He argued that the American Health Care Act, which passed the House this past week, amounted to “a huge tax cut for guys like me.” He also said rising health care costs, rather than high taxes, were the biggest drag on American businesses.
“Medical costs are the tapeworm of American economic competitiveness,” he said.
.. Yet Mr. Buffett and Mr. Munger stood by Wells Fargo and other Berkshire investments, including United Airlines and Coca-Cola. When a protester from Germany delivered a long speech decrying Coke, sugar and capitalism itself, Mr. Buffett said he would continue to drink his favorite beverage, Cherry Coke.
.. “Change is painful for a lot of people,” he said. “I think it’s absolutely essential to America that we become more productive, because that’s the only way we increase consumption per capita.”
.. Still, he allowed that he expected Berkshire’s next chief to already be rich after a career of business success. And in answering a question about how much that person would be paid, he took a swipe at compensation consultants who often urge corporate boards to pay their managers extravagant salaries. “If the board hires a compensation consultant, I’m coming back!” he joked.