Shares of Apple updated the historical maximum

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"It is a win-win situation when the world trades", Buffett said at the meeting, adding that he doesn't think the U.S. and China will "do something extremely foolish".

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

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

"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".

Buffett's increased stake, which was confirmed by a representative of the billionaire investor, pushed Apple's shares up as much as 4.2 percent to $184.25, taking the company's market value to about $906 billion.

Billionaire investor Warren Buffett touted the importance of trade between the US and China, the benefits of which are too huge for either economic behemoth to do something "extremely foolish".

He added that his praise for Apple's buyback program "does not mean we approve of every buyback" program. So why has it never touched Microsoft?

Berkshire said its operating profit, which Buffett considers a better performance measure, rose 49 percent to $5.29 billion, or about $3,215 per Class A share, from $3.56 billion, or $2,163 per share, a year earlier.

He also refuses to dive in now because he is close friends with Microsoft founder Bill Gates, who still serves on the company's board.

Investor Warren Buffett still isn't disclosing many details of the new health care initiative his company started with Amazon and JP Morgan Chase, but he hopes it will make a significant difference.

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"I stay away from a few things just totally because the inference would be drawn", he said.

Berkshire Hathaway CEO Warren Buffett says that promoting two executives to oversee most of the companies businesses hasn't really changed his routine much.

Buffett and Munger both said little has changed because Berkshire's businesses largely run themselves day-to-day.

"I have no reason to think that Wells Fargo, going forward will be anything other than a large, well-run bank", Buffett said.

Buffett suggested US President Donald Trump should be an "educator-in-chief" on the invisible benefits of trade. We'll have disagreements with other countries on trade.

"It is just too big and too obvious. that the benefits are huge and [that] the world is dependent on it in a major way for its progress [for] two intelligent countries [to] do something extremely foolish".

Top trade officials from the United States and China met in Beijing this week, an effort to ease the tough rhetoric and avoid a trade standoff.

Analysts say a list of hard-line demands that the Trump administration handed China this week could make it even more hard to resolve a trade conflict between the world's two largest economies.

Berkshire, Amazon and JPMorgan want to team up to launch a health insurance company that they say will be "free from profit-making incentives and constraints".