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".
Berkshire Hathaway Inc Chairman Warren Buffett fumed Saturday that health care costs are eating away at the USA economy like "tapeworm" and said the Republican approach to overhaul Obamacare is a tax cut for the rich.
US President Donald Trump's plan to cut the corporate tax rate to 15 percent would be a tailwind for profitability at Warren Buffett's Berkshire Hathaway, but won't fundamentally change how its business units operate, Buffett said.
"So it is a huge tax cut for guys like me", Buffett was reported saying by Reuters.
The executives who run Berkshire subsidiaries also look forward to the meeting each year because it gives them a chance to meet with fellow managers and hear Buffett address a wide range of topics. "I'm looking forward to hearing him as much as everybody else". "It would be no fun to go through life and say I'm doing this for the greater good, and so that shoes or underwear was all for 5 percent less".
Buffett and Munger started taking questions after the traditional shareholder movie, and after Buffett roamed a nearby exhibit hall featuring products from Berkshire companies.
"Berkshire in fact ended March with more than $96 billion of cash and cash-like instruments, and Vice chair Charlie Munger said it could do a "$US150 billion" acquisition now if it wanted.
Turning to Apple, he said it's "amazing" how Apple has resonated with consumers, and that's why Berkshire Hathaway bought the stock.
The billionaire faced several questions at the gathering about declining employment in the manufacturing sector - a key theme in the recent presidential race - and about job cuts at Kraft Heinz, the food maker backed by Buffett and 3G Capital.
Most of the weekend's other events celebrate shopping at companies owned by Berkshire Hathaway.
He was joined at the traditional newspaper tossing contest by friends including Microsoft Corp (MSFT.O) co-founder and Berkshire director Bill Gates and Miami Dolphins defensive tackle Ndamukong Suh.
"They may become like cattle cars, but. a significant percentage would rather be treated that way and fly for $X than have far more legroom, two abreast, all kinds of things, and travel for $X plus 25 percent", he said.
"I was impressed with Jeff early".