February 15, 2017 / 7:34 PM / a year ago

BRIEF-Charlie Munger says has mellowed on Trump; Buffett not crazy buying Apple, airlines

Feb 15 (Reuters) - Berkshire Hathaway Vice Chairman Charlie Munger Says Wells Fargo

* Account-Opening scandal does not impair bank’s future

* Munger says wells fargo made “mistake” by not reacting to the news fast enough

* Munger speaking at annual meeting of his daily journal corp in los angeles

* Munger says he and warren buffett once considered airline industry a “joke,” but that industry has improved

* Munger says he doesn’t think he and warren buffett have “gone crazy” in buying shares of apple and airlines, but instead are “adapting”

* Munger, asked about year-ago comment suggesting that donald trump was not morally qualified to be u.s. President, says “i’ve gotten more mellow”

* Munger says some of trump’s ideas may prove constructive, and that “he’s not wrong on everything”

* munger: index funds cause “absolute agony” for investment professionals because vast majority lag funds over time; “most people handle that with denial”

* Munger says valeant pharmaceuticals was “too good to be true,” and it was “really interesting how many high-grade people that took in”

* Munger says “there was a lot wrong with valeant, and it was so aggressive”

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