Buffett's Berkshire Hathaway teamed up with Jeff Bezos' Amazon and Jamie Dimon's J.P. Morgan last year to create a not-for-profit health venture aimed at cutting costs and improving services for their employees.
Buffett said Haven is on the "first step on what is bound to be a very long journey," and the co-founders are willing to spend "whatever money it takes" if the organization is making progress. He said the venture isn't more difficult than he expected, but he expected it to be "ungodly difficult."
"We'll try, but nothing will happen quicker, so there is no revolutionary move or anything of the sort," Buffett said. "And there will be lots of opposition to any change." Berkshire Hathaway Vice Chairman Charlie Munger in the interview said the current health-care system is "out of control." He pointed to "utterly unnecessary" medical treatments and "ridiculous" high deductibles that leave people on the hook for sometimes thousands of dollars in medical bills despite being insured as examples.
"I would say we have a pretty disgusting system," he said. "On the other hand, it's the best in the world in terms of its scientific capacity."
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