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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.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", the chairman and CEO of Berkshire Hathaway said then. Berkshire is now the third largest Apple shareholder, behind Vanguard and BlackRock.

The investment also helps Buffett deploy Berkshire's cash and equivalents while he looks for his first major acquisition since paying $32.1 billion for aircraft parts maker Precision Castparts Corp in January 2016.

The questions at the meeting always include a few focused more on life lessons than investing.

Buffett downplayed the recent spat of protectionism and said that both countries will realize that trade is a good thing.

Buffett said Wells Fargo appears to have learned a valuable lesson from the scandals and that he thinks it's likely to avoid future problems.

He said the bank committed the "cardinal sin" of incentivizing employees into "kind of insane conduct", for which US regulators imposed $1 billion of fines last month over lending abuses.

He said that, going forward, the company is not "inferior" as investment or from a moral standpoint "to the other big banks with which it competes".

Wells Fargo investors last week gave strong backing to the bank's directors and executives on Tuesday, indicating confidence in its overhauled leadership to rebound.

During his speech at Berkshire Hathaway's annual shareholder meeting on May 5, Warren Buffet insisted that the United States and China will manage to resolve their differences without resorting to a destructive trade conflict. Buffett said the net results were not representative of the business.

Dairy Queen CEO Troy Bader was promoted to lead the restaurant chain this year, and he said Berkshire's overall philosophy hasn't changed just because Buffett isn't directly overseeing the companies now. That's up from $3.6 billion, or about $1.78 per B share, a year ago.

But operating profit, which excludes investment and derivative gains and losses, rose 49 percent to a record $5.

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.

Longtime Berkshire board member Ron Olson told Yahoo Finance he thinks the new roles for Abel and Jain will take some pressure off of Buffett and make it easier for him to continue running Berkshire, which includes an eclectic mix of more than 90 companies.

Outside the convention center, Berkshire shareholders lined up for prime seats in the middle of the night.

"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.