Berkshire’s Annual Meeting: Warren Buffett's Q&A Session

Warren Buffett, at left, and Charlie Munger are seen on a screen at Berkshire’s annual meeting. Credit Rick Wilking/Reuters

Here are the highlights on Warren Buffett's Q&A session in Berkshire annual meeting:

What is Berkshire doing to help women in corporate America?

He said since the company made a decision support gender equality, he has appointed 50% of the CEO females.
There are 6 women CEOs in Berkshire. That is only 10% of the management.

Mr. Buffett also said it was clear that women had been treated unfairly in the past.

Mr. Buffett said there was still a “pipeline problem” in corporate America, making it hard to find as many qualified women to lead companies.

But, he added, “you can’t use that excuse forever.”

What is his take on apples's share buyback plan?

He said he is delighted that apple is repurchasing their shares.

Why didn't he invest in Microsoft?

His answer “In the earlier years, the answer is stupidity.” But then Mr. Buffett added that his friendship with Mr. Gates has grown over the years, and he has stayed away from investing “because of the inference” that could be drawn.

and Amazon?

He believed that with Amozon Jeff Bezoes has done something close to a miracle and he doesn't invest in miracles.

and Google?

It was a mistake.

Why Mr. Buffett and Mr. Munger aren’t fans of Cryptocurrencies?

For the same reason he did not invest in gold. They are not productive assets and he still asserts that "the cryptos will come to a bad end".

And about gun control

He said he doesn't believe in imposing his personal opinions on the activities of their businesses.

About the Wells Farg's fake accounts scandal?

He feels that the new management will correct the wrongs.

Berkshire is the largest long term share holder with 10% of the Wells Fargo shares.

Is Mr. Buffett semiretired?

Yes and No.

“I’ve been semiretired for decades,” Mr. Buffett replied with a chuckle, but then he got serious.

“Ted and Todd each manage about 12 or 13 billion,” he said. “Together that’s $25 billion. They’re managing $25 billion and doing a very good job.”

He then quickly reminded the questioner of the size of the company’s assets: “I still have the responsibility for the other $300 billion.”

Where does Berkshire’s health care venture with JPMorgan and Amazon stand?

He said they are on the look out for a CEO and it might take a couple of months. He seemed uncertain but hopeful.

“We are attacking an industry moat,” Mr. Buffett said. “That’s a huge moat. We’ll do our best. If we fail, I hope somebody else succeeds.”

His take on trade war?

He said that world trade “is a win-win situation. The only problem is when one side or the other wants to win a little bit too much.”

Content source credit: Emily Flitter and Stephen Grocer reporting in New York Times.