and in other Industry News...
Healthcare sunk by Buffett and co
Health stocks were hit hard after Amazon, JPMorgan and Berkshire Hathaway announced they would join forces to start a new healthcare company— to lower healthcare costs for their hundreds of thousands of US employees.
The industry titans said this venture will be "free from profit-making incentives and constraints" as they take on the inefficient and expensive American healthcare system.
"The ballooning costs of healthcare act as a hungry tapeworm on the American economy," said Warren Buffett, Berkshire Hathaway's chairman and CEO.
"Our group does not come to this problem with answers. But we also do not accept it as inevitable."
In a statement, Berkshire said the initial focus of the joint venture will be on "technology solutions" to bring about simplified and cheaper healthcare.
Ann: Quarterly Company Update, page-17
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