Buffett says United States and China will avoid 'something extremely foolish' on trade

Warren Buffett dumps IBM, stocks up on Apple, buying another 75 million shares for up to $14 billion

"With the passage of time, we may own 6 or 7 per cent because they repurchase shares", he was quoted as saying. Berkshire is now the third largest Apple shareholder, behind Vanguard and BlackRock.

While the primary focus of his company remains on USA businesses, investment opportunities in other parts of the world, including emerging markets, will also be taken into account, according to Buffett.

Berkshire shareholders can celebrate the fact that most of the companies 90-odd businesses are performing well as the economy continues growing, but the conglomerate's future is always in the back of their minds because Buffett is 87.

Buffett said it was unlikely that the United States and China would come to loggerheads on trade and believed the countries would avoid doing "something extremely foolish".

Munger, meanwhile, answered a question on steel tariffs imposed by the White House by acknowledging that US producers are hurting.

"I used to think so", Mr Buffett joked, prompting laughter and applause.

Buffett on Saturday defended his earlier remark that it would be "ridiculous" for the conglomerate not to do business with gun manufacturers, noting that he does not want to impose his political views on Berkshire's investment decisions or business operations.

Wells Fargo investors last week gave strong backing to the bank's directors and executives on Tuesday, indicating confidence in its overhauled leadership to rebound.

Buffett said the bank had committed the "cardinal sin" of incentivizing employees into "kind of insane conduct".

Buffett addressed his alliance with another banker, JPMorgan Chase & Co's Jamie Dimon, and Amazon.com Inc's Jeff Bezos to tackle healthcare. That's up from $3.6 billion, or about $1.78 per B share, a year ago. Buffett said USA healthcare costs are a tapeworm on the economy, and he said the venture partners expect to name a chief executive within a couple months.

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The investment also helps Mr Buffett deploy Berkshire's cash and equivalents while he looks for his first major acquisition since paying $32.1bn (Dh117 billion) for aircraft parts maker Precision Castparts in January 2016.

Billionaire Warren Buffett deflected questions about his eventual successor at Berkshire Hathaway on Saturday, and encouraged the thousands of people at his annual meeting to focus more on big picture investing principles than day-to-day events.

Billionaire Warren Buffett says Wells Fargo is cleaning up its act after the misconduct at the bank in recent years.

Berkshire's revenue declined to $58.47 billion in the quarter from last year's $64.37 billion.

But operating profit, which excludes investment and derivative gains and losses, rose 49 percent to a record $5.29 billion, or about $3,215 per Class A share, higher than the $3,116 per share analysts had expected, according to Thomson Reuters I/B/E/S.

Berkshire's assorted manufacturing, service and retail businesses generated $1.8 billion net income, up from $1.3 billion a year ago.

The investor also implied that he is willing to invest more in China this year.

A cutout of Warren Buffett is seen among Berkshire Hathaway shareholders on the exhibit floor at the CenturyLink Center in Omaha, Neb., Friday, May 4, 2018, where Berkshire brands display their products and services.

Berkshire's insurance unit, which includes Geico and several large reinsurance firms, reported a $407 million underwriting profit, compared with a $267 million loss a year ago.

"I'm delighted to see them repurchasing shares".

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