From IIT to investing: 5 things Warren Buffett said about India

The results were released one day before Berkshire's annual meeting in Omaha, Nebraska, where Buffett, 86, and Berkshire Vice Chairman Charlie Munger, 93, were to answer five hours of questions from shareholders, journalists and analysts. "Problems don't go away".

Billionaire investor Warren Buffett on Saturday said he doubted coal could make a comeback, dismissing a push by U.S. President Donald Trump to revive the declining American industry.

Buffett said late last week that Berkshire recently sold about one-third of those shares even as it built a huge stake in Apple Inc, which Buffett said is more as a "consumer" company than a technology company. Berkshire Hathaway Specialty Insurance launched two insurance policies that cover cyber liability and the costs incurred to respond to a data breach or threat. Asked if he had stopped buying Apple, Buffett said: "Maybe, may not".

Speaking on CNBC television, Buffett said, "It's a defect of mine" that he doesn't focus as closely on the efficiency of business units at Berkshire Hathaway Inc (BRKa.N), the conglomerate he has run since 1965.

He said one of the most important qualities his successor will need is a talent for wisely investing Berkshire's cash.

- Buffett also faulted Wells Fargo executives for not acting quickly enough when they found out about problems involving the creation of fake customer accounts at the bank.

Berkshire's annual shareholder meeting has always been known as the "Woodstock of capitalism" for the fervor of the investors - some owning only a single share - who travel to Omaha just for the chance to listen to Buffett and his longtime business partner, Charles Munger.

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He argued that the American Health Care Act, which passed the House this past week, amounted to "a huge tax cut for guys like me".

Billionaire investor Warren Buffett defended private equity partner 3G Capital for its practice of "trying to do business with fewer people".

A cut to 15 percent could boost book value by $36 billion, he said.

If Berkshire does decide to pay dividends, it would have to commit to maintaining that payout over time, Buffett said, as cutting it could have disastrous consequences for the company's share price. "The CEO has to act", Buffett said.

They went through "a litany of trends they missed, mistakes they made", Wallman said.

Berkshire Hathaway on Friday said first-quarter profit fell 27 percent, reflecting a big decline in investment gains. "There's no way I can come back here three years from now and tell you that we hold $150 billion or so in cash or more and we think we're doing something brilliant by doing it".

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