Billionaire Warren Buffett says women's place is in investing

Billionaire Warren Buffett says women's place is in investing

The Berkshire Hathaway 2019 Annual Shareholders Meeting kicked off early Saturday morning with Warren Buffett and Charlie Munger delivering welcome statements.

Speaking Saturday at his annual shareholder meeting, Buffett, the 88-year-old CEO of Berkshire Hathaway, blasted the UK's decision to leave the European Union but said his company was hoping to strike a deal in Britain regardless of the outcome.

But he also maintained that "we paid too much money" for Kraft.

Berkshire said the numbers don't include any contributions from its ownership of more than one-quarter of Kraft Heinz, which has struggled recently.

Berkshire also said it repurchased $1.7 billion of its stock in the quarter, reflecting Buffett's troubles to find better uses for the Omaha, Nebraska-based conglomerate's cash hoard, which now totals $114.2 billion.

Munger said he and Buffett saw how great search engine optimization was used in its Berkshire-owned GEICO and "we just sat there sucking our thumbs". At the same time, Berkshire wrote down the value of its stake by $3bn.

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Berkshire, Mr Buffett's investment company, is valued at $537 billion and thousands of private shareholders have been made millionaires by its success.

The company reported first-quarter profit of $21.7bn (£16.5bn) yesterday, compared to a $1.1bn loss this time past year.

Buffett played bridge with shareholders Sunday at the Borsheims jewelry store that Berkshire owns.

The new accounting rule asks public companies to account for unrealized gains or losses in stocks when reporting their net income.

Buffett told reporters Saturday that it is "pretty unusual" for a company to not have filed its 10-K yet.

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