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00:00:00
>> Warren Buffett, the 86-year old rock star of the investment community, greeted by throngs of adoring shareholders at his company's annual meeting, Saturday. The Berkshire Hathaway Chief, joined by Vice Chairman Charlie Munger, for a marathon five-hour Q&A session before 37,000 people, facing pointed questions about scandals that have rocked some of his biggest holdings, including Wells Fargo.
00:00:25
Buffett blasting the bank for failing to stop employees from setting up bogus customer accounts. Reuters correspondent, Trevor Hunnicutt.>> He answered a question about Wells Fargo, and was very critical of how the previous management handled the cross selling scandal. He said that they incentivized bad behavior, and that when they found out about the problem, they did nothing.
00:00:47
And that was the issue.>> In the case of United, another major holding. Buffett choosing to skip direct mention of the passenger dragging debacle instead focusing on how he thinks packed flights in general bode well for future airline growth. The Oracle of Omaha also saying how driverless cars presumably safer will therefore hurt auto insurers like GEICO which Berkshire owns.
00:01:10
But perhaps the most surprising moment came when Buffett confessed to times when he just downright blew it.>> What was interesting about his comments today was that he showed a little bit of regret about some of the big fish that got away. Right, so he talked about Google and about what a great business it is to sell advertising clicks for $13 a click and have very little cost involved in that.
00:01:40
He talked about Amazon.com and Jeff Bezos and how he’s an incredible business leader, how he runs a cloud storage company as well as a retail company and both of them are feared by their competitors. And he talked about missing both Google and Amazon. So even somebody who’s considered one of the best investors in the world, you had him today saying that even he's missed some big opportunities.
00:02:09
>> Something he still doesn't regret drinking six Cokes a day. The famously sweet tooth octogenarian also a Coca-Cola shareholder.