Berkshire also owns US$328 billion of stocks, close to half in Apple Inc.
He also said bank shareholders and executives should bear the risks of mismanagement, with Munger criticizing executives concerned more with getting rich than with customers. Anticipating questions on banking, Buffett prompted laughter by putting in front of him a sign reading “AVAILABLE FOR SALE” and one reading “HELD-TO-MATURITY” before Munger.
But he said Berkshire can offset this with more income from investments, including US$7 billion of U.S> Treasury bills bought in April.
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