Warren Buffet regrets missing out on Google and Amazon

The April 9 episode caught on video showed David Dao, a doctor, being pulled from a United seat to make way for a crew member, resulting in a broken nose and concussion. He criticized CEO Oscar Munoz, who first gave a vague response, then defended his employees and blamed the passenger before giving a contrite apology.

In the case of Google, however, Buffett said he could have figured out the company had a great advertising business because he was, in effect, contributing to its profits.

'That is a problem this society is having trouble with and is going to have more trouble " added Buffett, who's previously funded Republican candidates but threw his support behind Democratic presidential candidate Hillary Clinton previous year.

One of the reasons Buffett is heavily investing in the airline industry is that it is becoming more efficient, but he realizes that often comes at the price of comfort.

"Change is painful for a lot of people", he said.

Munger added: "You've got to remember railroads were a awful business for decades and decades and decades, and then they got good".

"It's a job I don't want, running an airline", he added.

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

Buffett emphasized the need for competitiveness in trade, which he called "enormously beneficial to both the US and the world" by providing necessities to millions of people at a lower cost.

At the same time, Buffett said health care costs, which in recent decades have risen much more in the U.S.as a percentage of the economy than in other countries, put the nation at a competitive disadvantage.

"If they make the world safer, it's going to be a very good thing", he said.

Nonetheless, the "hatred" pervading American politics could impede any such agreement between Democrats and Republicans, Munger said on CNBC.

The U.S. House of Representatives on Thursday narrowly approved a bill to repeal and replace Obamacare, a victory for Republican President Donald Trump who has called the 2010 law a "disaster". "It's just dictated by mathematics".

Mr. Buffett noted that many iPhone purchasers are repeat customers who know a new phone will be introduced regularly, or buy them for such occasions as graduations.

"I had plenty of ways to ask questions, or anything of the sort, and educate myself", Buffett said. "People live better when there is more output per capita".

"There's nothing more agonizing than to see your neighbor, who you think has an IQ 30 points below you, getting richer than you are by buying stocks, whether it's internet stocks or whatever", Buffett said.

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