- Associated Press - Saturday, May 3, 2014

OMAHA, Neb. (AP) - Berkshire Hathaway chairman and CEO Warren Buffett and vice chairman Charlie Munger spent more than five hours Saturday answering questions from shareholders, reporters and stock analysts.

Here’s some of what they said:

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BREAKING UP BERKSHIRE HATHAWAY:

Buffett said he thinks it would be a horrible idea to break Berkshire’s collection of 80-odd companies into separate entities.

“We would not unlock value. We would lose significant value,” Buffett said after a shareholder asked about the possibility of splitting Berkshire into four companies.

Buffett said Berkshire is worth significantly more as it stands today because cash can move between different subsidiaries and there are tax benefits.

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BANK OF AMERICA:

An error revealed recently by Bank of America in its reports to the Federal Reserve hasn’t diminished Warren Buffett’s appreciation of the bank. Buffett said he’s not bothered that the bank had to suspend a long-awaited dividend increase and stock buyback due to the error.

Back in 2011, Buffett invested $5 billion in Bank of America in exchange for 6 percent interest and warrants to buy 700 million shares of stock at $7.14 apiece.

“It doesn’t change my feeling about the Bank of America in any way,” Buffett said.

The bank’s mistake was tied to an incorrect adjustment of how it valued securities it obtained through its acquisition of Merrill Lynch in 2009. The bank must now resubmit a new capital plan to Fed.

Berkshire Hathaway also has large investments in Wells Fargo & Co., U.S. Bancorp and Goldman Sachs.

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