Here's what Warren Buffett said about IITs and India

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Warren Buffett, chairman and chief executive officer of Berkshire Hathaway, speaks to media when viewing an exhibition of goods he invested during the annual stockholders meeting in Omaha, the United States on May 6, 2017.

"They are two different types of decisions, and I was wrong on the first one", Buffett said.

Buffett shared some similar thoughts on the bill at the annual Berkshire Hathaway shareholders meeting on Saturday.

Vice chairman Munger reminded the meeting "you've got to remember railroads were a bad business for decades and decades and decades, and then they got good". In the session, Buffett honored Vanguard founder Jack Bogle's work in creating passive investment funds, saying he has saved investors "tens and tens and tens of billions" of dollars.

"Forty percent of the benefit of those tax cuts would go to the highest-income one percent-those making more than $772,000 in 2022", Howard Gleckman, senior fellow at the Tax Policy Center, wrote in March, when details of the bill surfaced.

Charles Munger, the vice chairman of Warren Buffett's Berkshire Hathaway Inc, said the decision to take on insurance liabilities from American International Group Inc (AIG) offers plenty of risk, and also the chance for a substantial reward.

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The House narrowly passed a bill to repeal and replace Obamacare, a major victory for President Trump who has railed against Obama's landmark healthcare bill. The party's leadership has promised that the new American Health Care Act, which faces a likely overhaul and uncertain passage in the Senate, would address growing health care costs.

Berkshire Hathaway has previously said it was willing to buy back stock, but dividends would mark a a dramatic reversal from just a few years ago, when Buffett had opposed a shareholder proposal calling for Berkshire Hathaway to start paying them.

Unlike in many other countries where much of healthcare spending is publicly financed, employers provide health insurance coverage for almost half of Americans and often face sky-rocketing rates.

"I don't know that much about cyber, but I do think that's the number one problem with mankind".

Buffett added that the costs "will go up a lot more".

Wells Fargo, whose largest shareholder is Berkshire with near 10% stake worth roughly $US27 billion, gave employees too much autonomy to engage in "cross-selling" multiple products to meet sales goals, Buffett told the meeting. He vocally supported Hillary Clinton in the 2016 presidential election.

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