Sci-tech

Why Warren Buffett Thinks Buying Microsoft Stock 'Would Be a Mistake'

Why Warren Buffett Thinks Buying Microsoft Stock 'Would Be a Mistake'

At Berkshire's annual shareholders meeting in Omaha, Nebraska, yesterday, Buffett said that the Wall Street Journal, New York Times, and Washington Post are likely the only newspapers that can generate enough revenue from their digital products to replace what they lost from the shift away from print.

"If something happened a week later, a month later, in terms of [Microsoft] having better earnings than expected or making an acquisition-anything-both Bill and I would, incorrectly, but would be a target of suggestions and accusations, perhaps even, that somehow he had told me something, or vice versa", Buffett said at the Berkshire meeting in Omaha.

Many shareholders say they trust that Buffett has a solid succession plan in place.

But the billionaires' friendship has its boundaries: Buffett will never buy Microsoft stock. Rather, the problem lies with Gates, who joined the Berkshire Hathaway board in 2004, and retired as chairman of Microsoft in 2014. Its insurance and utility businesses typically account for more than half of the company's net income.

Investor Warren Buffett still isn't disclosing many details of the new health care initiative his company started with Amazon and JP Morgan Chase, but he hopes it will make a significant difference.

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City

The investor also implied that he is willing to invest more in China this year. Buffett said the investment "has being doing so well lately".

Berkshire Hathaway owns 10 percent of Wells Fargo's stock, and Buffett reiterated his support for the bank Saturday despite its recent scandals.

"I have no reason to think that Wells Fargo, going forward will be anything other than a large, well-run bank", Buffett said. "The most important thing is that we do something about it", Buffett said. The company also has major investments in such companies as American Express, IBM and Wells Fargo & Co.

Berkshire Hathaway held its 2018 shareholders meeting on Saturday, attended by tens of thousands of people from all over the world.

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