Economy

Warren Buffett says coal won't make a comeback

Warren Buffett says coal won't make a comeback

Buffett said during the Berkshire investors gathering that he's more inclined than usual this year to sell some assets because the tax advantage could soon diminish for divesting securities at a loss.

Quarter-to-quarter swings "are about the mix of business and what is coming due, and what is being renewed", said Cole Smead, portfolio manager at Smead Capital Management in Seattle.

Berkshire and 3G jointly bought H.J. Heinz Co in 2013 and merged it with Kraft Foods Group two years later.

Berkshire is Wells Fargo's largest shareholder.

"I would say we failed you there", he said.

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

Russia, Iran, Turkey Ban US Planes Above Syrian "Safe Zones"
Sergei Rudskoi of the Russian General Staff, speaks to the media in the Defense Ministry in Moscow, Russia, Friday, May 5, 2017. There are more than one million civilians in this zone and its rebel factions are dominated by an al-Qaeda-linked alliance.

Earlier this year, Berkshire Hathaway sold off the overwhelming majority of its share in Walmart for $900 million.

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 past year.

In September, the company was forced to pay $185 million in regulatory penalties after revelations that more than 2 million bank and credit card accounts were opened on behalf of customers without their knowledge. "People get fined billions in the industry, so they measured the seriousness of the problem by the dimension of the fine and they thought $185 million [was small]".

Berkshire owns about 10 percent of Wells Fargo's stock.

Warren Buffett on Saturday faulted Wells Fargo & Co. for failing to stop employees from signing up customers for bogus accounts even after learning it was happening, causing a national scandal.

"They totally underestimated the impact", Buffett said.

Turris' second effort lifts Senators to OT win vs. Rangers
Pyatt tipped a Zack Smith by Lundqvist at 8:50 to move the Senators ahead while Hoffman's first goal scored at 8:17 to tie it up. Vesey pulled the Rangers in front 4-3 with his first career playoff goal when he pounced on a rebound of Brady Skjei's shot.

"That's why we work together so well", Buffett said to audience laughter. "You can't come close", but even if he were promoted, Berkshire would still have "the world's best property-casualty operation", Buffett said.

The investors convene each year at the Buffett-fest, filled with small shrines to the companies Berkshire Hathaway invests in and to the man himself, worth nearly $75 billion.

The executives who run Berkshire subsidiaries look forward to the meeting just as the shareholders do.

Buffett, 86, said the Republican health plan that cleared the House of Representatives was sure to help the wealthy, and the billionaire reiterated his view that society needs to do more to help people he called "roadkill" because they get left behind by capitalism.

It's one of the second times this year Buffett has come out bullish on Bank of America. "I'm looking forward to hearing him as much as everybody else". The event offers Geico insurance quotes, See's Candy, Justin cowboy boots, RVs and homes manufactured by Clayton Homes.

"If I die tonight, I think the stock would go up tomorrow", he said in response to one shareholder's question.

MTV celebrates summer viewing season with Movie & TV Awards
But what it could depend on is exactly the feelings of actors like Watson, who represent new ways of looking at things. Is the Best Kiss award still happening? Which, yay! I love Broad City , and I'm happy these two are being recognized.

"If you even have a billion-dollar fund and get 2 percent of it, for bad performance, that's $20 million [a year]", Buffett said.


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