Warren Buffett's one-word answer for why he hasn't purchased Amazon shares

'That is a problem this society is having trouble with and is going to have more trouble " added Buffett, who's previously funded Republican candidates but threw his support behind Democratic presidential candidate Hillary Clinton previous year.

Buffett is the celebrity that everyone wants to get close to at the meeting. However, he said the USA must do more to help Americans who lose their jobs to overseas competition and technology, saying, "Nobody should be roadkill".

"We're not going to change anything at the railroad just for some little tax jiggle", Munger said, referring to Berkshire's BNSF unit.

Buffett's longtime partner Charlie Munger said he'd rather own Berkshire shares, for his part.

Buffett has long recommended that most casual investors would be better off investing in index funds steadily over time instead of trying to pick individual stocks. Buffett said at the time that 'Apple strikes me as having quite a sticky product'. "And that's true of 8-year-olds and 80-year-olds", Buffett said of the company's iPhone product. Currently, Berkshire has more than $90 billion in cash on hand.

Buffett did lavish much praise on top insurance executive Ajit Jain, who some investors believe could be that successor, saying "nobody could possibly replace Ajit". With big slugs of Berkshire Hathaway's portfolio struggling, including Wells Fargo and IBM, returns are converging with the S&P 500.

Buffett also argued that executives at Wells Fargo, in turning a blind eye to the creation of fraudulent accounts to meet sales goals, had fostered a toxic culture.

Trump's proposed tax plan is expected to cut corporate tax to 15 percent - "to the benefit of shareholders" as Buffett put it - and the new Republican healthcare bill would also repeal most of the taxes that paid for the Obamacare, or as it is formally known, the Affordable Care Act. At that moment, that's the key to everything.

"The department store is online now", Buffett said, noting that the shift could be hard to grapple with for the major retailers.

Many hundreds of shareholders started lining up outside the CenturyLink Center, including several who said they got there almost five hours before doors opened at about 6:45 a.m.

But he didn't quite face the real problem in that this miss-selling was offical management and board policy and staff were only following orders (and complaining about it without anything being done as a result of those complaints to worldwide company hot lines).

"We need to bring back the manufacturing jobs that pay a lot", he said in a Bloomberg Television interview on Friday.

He said the board would consider a buyback if it were in the best interest of shareholders, and that the next CEO would have to be a capital allocator.

Warren Buffett likened unemployed workers to animals that are helpless to avoid vehicle crashes, and said the US must do more to help those displaced by competition from overseas and technology.

That kept Berkshire from losing money in the dot-com stock bubble that burst in 2000, but it also meant missing the chance to invest in Google.

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