other so much".

He said he had grown more fond of Apple Inc AAPL.O , in which Berkshire has disclosed a roughly $20 billion stake, because he could "very easily determine" the iPhone maker's competitive position "and who is trying to chase them".

The U.S. economy grew at an annual pace of only 0.7% in the first three months of 2017.

Dozens of companies Berkshire owns set up booths in an adjoining 200,000-square-foot exhibit hall to sell their products and take questions about their businesses. He also said that a lot of thbenefits of lower corporate taxes would likely be competed away.

Buffett said the industry has become more efficient, even if fuller planes and tighter seats cause a "fair amount of discomfort" that makes passengers grumble.

Every year, tens of thousands of investors descend on Omaha, Nebraska, to attend the annual meeting of Berkshire Hathaway, the conglomerate controlled by Warren Buffett, and hear directly from the billionaire.

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.

The two major tech companies in which Berkshire holds stocks are Apple and IBM.

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