Buffett says US, China will avoid acting 'extremely foolish' on trade
06 May, 2018, 05:11 | Author: Regina Lloyd
"I have no reason to think that Wells Fargo, going forward will be anything other than a large, well-run bank", Buffett said.
The main event is a daylong question-and-answer session where Buffett, 87, and vice chairman Charlie Munger, 94, will field questions from an estimated crowd of 40,000 on topics ranging from who will run the conglomerate when Buffett leaves the stage and how they plan to deploy a cash hoard that hit a record $116 billion at the end of previous year.
Warren Buffett fully supports Apple's plan to buy back more of its own shares. Buffett said the net results are not representative of the business.
"Cryptocurrencies will come to bad endings", said Buffett, 87.
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. Buffett said the investment "has being doing so well lately".
"We have a lot of common interests and like any two big economic entities, there are times when they'll be tensions, but it is a win-win situation when the world trades", Buffett said.
"If I had to say which bank is more likely to behave the best in the future", Munger added, "it might be Wells Fargo".
Fears of trade war: Buffett, a highly respected U.S. investor, made his comments amid fears that Trump's hardline trade stance toward China could cause the world's two biggest economies to go head to head in a damaging trade war.
"We will have disagreements with each other. But it's just too big, and too obvious that the benefits are huge and the world's dependent on, in a major way for its progress".
The Trump administration has drawn a hard line in trade talks with China, demanding a $200-billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies, people familiar with the talks said on Friday.
Buffett, for instance, suggested US President Donald Trump should be an "educator-in-chief" on the invisible benefits of trade.
The only problem is when one side may want to win a little bit too much, he said, adding the world will not sacrifice its prosperity based on differences that arise in trade. The surprising proposal was made public in January. Buffett reiterated Saturday that he thinks shareholders will be better off if that cash is reinvested in the business, not used for dividends.
He said the bank committed the "cardinal sin" of incentivizing employees into "kind of insane conduct", for which United States regulators imposed $1 billion of fines last month over lending abuses.
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