It’s Buffett season–and to non-Parrotheads that means Warren Buffett and the big Berkshire Hathaway annual shindig. Yup this weekend was the annual meeting (attendance: 40,000) where Warren “Sage of Omaha” Buffett and righthander Charlie Munger–the most powerful octogenarian-nonagerarian duo in America–say what’s what. For instance, Berkshire bought about 3 million more shares of IBM, keeping the faith in Big Blue that many have transferred over to other tech concerns. Buffett likes the IBM fundamentals, which have been like Buffett overtime–sturdy and purposely unspectacular.
Buffett also says what’s not what. Into the category fall the accusations that the Berkshire-owned Clayton Homes practiced predatory lending, trapping unqualified borrowers in homes with loans they couldn’t afford. Did Clayton Homes do it? “I make no apologies whatsoever about Clayton’s lending terms,” Buffett says, which isn’t a no. Just means he’s not apologizing. Buffet praised Clayton Homes’ reaction to the problem, saying Clayton has made moves that allow people to continue making payments and stay in their homes. “Exemplary,” he called the company. Sometimes housing prices fall — doesn’t mean you should deny someone the chance to own the home in the first place, Buffett said.
— CNBC Now (@CNBCnow) May 2, 2015