"We will have disagreements with each other (both Democrats and Republicans) and we'll have disagreements with other countries on trade,"he said about a trade war". "I never would have thought it could have happened", Buffett said.
Responding to a question at what point Berkshire should come out its investment in Wells Fargo, the billionaire investor said that Wells Fargo had a faulty incentive system, which is a cardinal sin and it is not unique for large companies to have problems.
Buffett said the results are not representative of the business.
Buffett said the goal was to challenge the entire healthcare industry, not individual segments.
"Part of the Berkshire secret is that when there is nothing to do, Warren is very good at doing nothing", Munger said.
Berkshire Hathaway owns 10 percent of Wells Fargo's stock, and Buffett reiterated his support for the bank Saturday despite its recent scandals.
In a statement accompanying today's earnings report, Buffett, the firm's chairman and CEO, urged investors to focus on Berkshire's operating businesses and not earnings results based on fluctuations in its almost $173 billion stock portfolio. But Buffett doesn't think the countries would "do something extremely foolish" by allowing the rhetoric to escalate to an all-out trade war.
Berkshire sent out slightly more tickets to this year's extravaganza than in 2015, when an estimated 42,000 celebrated Buffett's 50th year at the helm.
The accounting change required Berkshire to report unrealized losses in its equity portfolio, which totalled $170.5 billion at year end, regardless of whether it planned to sell those stocks.More news: Man Utd legend expects Mourinho to make huge summer changes
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Apple shares are up 8.6 percent this year.
Buffett didn't offer many more details about the joint venture on Saturday.
Dion Rabouin is a markets reporter for Yahoo Finance.
Buffett has famously criticized hedge funds' two-and-20 fee structure - 2% of the investment's value and 20% of the profits - because he believes a cheap S&P 500 index fund is better.
Outside the convention centre, Berkshire shareholders lined up for prime seats in the middle of the night. This year's meeting is his third.
Speaking of the US trade deficit, Buffett said he would not like the gap to get too wide, but "when you think about it, it's really not the worst thing in the world to have someone send you the goods that you want and for you to send a piece of paper".
Inside the hall, shareholders snapped selfies with Buffett caricatures, ate ice cream and crawled through an aircraft on exhibit.
As Buffett gazed over a BNSF model railroad, a wall of media and shareholders, some holding Buffett figurines, crowded around him as he inched along.
"Thank you for everything, Warren", yelled one well-wisher.