Berkshire Hathaway renews building lease in Omaha for 20 years

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Buffett, who is worth nearly $90 billion, still lives in a relatively modest house about 10 minutes outside downtown Omaha that he bought in 1958.

Buffett further said that he has been a fan of Amazon and also he has been an idiot for not purchasing the shares of Amazon.

Buffett hired investment managers Todd Combs and Ted Weschler in 2010 and 2012 to manage stock portfolios of more than $13 billion for Berkshire. Berkshire often buys the stocks of companies that appear as quite expensive.

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Stock buybacks: Quarterly earnings, to be released before the meeting, will disclose how much of Berkshire's stock Buffett and Vice Chairman Charlie Munger saw fit to repurchase in Q1.

Berkshire Hathaway Inc., based in Omaha, Nebraska, owns a range of businesses including insurance, railroads, jewelry stores as well as major investments in American Express, IBM and Wells Fargo & Co.

Berkshire said the numbers don't include any contributions from its ownership of more than one-quarter of Kraft Heinz, which has struggled recently. While he most often steers clear of the latest hot technology, he has since 2016 been investing heavily in iPhone maker Apple, and is now the second-largest shareholder. That hasn't just benefitted Buffett, but also Apple shareholders in general. "I have admired Jeff for a long, long time but I did not think he could succeed on the scale that he has".

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Combs, who was CEO of a hedge fund before he joined Berkshire in 2010, "is going to be more comfortable in that world", said Meyer, noting that Berkshire has been investing more in the tech sector as the younger men take on more responsibility.

For almost 30 years from 1979 Berkshire outperformed the United States market by more than 12 per cent on average per year, but since October 2008 its performance has lagged behind the wider market.

Buffett, 88, was pressed by questions - each greeted with a torrent of applause - about who would succeed him.

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