Buffett defends Berkshire Hathaway's big Coke stake at annual meeting
Business
Buffett defends Berkshire Hathaway’s big Coke stake at annual meeting
Warren Buffett on Saturday defended several of Berkshire Hathaway Inc’s larger or struggling investments, including Coca-Cola and the BNSF railroad. Speaking to tens of thousands of shareholders at Berkshire’s annual meeting in Omaha, Nebraska, Buffett and Vice Chairman Charlie Munger also touched on many other issues including the 2016 presidential election, the risks of derivatives, and big losses at a mutual fund closely associated with Berkshire.
I elect to get my 2,600 or 2,700 calories a day from things that me feel good when I eat them. That’s my sole test.
Buffett, who consumes 700 calories of Coke a day, rejected critics who say the company’s sugary drinks harm people’s health
At the meeting, Buffett and Munger fielded dozens of questions from shareholders, analysts and journalists, primarily about Berkshire companies and investments. Because the meeting fell early this year, Berkshire also released only preliminary first-quarter results, rather than full results, which the conglomerate will release on May 6. Berkshire said net income probably rose 8 percent, helped by a gain from the swap of Procter & Gamble Co stock for the Duracell battery business. Operating profit probably fell 12 percent, however. Buffett said BNSF was hurt by declining oil prices and coal shipments, while hailstorms caused losses in Berkshire insurance units.
