Page 24 - ARUBA TODAY

Monday 8 May 2017 BUSINESS
A24

Thousands of people fill arena to hear from Warren Buffett

By JOSH FUNK as the shareholders do.
AP Business Writer Brooks Running CEO Jim
OMAHA, Neb. (AP) — Lis- Weber said he’s always
tening to Warren Buf- careful about how much
fett never gets old to the of Buffett’s time he takes
thousands of Berkshire Ha- up when he talks to him, so
thaway shareholders who those conversations tend
filled an arena Saturday to focus just on Brooks’ run-
to listen to the billionaire ning-shoe business. The an-
investor at the company’s nual meeting offers one of
annual meeting. the few times Weber gets
More than 30,000 people to hear Buffett discuss oth-
came to Omaha to hear er topics.
Buffett and Berkshire Vice “I want to hear him talk
Chairman Charlie Munger about the economy and
talk. The 86-year-old CEO investing,” Weber said.
and his 93-year-old part- “I’m looking forward to
ner have been leading the hearing him as much as
conglomerate for more everybody else.”Dozens of
than five decades, but the companies Berkshire owns
crowd is always listening set up booths in an adjoin-
for new tidbits of wisdom. An image of Warren Buffett towers over Berkshire Hathaway shareholders as they visit and shop ing 200,000-square-foot ex-
Buffett is known for his can- at company subsidiaries in Omaha, Neb., at the Berkshire Hathaway shareholders meeting. More hibit hall to sell their prod-
dor and plain speaking. than 30,000 attended the annual meeting and participated in company-sponsored activities, ucts and take questions
Berkshire’s top two execu- though the main attraction was CEO Warren Buffett and Vice Chairman Charlie Munger’s Q&A about their businesses. The
tives acknowledged Sat- session on Saturday. event offers Geico insur-
urday that they missed (AP Photo/Nati Harnik) ance quotes, See’s Candy,
out on investing in Google ments for most of their ca- promptly to the sales prac- to eventually replace him. Justin cowboy boots, RVs
years ago, but they ex- reers because they said it tices scandal that cost He said one of the most im- and homes manufactured
pressed pride in the com- was too hard to figure out the former CEO his job last portant qualities his succes- by Clayton Homes.
pany they built through which companies will win. year. The bank said last fall sor will need is a talent for “I think it’s a neat way to
acquisitions and said they Berkshire does now own that its employees opened wisely investing Berkshire’s keep the enthusiasm up
believe it will thrive for de- 133 million Apple shares, up 2 million bank accounts cash.“We need a money in shareholders,” said Jerry
cades to come. but it just sold off one-third without customer approval mind as CEO,” said Buffett, Meyer, who drove to Oma-
“In retrospect, I think we of its 81 million IBM shares to meet unrealistic sales who has no plans to retire. ha with family from Cof-
were smart enough to fig- because Buffett misjudged goals. Berkshire plans to name feyville, Kansas.
ure out Google early, and that firm. “The main problem was one of its existing man- Buffett is the celebrity that
we didn’t,” Munger said. Buffett had harsh words they didn’t act when they agers CEO after Buffett is everyone wants to get
Buffett and Munger avoid- for Wells Fargo’s manag- learned about it,” Buffett gone, and the decentral- close to at the meeting.
ed technology invest- ers who failed to respond said. ized structure of the com- When Buffett toured the
Berkshire is Wells Fargo’s pany allows Berkshire’s exhibit hall, he was sur-
biggest shareholder. Buf- subsidiaries to largely run rounded by a pack of re-
fett said he still believes in themselves. porters, shareholders and
the long-term prospects “We have an extraordinary security officers. While
of the bank even though group of good managers,” Buffett met Mr. Peanut at
Wells Fargo mishandled Buffett said. the Kraft Heinz booth, Mi-
the scandal. The executives who run ami Dolphin Ndamukong
Buffett said there’s no Berkshire subsidiaries look Suh wandered a few feet
change in Berkshire’s plan forward to the meeting just away without a crowd. q

Average US gas price drops 5 cents, as crude falls

CAMARILLO, Calif. (AP) vey said Sunday that the was the highest in the con-
— The average price of drop reflected lower costs tiguous United States at an
a gallon of regular-grade for crude oil, as well as average of $3.02 a gallon.
gasoline dropped 5 cents abundant gas supplies. The lowest was in Tulsa,
nationally over the past She says the national av- Oklahoma, at $2.02 a gal-
two weeks, to $2.41. erage is 14 cents a gallon lon.The U.S. average diesel
Industry analyst Trilby Lund- above the price a year price is $2.57, down 2 cents
berg of the Lundberg Sur- ago.Gas in San Francisco from two weeks ago.q