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"It was huge what they did on cutting taxes for the rich", he said.

Berkshire is also a major investor in United rivals American Airlines Group Inc AAL.O , Delta Air Lines Inc DAL.N and Southwest Airlines Co LUV.N .

Though Warren Buffett has long championed dividend stocks as part of his investment philosophy, when it comes to his own company, Berkshire Hathaway (brk.a), the investor has been loath to pay dividends.

Buffett and Munger avoided technology investments for most of their careers because they said it was too hard to figure out which companies will win.

It is known as the "Woodstock of capitalism", according to the New York Times.

Yet in a sign that the 86-year-old stock-picker is thinking of his company's future without him, Buffett suggested at the Berkshire Hathaway annual meeting Saturday that he is now considering the possibility of Berkshire's stock eventually paying a dividend.

"We need a money mind as CEO", said Buffett, who has no plans to retire.

"Bonds are a bad choice against stocks", he said.

Buffett told shareholders that he blew it by not buying up stock in Google years ago. "It's a very, very, very valuable product to people that build their lives around it".

Buffett has always been wary of the airline sector and its ability to go broke.

While Munoz "apologized many times", his first response could have been a bit more proactive than just a simple apology, as "your first reaction is going to get a lot of attention", Buffett said.

Vice chairman Munger reminded the meeting "you've got to remember railroads were a bad business for decades and decades and decades, and then they got good".

(But BNSF has suffered weaker profits since oil production fell and coal shipments dropped to power stations and other users because more gas was being used in those stations and by those customers).

- Buffett also faulted Wells Fargo executives for not acting quickly enough when they found out about problems involving the creation of fake customer accounts at the bank.

Apple is today one of the Berkshire's biggest equity holdings. "We would like to own 100% of any business that we run". Aside from not being tech-savvy, Buffett said he always felt Amazon shares always "looked expensive".

"Every year it seems I have to come earlier", said Chris Tesari, a retired businessman from Pacific Palisades, California who said he arrived at 3:20 a.m. for his 21st meeting.

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