May 4, 2019 / 3:32 PM / in 2 months

BRIEF-Warren Buffett, Charlie Munger answer questions at Berkshire annual meeting

May 4 (Reuters) - Buffett says bottom-line earning figures are ‘totally capricious’ Buffett says size of cash holdings does not determine berkshire’s willingness to buy back shares Buffett says he doesn’t think u.s. Will go into socialism in 2020 or 2040 or 2060 Vice chairman charlie munger says berkshire has bought things in china, ‘and my guess is we’ll buy more’ Buffett says amazon.com has ‘become a brand’ Buffett says retailers like amazon, walmart, costco have gained power relative to consumer brands such as kraft Buffett says operations at kraft heinz have been improved under its present management Warren buffett and charlie munger take the stage for berkshire hathaway annual meeting in omaha, nebraska Buffett says berkshire has renewed lease for its omaha headquarters for 20 years, is also leasing a second floor Buffett says berkshire is ‘okay’ repurchasing stock but doesn’t celebrate it Buffett, on wells fargo, says when you find a problem you have to address it, and that’s where the bank probably made a mistake Buffett says we will buy back stock when we think it is selling below conservative estimate of intrinsic value Buffett says we want to be sure when we repurchase shares that most shareholders would be better off Buffett says berkshire wants to become more energy efficient Buffett says it looks like wells fargo incentivized the wrong kinds of behavior Munger says he wishes tim sloan was still at wells fargo Munger, responding to wells fargo question, says people should not go to jail for honest errors in judgment Buffett says if you’re breaking laws you should be prosecuted, wishes ceos who make bad decisions didn’t go away as rich Buffett says wells fargo & co ‘has become exhibit 1’ in recent years on corporate bad behavior but other banks have behaved badly too Buffett says if our stock gets cheap relative to intrinsic value we would not hesitate to spend $100 bln Buffett says he does not like the influence of money on politics Buffett says he is a card-carrying capitalist, but capitalism involves regulation and taking care of people left behind Buffett says he hopes private sector leads major improvements in health care; private sector does many things better than public sector Buffett says he has voted for republicans and world consider doing so again Buffett says kraft is doing well from an operations standpoint

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