Buffett says AHCA is tax cut for the rich

Global businessman and investor Warren Buffett, also known as Oracle of Omaha, in an exclusive interview to ET NOW spoke on a range of topics, including the nature of business and markets in India. "But they didn't act". Buffett said at the time that 'Apple strikes me as having quite a sticky product'.

Berkshire bought 81 million shares of IBM but just sold off one-third of them - Buffett said the company hasn't performed as well as he'd expected.

Berkshire Hathaway Specialty Insurance launched two insurance policies that cover cyber liability and the costs incurred to respond to a data breach or threat.

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

Despite softer sales in the most recent quarter, consumer loyalty to the iPhone is "huge", Buffett said.

Gates, for his part, said that any tax cut is unlikely to benefit businesses in the tech sector but will likely help shareholders.

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.

"These are powerful, powerful ideas with big potential, and he's executed", Buffett said. No Democrats backed the American Health Care Act (AHCA), and some 20 Republicans voted in opposition. 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. "And when there's a tax cut, either the deficit goes up or they get the taxes from somebody else". He also said that rising health care costs are what's holding back economic growth, not high taxes. He added that healthcare costs have rose much faster in the USA than the rest of the world and warned it will "go up a lot more".

"And those who haven't been through cycles before are probably a little more prone to speculate than people who have experience the outcome of wild speculations", he said. Buffett has preferred, instead, to put his money to work in industries he can understand well, and in "forever" companies with great brands and competitive advantages (moats) which can protect them over long periods of time from the downward pressures competition and inflation provides to investors.

Information for this article was contributed by Noah Buhayar, Laura J. Keller, Jordyn Holman and Katherine Chiglinsky of Bloomberg News; and by Josh Funk of The Associated Press.

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