May 4, 2019 / 8:50 PM / 5 months ago

BRIEF-Warren Buffett, Charlie Munger, Greg Abel answer questions at Berkshire annual meeting; board is elected

May 4 (Reuters) - Buffett says it is good if fannie mae and freddie mac are authorized to do more lending against manufactured homes Buffett says we would love to put more money into the united kingdom Buffett says we are hoping for a deal in the uk an europe regardless of how brexit turns out Buffett says berkshire hathaway will be one of the safest places to make money over time Buffett said berkshire hathaway would probably under-perform if a very strong bull market in stocks were to start Greg abel says we have had 5 customers leave power system in nevada but still use distribution services; we are disappointed Greg abel says nv energy is developing sustainable energy and will prosper in the long run Buffett, on elon musk’s suggestion that tesla might get into insurance, says automakers getting into insurance would be as successful as insurers getting into auto industry Buffett says about the $10 bln occidental transaction: “if somebody wants a lot of certain money for a deal, they’ve seen that i can get a call on friday afternoon and they can make a date on saturday, and on sunday it’s done.” Buffett, in discussing the recent occidental petroleum corp financing announcement, touts how quickly he can make a deal; ‘if anyone else needs $10 bln in two days, they’ll think of berkshire,’ buffett says Warren buffett, charlie munger retake stage for second half of berkshire hathaway annual shareholder meeting Buffett, asked why berkshire doesn’t invest more in technology companies, says he doesn’t want to try to win a game he doesn’t understand Buffett says will invest where he believes berkshire will have a high batting average of success, not because someone else says it’s a good idea Buffett, asked about geico’s competitiveness, says rival progressive is ‘very well run,’ adding: ‘to some extent it’s a two-horse race, and we’ve got a very good horse’ Buffett says ‘independent’ corporate directors can be among the least independent if they are dependent on income from holding board seats Berkshire vice chairman greg abel says berkshire hathaway energy is focused on expanding transmission program, supplemented by renewables Buffett says his successor may wish to deploy berkshire’s excess cash in index funds rather than treasury bills and other cash equivalents Buffett says there are conditions where berkshire could spend $100 bln ‘very very quickly’ but they were not imminent Buffett says runs businesses in manner consistent with interests of shareholders who have all their money in berkshire stock Buffett says he likes the idea of more americans having access to affordable housing, including manufactured homes from berkshire’s clayton homes unit Buffett, asked why berkshire appears to be providing less financial information in annual reports, says ‘i don’t think we actually provide less information’ Buffett says companies can file 300-page reports and ‘lose people’ who would be better off with much shorter reports Buffett says ‘i would like to see berkshire hathaway better known in the u.k. And europe,’ and hope more people there would consider berkshire as a buyer when selling their businesses Buffett said it has been a ‘tough period’ for portfolio managers to beat s&p 500 Buffett says as to berkshire’s todd combs and ted weschler, one was modestly ahead and one was modestly behind the s&p index from january to march Shareholders applaud buffett and munger as question-and-answer portion of berkshire annual meeting ends; formal portion of meeting to follow Buffett says berkshire shareholders elect all director candidates who were up for election Berkshire hathaway annual meeting ends; buffett says “i hope i see you next year”

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