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Buffett criticizes United and its CEO over dragging incident

Buffett criticizes United and its CEO over dragging incident

Buffett, whose Berkshire Hathaway Inc.is a major shareholder of United and other big USA airlines, said the recent spotlight on poor customer service in the airline industry doesn't change his investment strategy. It's the company's largest shareholder.

The Berkshire Hathaway chairman, speaking at an annual shareholders' meeting in Omaha, Neb., said his federal income taxes a year ago would have gone down 17 percent had the new law been enacted.

Buffett has no plans to leave his job as chairman and CEO of the Berkshire Hathaway conglomerate he built through acquisitions over more than 50 years. Today, investors have to pay $934.15 per Amazon share and $950.28 per Google stock. He supported Democratic candidate Hillary Clinton during the 2016 election and has asked Trump to release his tax returns in the past.

The bill, which would repeal the Affordable Care Act, or Obamacare, includes provisions calling for cuts to capital-gains taxes for individuals or couples earning more than $200,000 and $250,000, respectively, according to the nonpartisan think tank Tax Policy Center. He also said rising health care costs, rather than high taxes, were the biggest drag on USA businesses.

"And I would say that as driverless cars become pervasive it would be because they are safer, and that would mean that the overall economic cost of the auto-related losses (would go) down and that would drive down the premium income of GEICO".

Buffett said flawed compensation is also a problem for hedge-fund managers, arguing that people would be better off sticking their money in a low-priced index fund.

Watch List: Oracle Corporation (ORCL)
The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link . The current share price indicate that stock is -2.43% away from its one year high and is moving 33.95% ahead of its 52-week low.


Buffett also defended Berkshire's foray into airlines, where it is a top investor in the country's big four carriers, American Airlines, Delta Air Lines, Southwest Airlines Co and United Continental Holdings.

But 3G has been frequently criticized for its ruthless cost-cutting measures, including layoffs. Buffett's logic is straightforward: The Oracle of Omaha thinks he can make more money for shareholders by investing their money than they can make for themselves with it.

He said it may have been harder to single people out because "we have never had more good managers".

"If you go to a dentist, if you hire a plumber, in all the professions, there is value added by the professionals as a group compared to doing it yourself or just randomly picking laymen", Buffett, 86, said.

Warren Buffett is considered one of the world's greatest investors, yet even he makes mistakes. Buffett joked that if Bogle holds out for just a couple more years, he'll be old enough to qualify for an executive job at Berkshire.


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