US, China will make deal on trade: Buffett

Warren Buffett's Berkshire swings to rare loss but performs better

Warren Buffett's Berkshire swings to rare loss but performs better

Buffett's options include buying entire businesses, picking up a few million shares of stock or investing more in companies Berkshire already owns, such as BNSF railroad and the utilities of Berkshire Hathaway energy. Some Wall Street pros would like to see Abel and Jain join Buffett and Munger on stage and field questions so shareholders can get a better feel for both men's management style, as well as their views on markets, investments and how they would lead Berkshire if they were to take the helm. The latest 75 million shares are further addition to its now existing stock.

If Berkshire were to purchase Microsoft shares, and the company were to make a big announcement shortly after that drove the stock price up, it could raise insider trading suspicions, Buffett said.

Berkshire Hathaway has been scooping up shares in Apple since 2016.

Buffett has said he looks at Apple like a consumer products company with a strong competitive position, rather than as a tech company.

"The United States and China are going to be the two superpowers of the world, economically and in other ways, for a long, long, long time", Buffett said.

Berkshire said the fair value of its investment in Kraft Heinz Co. dropped by more than $5 billion to $20.3 billion in the quarter, as shares slipped nearly 20 percent.

Billionaire Warren Buffett says it is not likely that the United States and China will come to loggerheads on trade, saying the two countries would avoid doing "something extremely foolish".

Is it a good thing or a bad thing if Warren Buffett becomes your top shareholder?

Berkshire shareholders are gathering in Omaha for the company's annual meeting Saturday, where Buffett and his business partner Charles Munger discuss everything from the economy to investing tips and even the pair's wagers on certain companies. "And I was wrong on the first one [IBM], and we'll find out whether I'm right or wrong on the second [Apple]", Mr. Buffett had said a year ago.

But Berkshire also ended a long stretch of disappointing operating performance, posting record operating profit as insurance rebounded from a hard quarter while economic growth bolstered results in railroad, industrial and consumer businesses.

Apple declined to comment on Friday.

Berkshire Hathaway owns 10 percent of Wells Fargo's stock, and Buffett reiterated his support for the bank Saturday despite its recent scandals.

Berkshire reported a $6.3 billion loss in investment income in the first three months of the year.

Apple shares rose as much as 4 per cent to a record US$183.87 on Friday.

The accounting change required Berkshire to report unrealised losses in its equity portfolio, which totalled $US170.5 billion at year end, regardless of whether it planned to sell those stocks.

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