Buffett: GOP Health Care Bill a Tax Cut for the Rich

Buffett, 86, said that gross domestic product per person in the United States is six times higher now than when he was born, reiterating his optimism about the nation's ability to generate wealth. He said one of the most important qualities his successor will need is a talent for wisely investing Berkshire's cash. The fourth richest man in the world with a net worth totaling $74.3 billion, according to Forbes magazine, Buffett has vowed to donate almost his entire fortune to charity.

Over the course of 6 1/2 hours, Buffett, 86, and Munger, 93, touched upon a range of topics, as they sipped Coca-Cola and munched on See's sweets (from two of Berkshire's holdings).

"If there's a major problem, the CEO will get wind of it".

Warren Buffett, who long shunned investments in technology stocks and then made an ill-fated bet on IBM, said that mistake shouldn't discourage wagers on the broader industry.

"It's a very, very, very valuable product to people that build their lives around it".

Buffett said Berkshire's Geico unit was an early customer of Google, paying the search-engine company when people clicked on the auto insurer's ads.

"Fear spreads like you can not believe until you've seen a few examples of it", Buffett said.

Berkshire and 3G control Kraft Heinz Co and recently tried to merge it with Unilever NV for $143 billion, but was rebuffed.

Munger added: "You've got to remember railroads were a awful business for decades and decades and decades, and then they got good".

"I think the potential for India is incredible", Warren Buffett said in an interview with Indian news channel ET Now on Monday, describing the South Asian nation as a "huge, enormous market". Berkshire bought the BNSF railroad in 2010. In the session, Buffett honored Vanguard founder Jack Bogle's work in creating passive investment funds, saying he has saved investors "tens and tens and tens of billions" of dollars.

Berkshire plans to name one of its existing managers chief executive officer after Buffett is gone and the decentralized structure of the company allows Berkshire's subsidiaries to largely run themselves.

The world's most famous investor, the Oracle of Omaha, Warren Buffett expressed regrets about not being able to gauge two tech companies, where he doesn't own a stock but they are doing extremely well. Today, IBM has 1.16 billion shares outstanding, of which we own about 63.9 million or 5.5%.

Wells Fargo shares are little changed from their 2014 closing price, while rivals Bank of America and JPMorgan Chase have each advanced more than 30 percent in that span.

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