Thousands of people fill arena to hear from Warren Buffett

The billionaire investor was speaking at Berkshire Hathaway's annual shareholders' meeting in Omaha, Nebraska, which is attended every year by tens of thousands of investors and is referred to as the "Woodstock of capitalism". During his interview with ET Now he elaborated on how he sees India and what are his plan. Still, Buffett said that layoffs were sometimes necessary to make companies more productive. Bill Gates once told me he would just hire people from IIT.

"We have an extraordinary group of good managers", Buffett said.

Buffett said at Saturday's annual meeting that it's crucial his successor have what he calls a "money mind".

Berkshire Hathaway shareholder Barb Whitelock of Omaha stands in line to buy a commemorative Coca Cola can made for the Chinese market that features the likeness of Warren Buffett, at the CenturyLink Center in Omaha, Neb., May 5, 2017. He contrasted that with Berkshire's hotline, which he said is "the main source of information for me about anything that's being done wrong at a subsidiary". He offered thoughts and insights on everything from Republicans voting to repeal Obamacare, to the Wells Fargo scandal, to how artificial intelligence and technology might reshape America.

"It is a huge tax cut for guys like me", Buffett said, adding it would lower his federal income tax by 17 percent if it goes into effect.

If Berkshire does decide to pay dividends, it would have to commit to maintaining that payout over time, Buffett said, as cutting it could have disastrous consequences for the company's share price.

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In February, Barclays analyst Jay Gelb said cutting the corporate tax rate even to 20 percent could boost Berkshire's book value by $27 billion because of a decline in its deferred tax liability.

'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 a year ago.

Warren Buffett thinks that the USA healthcare system is broken.

Buffett and vice chairman Charles Munger built Berkshire into one of the world's largest companies with bets on consumer-product companies like Coca-Cola and older industries such as railroads.

To no one's surprise, Buffett did not mention who would take over for him as Berkshire's chief executive.

Dozens of companies Berkshire owns set up booths in an adjoining 200,000-square-foot exhibit hall to sell their products and take questions about their businesses.

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