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Warren Buffett deflects questions about a successor

07 May 2018

Berkshire Hathaway's CEO and Chairman, Buffet, chairman and CEO of Berkshire Hathaway, made the remarks in response to a Chinese investor's question about US-China trade relations at the Berkshire Hathaway's annual shareholders meeting. He explained and also Buffett usually do not approve of re-purchase strategies. Buffett said he still spends most of his time reading about businesses, thinking and fielding the occasional phone call.

Both Democrats and Republicans in the USA believe in the benefits of free trade, he said. This year seemed "a little bit more awkward and uncomfortable in the morning than I've experienced in the past".

The billionaire further put his weight behind the tech giant when he said at a shareholders' meeting over the last weekend that he would like to own more than 5% of Apple's stock.

Even after the Apple investment, Berkshire's holdings of cash and equivalents was $108.6 billion (around Rs. 7.25 lakh crores), the business has said.

Following the February 14 school shooting at Marjory Stoneman Douglas High School in Parkland, Florida, Buffett told CNBC: "I don't believe in imposing my views on 370,000 employees and a million shareholders".

Buffett said Wells Fargo appears to have learned a valuable lesson from the scandals and that he thinks it's likely to avoid future problems.

"I'm starting a candy company & it's going to be awesome", he tweeted.

Musk, who did not attend the Berkshire Hathaway meeting, caught wind of Buffett and Munger's comments, and apparently felt he was being trolled. That helped fuel a $1.14 billion loss in the first quarter - Berkshire's first since 2009 - even as operating profit jumped 49 percent to $5.29 billion. On Saturday, Buffett pushed back, saying that there are still pretty good moats around.

"Elon may turn things upside down in some areas". He said that he was "super, super serious" about it, the media reported.

Speaking of the United States trade deficit, Buffett said he would not like the gap to get too wide, but "when you think about it, it's really not the worst thing in the world to have someone send you the goods that you want and for you to send a piece of paper".

He was wrong. Musk, tweeted Saturday that he was starting a candy company and that it would be "amazing".

Warren Buffett deflects questions about a successor