Several questions homed in on politics, and Mr. Buffett, a Democrat with close ties to former President Barack Obama, offered measured criticism of President Trump’s policies. 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.
Mr. Buffett also argued that executives at Wells Fargo, in turning a blind eye to the creation of fraudulent accounts to meet sales goals, had fostered a toxic culture. Of the bank’s ousted chief executive, John Stumpf, Mr. Buffett said, “The moment the C.E.O. heard about it, he had to act. He didn’t.”
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.
