(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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