Warren Buffett tells it truthfully at Berkshire Hathaway shareholders’ meeting

At 86, Berkshire Hathaway Chairman Warren Buffett is still going strong.

He is young next to his 93-year-old Vice Chairman Charlie Munger.

The two have built a long-lasting, money-making investment empire.

Yet every day Buffett still eats the same cheap meal in the same diner where he has eaten for over 50 years.

Buffett is known for plain speaking, and at the annual Berkshire Hathaway shareholders’ meeting, he delivered.

Buffett doesn’t like tech stocks—he said he finds it too hard to judge which will succeed long-term.

He said he blew it with Google. He missed the boat. He also misjudged IBM, which he is now selling. He does own some Apple.

He also had harsh words for the former CEO of Wells Fargo bank.

Wells Fargo set high quotas. Managers then invented dummy accounts and charged customers to meet those quotas. When the CEO found out he did nothing. It cost him his job.

“At some point, if there’s a major problem, the CEO will get wind of it,” Buffett told his shareholders. “And that is, at that moment that’s the key to everything because the CEO has to act.”

Buffett said that despite that one problem, he thought Wells Fargo would be a good long-term investment.

That means something, coming from the undisputed king of long-term investment.