Addressing Berkshire Hathaway’s annual general meeting, Warren Buffett called hedge funds’ typical 20% slice of profits “a compensation scheme that is unbelievable”. The sage of Omaha also said the link between soda and obesity was “quite spurious”. His investment firm, which owns a 9% stake in Coca-Cola, reported an 8.2% year-on-year rise in quarterly profits, to $5.6 billion.