(May 6, 2017) Around 40,000 people showed up in the 2017 Berkshire Hathaway Annual Meeting to hear Warren Buffett and Charlie Munger answer questions about their investments, succession planning, Wells Fargo, Coca Cola and more.

Warren Buffett who is a huge shareholder of Coca Cola, remarked it was later than when Warren Buffett usually takes his first sip – which is usually first thing in the morning when Warren Buffett wakes up. Warren Buffett even brought a Cherry Coke onstage at the 2017 Berkshire Hathaway Annual Meeting, while Charlie Munger toted a Diet Coke. A massive of peanut brittle, made by longtime Berkshire Hathaway holding See’s Candies, sat between them.

Wells Fargo was the first question at the 2017 Berkshire Hathaway Annual Meeting. #Berkshire Hathaway owns about 473 million shares of Wells Fargo, which remains under scrutiny for its fake accounts scandal. Warren Buffett stated that the main problem of Wells Fargo was that they did not act when they learned about it. Warren Buffett and Charlie Munger criticized the incentive system at Wells Fargo which led to the creation of fake accounts, which Warren Buffett and Charlie Munger said encouraged bad behavior.

Warren Buffett and Charlie Munger also faced other questions about business decisions. Warren Buffett announced earlier that week that #Berkshire Hathaway dumped about a third of #Berkshire Hathaway’s IBM stock, although IBM remains as a major holding of #Berkshire Hathaway.

Berkshire Hathaway has a sizable stake of investment in the airline industry. Warren Buffett and Charlie Munger increased the stake in United Airlines, Delta Airlines, American Airlines, and Southwest Airlines. Warren Buffett and Charlie Munger attributes more to the characteristics of the industry than to the merits of any one company at the 2017 #Berkshire Hathaway Annual Meeting.

Warren Buffett and Charlie Munger also spoke about the failed Kraft Heinz bid for European consumer products giants unilever at the 2017 #Berkshire Hathaway Annual Meeting. Kraft Heinz is backed by #Berkshire Hathaway and private equity firm 3G Capital. According to Warren Buffett, Berkshire Hathaway would have invested an additional $15 billion and 3G an additional $15 billion, if friendly agreement had been reached.

At the 2017 #Berkshire Hathaway Annual Meeting, Warren Buffett and Charlie Munger seemed to be a hint that Warren Buffett and Charlie Munger might give over the reins of #Berkshire Hathaway when they are still alive. Warren Buffett stated that Greg Abel is still #Berkshire Hathaway’s top pick for the capital allocating chief role, and with Todd and Ted sort of in place there as kind of co-CIOs, and having Ajit help out as well.

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