Warren Buffet Criticizes Republican Health Care Bill
Each year, the meeting of Warren Buffet’s Berkshire Hathaway company, which has now become a tradition, takes place. And each year, lots of investors and business men come to listen to what the famous billionaire has to say and to maybe catch a glimpse of his inspiration. On Saturday, Buffet, apart from answering questions from the audience, chose to harshly criticize the Trump administration’s health care bill. Many people call this annual shareholder meeting the “Woodstock of capitalism”. This is mainly because of the huge number of investors, some at the very beginning, who travel to Omaha to just listen to Buffet and his business partner, Charles Munger.
The annual Berkshire Hathaway meeting
Both Buffet and Munger talked over the course of six and a half hours. Considering that Buffet is 86-years old and Munger is 93, this is a very long time for them to sit on a stage, sipping Coca-Cola and eating See’s candies. The two businessmen talked about lots of things. Among them were the arcana of insurance, one of the company’s biggest businesses and the work of private equity firms, which they criticized. Apart from this, the two executives also talked a bit about their regrets and what are their dreams for the future.
Many people from the audience asked some rather political questions. Warren Buffet is known to be an avid Democrat. He also has a very strong connection with former United States president Barack Obama. In consequence, he criticized Trump’s policies, especially the health care bill. According to the businessman, the American Health Care Act supposes a “huge tax cut” for the rich people. Also, he said that that the big health care costs are maybe the biggest problem when it comes to American businesses.
Warren Buffet’s point of view
Both Buffett and Munger defended their investments, including Wells Fargo, United Airlines and Coca-Cola. One person from Germany even stood up and delivered a very long speech. In it, he talked about how bad Coke is for the health. Also about capitalism and sugar. Warren Buffet simply responded that he would keep on drinking his favorite sort of Coke, which is Cherry Coke. However, there was one investment the businessman did not defend: IBM. On Friday, Berkshire announced that it had sold one-third of its stake in the technology company which is now struggling.
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