Buffett talks highly of IITians, says he is eyeing the Indian opportunity

Berkshire Hathaway CEO Warren Buffett visits the BNSF booth before the Berkshire Hathaway annual meeting in Omaha

- Berkshire Hathaway Chairman Warren Buffet, 86, and his Vice Chairman Charlie Munger, 93, fielded questions from analysts, journalists, and shareholders for several hours on May 6 at the company's annual meeting in Omaha.

"So it is a huge tax cut for guys like me", he said, according to Reuters. The Annual Meeting of Warren Buffett's Berkshire Hathaway attracted more than 40,000 shareholders from around the world as well as a wide variety of media outlets to Omaha every year. Asked if he had stopped buying Apple, Buffett said: "Maybe, may not".

Some Wall Street analysts have predicted Amazon, whose market value is almost $450 billion, is on course to become a trillion-dollar company.

Berkshire has more than 90 operating units in insurance, chemical, energy, food and clothing, railroad and other sectors, and also has large investments in stocks of companies such as Apple Inc. and Wells Fargo & Co.

The topic arose at Berkshire Hathaway's shareholder meeting in Omaha, where Buffett talked about his struggles to find ways to deploy the company's enormous hoard of more than $90 billion in cash, at a time when it has been hard to find worthy investments at an attractive price.

Buffett said at the meeting that health care costs have become a bigger issue for American businesses than taxes.

"It could be repurchases, it could be dividends", he said. Berkshire bought 81 million shares of IBM but just sold off one-third of them - Buffett said the company hasn't performed as well as he'd expected. For most of his career, Buffett avoided technology stocks, saying the companies were outside his expertise.

Buffett defended Berkshire's foray into airlines, where it is a top investor in American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co and United Continental Holdings Inc.

He also addressed criticism that Berkshire discloses too little about businesses such as aircraft parts maker Precision Castparts Corp, which it bought a year ago for $32.1 billion. "There's no way I can come back here three years from now and tell you that we hold $150 billion or so in cash".

Shareholders overwhelmingly rejected a proposal that would have required Berkshire to disclose its political contributions twice a year.

Buffett, who has promised to donate more than 99% of his fortune to charity, has criticized American tax rules that allow the ultra-rich to pay lower rates than the middle class.

Hundreds of shareholders lined up early outside downtown Omaha's CenturyLink Center for the meeting. Operating profit fell 5 percent to $3.56 billion, or $2,163 per class A share.

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