(Bloomberg) -- Warren Buffett sanctioned healthy sparring among the companies owned by his Berkshire Hathaway Inc., the more-than $520 billion conglomerate made up of businesses that range from insurers to a railroad.
“Competition is fine,” Buffett said Wednesday at an event for MLMIC, a medical liability insurer that Berkshire acquired this year. “That's a good thing. That's what brings improvements to society.”
Buffett, 88, was asked about his desire for competition among the units, given that some of the company's insurers face off in similar markets. Berkshire has other holdings among rival firms. It is among the top investors in Wells Fargo & Co., Goldman Sachs Group Inc. and Bank of America Corp. It also owns Dairy Queen and has made an investment in Restaurant Brands International Inc., the owner of Burger King.
To contact the reporter on this story: Katherine Chiglinsky in New York at kchiglinsky@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, Peter Eichenbaum
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