Buffett takes another bite of big Apple

05 May, 2018, 21:48 | Author: Lora Ball
  • UPDATE 1-Berkshire operating profit soars, accounting change causes net loss

With just a few hours left for Berkshire Hathaway AGM, where legendary investor Warren Buffett and Charlie Munger will address shareholders, investors the world over will watch the event closely as they have traditionally used the occasion to give their views on global market trend and share their wisdom from the world of investing.

"We will have disagreements with each other (both Democrats and Republicans) and we'll have disagreements with other countries on trade", Buffett said about a trade war.

Berkshire's initial investment in Apple was small, suggesting it was made by one of Buffett's investment deputies.

Is it a good thing or a bad thing if Warren Buffett becomes your top shareholder? Now the imports account for about 15%, with exports accounting for about 12%.

While Buffett invested his cash in Cities Service preferred stock, he said if he'd had $10,000 to invest and had bought the equivalent of an S&P 500 index fund (index funds didn't exist in those days) that $10,000 would be worth $51 million today. President Donald Trump has repeatedly complained about the deficit, seeing it as a result of bad policy from previous administrations. As of the end of March, the pile was $116 billion, according to Berkshire. The Berkshire Hathaway chairman and CEO says he thinks China and the US have done remarkably well with the trade.

More news: Socceroo helps ensure Brighton's Premier League survival

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. We have a lot of common interests ... "But it is a win-win situation basically when the world trades in China".

Billionaire Warren Buffett on Saturday said 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". However, Buffett admits an investor would still have the very same gold to do "whatever you want with it". Munger was behind Berkshire Hathaway's investment in BYD, a Chinese battery and electric vehicle maker.

Asked a pointed question why Buffett is willing to do business with gun makers, Buffett sharply retorted, "I do not believe in imposing my political opinions on the activities of our businesses".

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