Investors treat Warren Buffett like a celebrity

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In the case of Google, however, Buffett said he could have figured out the company had a great advertising business because he was, in effect, contributing to its profits.

Berkshire vice-chairperson Charlie Munger, who was also answering shareholder questions during the annual meeting, agreed with the assessment.

The Berkshire Hathaway chairman said that India has a terrific future due to the brain power it has.

There was also a robot dispensing Buffett's favorite cherry Coca-Cola.

Indian Prime Minister Narendra Modi has tried to smooth the way for foreign investors such as Buffett, but there are still many hurdles standing in their way.

Apple, which Buffett bought a stake in past year, accounts for about 5.5% of Berkshire's portfolio.

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

In Friday trading, Berkshire Class A shares rose 0.2 percent to $250,000 and its Class B shares rose 0.1 percent to $166.55.

Berkshire voted its near 10% stake in favour of the board at the bank's AGM on April 25 and prevented stunning no votes against the board from disaffected shareholders of all sizes.

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Many hundreds of shareholders started lining up outside the CenturyLink Center, including several who said they got there almost five hours before doors opened at about 6:45 a.m.

If Berkshire does decide to pay dividends, it would have to commit to maintaining that payout over time, Buffett said, as cutting it could have disastrous consequences for the company's share price.

Earlier this week, Buffett announced that Berkshire Hathaway had dumped about a third of its IBM stock.

"We're not going to change anything at the railroad just for some little tax jiggle", Munger said, referring to Berkshire's BNSF unit.

Buffett had harsh words for Wells Fargo & Co managers who failed to respond promptly to a sales practices scandal that cost the then-chief executive officer his job a year ago.

"I personally disagree with the Citizens United decision", Buffett said.

"Medical costs are the tapeworm of American economic competitiveness", Buffett said.

He argued that the American Health Care Act, which passed the House this past week, amounted to "a huge tax cut for guys like me".

When Tad Montross announced his retirement from Gen Re a year ago Gen Re said his successor would report to Ajit Jain, who runs Berkshire Hathaway Reinsurance Group, and not to Mr. Buffett as Mr. Montross had. However, he said the USA must do more to help Americans who lose their jobs to overseas competition and technology, saying, "Nobody should be roadkill".

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