Economy

India is a huge market for anyone to ignore: Warren Buffet

India is a huge market for anyone to ignore: Warren Buffet

"They were totally wrong on that", Buffett said in Omaha, Neb., at the annual meeting of his Berkshire Hathaway Inc.

That's according to Warren Buffett, CEO of Berkshire Hathaway, who took to CNBC on Monday morning to discuss his continued faith in Apple.

"We have an extraordinary group of good managers", Buffett said.

While Munger called Bezos "a different species, Buffett went on to say that "I was too dumb to realize what was going to happen".

Buffett has often said he avoided tech stocks in the past because he didn't really understand how they were making money and whether they would be able to do so over the long term. "It's a very, very, very valuable product to people that build their lives around it". Still, the analysts said that based on Buffett's investing record and a review of prior reinsurance transactions, the "total projected benefit" is about US$8 billion.

"The shares when we bought them at least were much more reasonable in relation to current earnings", Buffett said. Berkshire Hathaway Specialty Insurance launched two insurance policies that cover cyber liability and the costs incurred to respond to a data breach or threat.

"Bonds are a bad choice against stocks", he said.

"Berkshire in fact ended March with more than $96 billion of cash and cash-like instruments, and Vice chair Charlie Munger said it could do a "$US150 billion" acquisition now if it wanted.

Buffett also defended one of his favorite business partners of late, 3G Capital, a Brazilian investment firm that has backed both Kraft Heinz and Burger King. Previous year the shares rose more than 23%, nearly twice the rise in the S&P 500 (plus reinvested dividends) and the 10.7% rise in the book value of Berkshire Hathaway shares.

'I don't value IBM the same way that I did six years ago when I started buying, ' Buffett said on Saturday.

Dozens of companies Berkshire owns set up booths in an adjoining 200,000-square-foot exhibit hall to sell their products and take questions about their businesses. Buffett recalled how Microsoft founder Bill Gates once told him he would just hire people from IIT if he were to choose one university.

Buffett, who has promised to donate more than 99% of his fortune to charity, has criticized American tax rules that allow the ultra-rich to pay lower rates than the middle class.

"Every year it seems I have to come earlier", said Chris Tesari, a retired businessman from Pacific Palisades, California who said he arrived at 3:20 a.m. for his 21st meeting.