May 5, 2018 / 2:43 PM / 7 months ago

BRIEF-Buffett, Munger speak in morning session of Berkshire Hathaway annual meeting

May 5 (Reuters) - Buffett says the u.s. And china will be the two superpowers of the world for a long time Buffett says investment deputies todd combs and ted weschler's stock picks have done a bit better than the s&p 500, better than he could do Buffett says geico underwriting margins are 'perfectly satisfactory' this year through april; market share growing Buffett says it can be difficult to explain the benefits of trade, many which are invisible Buffett says i do not believe in imposing my political opinions on the activities of our businesses Buffett says will return money to shareholders if it makes more sense than continuing to look for things to do Buffett says duracell business should be earning more money Buffett says healthcare venture is aimed at attacking the moat surrounding the entire industry Munger says democratic control of congress will lead to single-payer healthcare, which would be bad for pharmacy benefit managers Buffett says there are not 'unusual profits' in being a real estate agent; not true for investment professionals Buffett says consumer packaged goods are still a great investment in terms of return on tangible net assets Warren buffett and charlie munger take the stage at berkshire hathaway annual meeting in omaha, nebraska Buffett says berkshire earned a record amount of operating profits in latest quarter Buffett says lower federal income tax rate helped results Buffett says it's really hard to beat a 'relaxed' investment strategy that you stick to over time Buffett says precision castparts corp is a very, very good business Buffett says precision castparts' mark donegan is a fabulous manager; munger said they'd still buy the company if they had to do it over again Buffett says the benefits of trade are too huge for 2 intelligent countries to do something extremely foolish Buffett calls encouraging free trade "a win-win situation," and only problem is when one side wants to win a little bit too much Buffett, on making potential acquisitions, says "my phone is not ringing off the hook with good deals." Buffett says insurers are still struggling to understand risks underwriting cybersecurity threats Buffett says berkshire does not want to be a 'pioneer' in underwriting cyber risks Buffett says cyber risks are going to get worse, not better Buffett says wells fargo is a company that proved the efficacy of incentives; it's just that they had wrong incentives Buffett says wells fargo ignored faulty incentive system Some berkshire shareholders applaud question asking when berkshire will abandon wells fargo Buffett says wells fargo is not inferior from investor, moral standpoint to its rivals, going forward Buffett says wells fargo's 'cardinal sin' was incentivizing employees to open unauthorized accounts and other things that were 'kind of crazy' Buffett says he likes wells fargo as an investment, and ceo tim sloan as a manager Charlie munger says wells fargo better off for having its problems revealed; says recently disclosed news about harvey weinstein "has done a lot for improving behavior" Buffett says there is no question mclane co margins have been squeezed Buffett, on healthcare initiative with amazon.com and jpmorgan chase, says hopes to name ceo "before too long" Buffett says he thinks healthcare initiative will have a ceo within 'a couple of months' Buffett says healthcare costs remain a 'tapeworm' on economy Munger says the conditions in steel were adverse to u.s. industry; says even u.s. President donald trump can be right on some things Buffett says it would be unlikely we'd do a special dividend; more likely we'd do a share repurchase Buffett says we won't always be in a world of low interest rates, high stock prices Munger says no point changing berkshire's policy toward dividends, share repurchases because it works so well Buffett says duracell is not earning an 'appropriate amount' based on history of company but says brand is "strong, very strong" Buffett says long-term bonds are a terrible investment at anything close to current rates Buffett says 3g capital, with which berkshire controls kraft heinz, capable of moving "very fast" to cut out unnecessary expenses Buffett says first-quarter operating results would be a "reasonable estimate" of berkshire's normalized earnings power Berkshire hathaway annual meeting adjourns for lunch break

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