Billionaire investor Warren Buffett and Berkshire Hathaway (BRKa.N) Vice Chairman Charlie Munger are answering five hours of questions from shareholders, journalists and analysts at Berkshire’s 52nd annual meeting in Omaha, Nebraska.
The weekend known as “Woodstock for Capitalists” is unique in corporate America, a celebration of the billionaire’s image and success at a conglomerate whose businesses range from Geico insurance to the BNSF railroad to See’s candies to Ginsu knives.
Below are a few of the comments from Buffett, the “Oracle of Omaha,” on topics ranging from Wells Fargo to celebrating a pioneer of index funds.
ON WELLS FARGO, IN WHICH BERKSHIRE OWNS $27.8 BLN STAKE
“At Wells Fargo, there were three significant mistakes, but one dwarfs all of the others … You have to be careful what you incentivize. There was an incentive system built around cross-selling … That was incentivizing the wrong kind of behavior.”
“The main problem