It reported U.S. same-store sales were up 3.2%, slightly higher than competitor Home Depot's.Retailread more
Huawei CEO Ren Zhengfei laid out plans to bring more efficiencies to the organization. This included simplifying the reporting structure, cutting down on surplus staff, axing...Technologyread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
China has used both monetary and fiscal measures to lift economic activity as its trade war with the U.S. looks set to intensify in the coming months.China Economyread more
Secretary of State Mike Pompeo privately told business executives and free traders that the trade war could end by the 2020 election and that hurdles to an immediate agreement...2020 Electionsread more
"I think (rate cuts) will help, but whether they're going to be sufficient to counter the negative trade pressures and global growth slowdown and impact is debatable," one...Central Banksread more
The Federal Reserve has lost control of interest rates as evidenced by the federal funds rate trading higher than any part of the U.S. Treasury yield curve, Jeffrey Gundlach,...Marketsread more
Chinese overseas investment growth will likely slow or even decline in the next few years as risks around the world increase, according to new research by Moody's Investors...China Economyread more
(Adds comments on Apple, 3G Capital and Google)
NEW YORK, May 4 (Reuters) - Warren Buffett, the 88-year-old chairman and chief executive of Berkshire Hathaway Inc, is taking hours of questions from investors, analysts and journalists at the conglomerate's annual shareholder meeting on Saturday.
Buffett's marathon Q&A session is part of what the billionaire investor calls "Woodstock for Capitalists," the annual shareholder weekend for his company.
Below are some of Buffett's comments, and those of Berkshire's Vice Chairman Charlie Munger, on a wide range of topics.
ON APPLE INVESTMENT
"I like our Apple holdings very much," Buffett said on Apple being Berkshires largest holding, declining to discuss expectations about the company. Munger added: "In my family, the people who have Apple phones, its the last thing theyll give up."
ON BERKSHIRE PARTNERING WITH 3G CAPITAL:
"They have more of a taste of leverage than we do but they also ... in certain types of situations ... would be way better operators," Buffett said. Buffett called Jorge Paulo Lemann, co-founder of Brazilian investment firm 3G Capital, "a good friend of mine and marvelous human being."
Munger said not buying shares of Google was a big mistake. We just sat there sucking our thumbs, Munger said. Were ashamed.
ON CONSUMER FOOD BUSINESS
"Amazon itself has become a brand. Kirkland is now a brand doing $39 billion. Kirkland does more business than Coke does. Certain retail systems have gained some power, and particularly in the case of Amazon and Walmart and Costco, have gained in power relative to brands."
"Kraft-Heinz is still doing very well operationally, but we paid too much." Buffett added: "You can turn any investment into a bad deal by paying too much. What you can't do is turn something into a good deal by paying little."
ON SOCIALISM IN U.S. POLITICS
"I'm a card-carrying capitalist. I believe we wouldn't be sitting here except for the market system and the rule of law ... that are embodied in this country. So you don't have to worry about me changing in that manner."
ON AMAZON.COM INVESTMENT
"The people making the decision on (buying) Amazon are absolutely value investors. That has not changed. They are following value principles. They are smart. They are totally committed to Berkshire. I don't second-guess them."
"The considerations are identical when you buy Amazon versus some bank stock that looks cheap statistically."
ON BERKSHIRE'S Q1 RESULTS
"The new GAAP rules .... require that we mark our securities to market and report any unrealized gains. The bottom line figures are going to be totally capricious.
"I really regard these bottom line figures ... as potentially being harmful to our shareholders and really not being helpful. Focus on what we call our operating earnings, which were up a bit."
ON BUYING BACK HIS OWN STOCK
"The question whether we had a $100 billion or $200 would not make a difference in our approach to repurchase shares. We used to have a policy of tying to book value, but that became ... obsolete."
"We could do it (buy back $100 billion of Berkshire stock). We will spend a lot of money. We've been involved in companies where the number of shares has been reduced 70-80 percent over time.
"If our stock gets cheap relative to intrinsic value, we will not hesitate. We would certainly be willing to spend $100 billion."
MUNGER ON BUYING BACK BERKSHIRE SHARES
Berkshire will "probably be more liberal when it comes to repurchasing shares."
ON WELLS FARGO SCANDAL
"Wells made some big mistakes in what they incentivized. The interesting thing is the extent to which they set up fake accounts, couple million of them that had no balance in them, that could not possibly have been profitable to Wells."
"When you find a problem, you have to do something about it. I think that's probably where they made a mistake."
"Wells has become Exhibit One. Go back a few years, there's quite a list of banks where people have behaved badly."
ON HIS 60-YEAR PARTNERSHIP WITH MUNGER
"We make the big decisions jointly. It's just that we haven't had any big decisions."
(Compiled by Nick Zieminski and Jennifer Ablan in New York; Editing by Daniel Wallis)