India is a huge market for anyone to ignore: Warren Buffet

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The Oracle of Omaha is bullish on Apple's flagship iPhone product. It was the slowest quarter of growth since the first quarter of 2014.

Buffett had harsh words for Wells Fargo's managers who failed to respond promptly to the sales practices scandal that cost the former CEO his job a year ago.

Buffett also explained that, in his view, Berkshire's investment in Apple - despite his noted aversion to investing in technology companies - was more a bet on a highly successful peddler of consumer electronics than a wager on technology per se.

And two days before the meeting Buffett had revealed he had sold a third of Berkshire's shares in IBM, one of the four so-called pillars of his company's massive investment portfolio. At that moment, that's the key to everything.

Buffett said the industry has become more efficient, even if fuller planes and tighter seats cause a "fair amount of discomfort" that makes passengers grumble.

Buffett is a Democrat who is said to be close to former President Barack Obama.

Coattail investing, or simply investing alongside market-moving investors, has proven to be a fruitful strategy for Berkshire Hathaway aficionados, with the Buffett-owned company posting S&P500-beating returns nearly annually for decades. Several said they got there almost five hours before doors opened around 6:45 a.m.

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"We need a money mind as CEO", said Buffett, who has no plans to retire.

In 2015, Buffett's Berkshire Hathaway (BRK-A) worked with Brazilian private equity firm 3G to merge Heinz with Kraft Foods.

"There's nothing more agonizing than to see your neighbor, who you think has an IQ 30 points below you, getting richer than you are by buying stocks, whether it's internet stocks or whatever", Buffett said.

Today, one share of Amazon can be bought for $934.15. "We would like to own 100% of any business that we run".

If Berkshire does decide to pay dividends, it would have to commit to maintaining that payout over time, Buffett said, as cutting it could have disastrous consequences for the company's share price. "Our biggest tech failure was missing Google".

"Every year it seems I have to come earlier", said Chris Tesari, a retired businessman from Pacific Palisades, California who said he arrived at 3:20 a.m. for his 21st meeting.

Shareholders overwhelmingly rejected a proposal that would have required Berkshire to disclose its political contributions twice a year.

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