"It's intrinsically a unsafe kind of activity, but that's one of its attractions", Munger said on Saturday at Omaha, Nebraska-based Berkshire's annual meeting, highlighting the judgement of Buffett and his reinsurance deputy, Ajit Jain.
Over the course of 6 1/2 hours, Buffett, 86, and Munger, 93, touched upon a range of topics, as they sipped Coca-Cola and munched on See's sweets (from two of Berkshire's holdings). He also said rising health care costs, rather than high taxes, were the biggest drag on USA businesses.
Yet Buffett and Munger stood by Wells Fargo and other Berkshire investments, including United Airlines and Coca-Cola.
As of February, Berkshire Hathaway held Apple shares worth $17B at the time, and significantly more today.
Buffett says the country's huge population and rapidly growing middle class is too big to ignore.
On 3G, with which Berkshire controls Kraft Heinz Co and tried to merge it with Unilever Buffett revealed to the meeting a dislike for the cost-cutting for which the Brazilian firm is known.
But 3G has been frequently criticized for its ruthless cost-cutting measures, including layoffs.
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"It's a lot of people with a lot of buying power", he said.
He said he had grown more fond of Apple Inc AAPL.O , in which Berkshire has disclosed a roughly $20 billion stake, because he could "very easily determine" the iPhone maker's competitive position "and who is trying to chase them".
"We're not going to change anything at the railroad just for some little tax jiggle", Munger said, referring to Berkshire's BNSF unit. That makes Buffett's strategy look more like Bogle's.
The investors convene each year at the Buffett-fest, filled with small shrines to the companies Berkshire Hathaway invests in and to the man himself, worth nearly $75 billion.
Indian Prime Minister Narendra Modi has tried to smooth the way for foreign investors such as Buffett, but there are still many hurdles standing in their way.
Dozens of companies Berkshire owns set up booths in an adjoining 18,580m2 exhibit hall to sell their products and take questions about their businesses.
Still, he allowed that he expected Berkshire's next chief to already be rich after a career of business success. "If the board hires a compensation consultant, I'm coming back!" he joked.