'I blew it': Warren Buffett laments missing out on Google

Robyn Ryan
May 16, 2017

Chairman of Berkshire Hathaway Inc. and billionaire investor Warren Buffett criticized United Airlines' leadership Monday for how it responded after a man was forcibly removed from a flight. Buffett says United Airlines bungled the case of the passenger dragged off a plane in April 2017, and he is criticizing the CEOs handling of the incident.

Coattail investing, or simply investing alongside market-moving investors, has proven to be a fruitful strategy for Berkshire Hathaway aficionados, with the Buffett-owned company posting S&P500-beating returns nearly annually for decades.

Buffett said a CEO's natural tendency is to first defend his employees, but that should not have been the case if Munoz had seen the video.

Berkshire plans to name one of its existing managers chief executive officer after Buffett is gone and the decentralized structure of the company allows Berkshire's subsidiaries to largely run themselves. "I'm looking forward to hearing him as much as everybody else".

According to FactSet, Berkshire Hathaway is UAL's largest shareholder with a more than 9 percent stake.

Several questions homed in on politics, and Buffett, a Democrat with close ties to former President Barack Obama, offered measured criticism of President Donald Trump's policies. "And that's true of 8-year-olds and 80-year-olds", Buffett said of the company's iPhone product. When Buffett toured the exhibit hall, he was surrounded by a pack of reporters, shareholders and security officers.

"It's a lot of people with a lot of buying power", he said.

But he also said it would be a "terrible mistake" if capital allocation were not the "main talent" of his successor. "People live better when there is more output per capita". Known to his followers as "The Oracle of Omaha", Buffett has amassed a cult of reverence around his midwestern brand of capitalistic wisdom.

And on his surprise change of heart about IBM, Buffett admitted he was wrong to think IIBM "could do better" when he started amassing 81 million shares six years ago.

Apple is today one of the Berkshire's biggest equity holdings. "We got it wrong on IBM and will find out whether we are wrong on Apple", Buffett said.

Other reports by VideoGamingPros

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