Time Bomb
“It’s still a potential time bomb in the system,” Buffett said of the contracts, adding that a disruption in markets, potentially from a cyber attack, could make it hard for the largest lenders to value their holdings. “Anything where discontinuities can exist can be real poison in markets.”
He and Munger also criticized Valeant Pharmaceuticals International Inc. The drugmaker overhauled management last month and agreed to lower the price of certain drugs after being faulted by lawmakers for charging too much.
Buffett, who endorsed Democrat Hillary Clinton for president at an Omaha rally last year, opted not to talk much about politics at the meeting, even when he was asked about Republican Donald Trump. But he assured shareholders that Berkshire will do just fine, if either wins in November.
The U.S., Buffett said, is a “remarkably attractive place in which to conduct a business.”