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

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

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

Speaking at the annual shareholders meeting of his conglomerate Berkshire Hathaway Inc. today, Warren Buffett said that he doesn't believe anyone understands cyber risk well enough today, so his firm will not seek to be a pioneer in underwriting cyber insurance.

Dairy Queen CEO Troy Bader was promoted to lead the restaurant chain this year, and he said Berkshire's overall philosophy hasn't changed just because Buffett isn't directly overseeing the companies now.

Shares of us technology giant Apple has reached record levels following news that Berkshire Hathaway, controlled by Warren Buffett, bought another 75 million shares.

"If you look at Apple, I think it earns nearly twice as much as the second most profitable company in the United States", Buffett told CNBC, which first reported the news on Thursday.

"I love the idea of having our 5 per cent, or whatever it is, maybe grow to 6 or 7 per cent without our laying out a dime".

Billionaire Warren Buffett says he doesn't expect a full-blown trade war to develop between the United States and China because both countries benefit so much from trade.

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"It is just too big and too obvious for that the benefits are huge and the world is dependent on it in a major way for its progress that two intelligent countries will do something extremely foolish", he said. Buffett said he still spends most of his time reading about businesses, thinking and fielding the occasional phone call.

Buffett and longtime business partner Charlie Munger fielded questions for about five hours from journalists and investors.

But according to Buffett, the economic relationship between the USA and China - and free trade in general - is too important to worry about a trade deficit.

Many shareholders say they trust that Buffett has a solid succession plan in place.

"I do not believe on imposing my political opinions on the activities of our businesses", Buffett said, drawing applause from the admittedly pro-free-market crowd.

Buffett said Saturday that stock buybacks are a sensible use for Apple's massive cash stockpile.

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"It is a win-win situation when the world trades".

Berkshire's net loss was $1.14 billion, compared with profit of $4.06 billion a year earlier.

Analysts, on average, expected operating profit of about $3,116 per Class A share, according to Thomson Reuters I/B/E/S.

The accounting change required Berkshire to report unrealized losses in its equity portfolio, which totaled $170.5 billion at year end, regardless of whether it planned to sell those stocks.

The "requirement will produce some truly wild and capricious swings in our GAAP bottom line", Buffett said in his annual letter to shareholders released in February. A couple of million may watch Buffett and Munger online this year via Yahoo Finance.

Outside the convention center, Berkshire shareholders lined up for prime seats in the middle of the night. This year's meeting is his third. "If you get into which of our companies are pure and which ones aren't pure, I think it will be very hard".

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