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Transcript

00:00:00
>> Warren Buffet says the United States and China won't do something extremely foolish when it comes to trade. I'm Trevor Hunnicutt in Omaha, at the Berkshire Hathaway Annual Shareholders Meeting. Warren Buffet called on US President, Donald Trump, to be an educator in chief on the benefits of trade, and he said that China and the United States are two intelligent countries and that they'll resolve their differences.
00:00:22
One of the biggest investments that Warren Buffet is making is in the future of health care. He says he wants to disrupt the entire industry. He's got a joint venture with Jamie Jamie Dimon from JP Morgan and Jeff Bezos from Amazon. They're working on something that they say is gong to disrupt the industry and may expect to name a CEO within the coming months to take over that venture.
00:00:42
Warren Buffet defended Wells Fargo and its CEO, Tim Sloan, saying that the company had poor incentives in the past, but they are fixing those issues under their new CEO. He took very skeptical questions from the audience about that investment and others. But he said that he feels confident that Wells Fargo is, from a moral standpoint and from an investor's standpoint, just as good as the other banks that it competes against.
00:01:06
Buffet warned investors about the dangers of inflation. He told them to stay away from bonds, especially long-dated bonds. He said that inflation is going to be very rough on those kinds of investments over the long run. And it matters a lot to him too because he has a lot of money and cash that he needs to use to invest in businesses.
00:01:24
Buffet is looking to do a deal. He has more than $100 billion in cash that he could put to work right away to buy a business, to buy a stock. To buy pretty much anything he wants. But he said that his phone is not ringing off the hook, when it comes to deals that he would be willing to do.
00:01:40
Even though Berkshire Hathaway reported a first quarter loss, Berkshire shareholders are in the arena here, buying all kinds of merchandise from the company. And the mood is chipper, as people look forward to hearing what their hero and icon has to say.