The differences between the US and China may be big, but world prosperity can’t be sacrificed to such differences, Warren Buffett made the admission in today’s annual shareholders’ meeting of Berkshire Hathaway Inc. “We have lot of common interest between US and China. The differences between US are too big, too obvious. Some give and take is involved in this. Our trade gap is around 3% or thereabouts. We both have done remarkably well for trade. We will not sacrifice world prosperity to such differences,” he said.
Chairman and CEO Warren Buffett and his right-hand man Charlie Munger are presently sharing their unscripted views on the company, the markets, the economy, corporate governance, and a lot more. Both are answering five hours of questions from shareholders, journalists and analysts.
“I will be 88 in August. And 8 is a very good number in China. I hope this becomes the year when we get to acquire something in China, he added.
Earlier, Buffett also said, “Berkshire gains last quarter was enhanced by changes in US income-tax rules. Berkshire operating income was at record high in last quarter. At Berkshire, equity holding is now marked to market daily under the new accounting rules.”
Berkshire Hathaway Inc on Saturday ended its more than year-long stretch of falling operating profit, while a new accounting rule caused the conglomerate chaired by Warren Buffett to suffer an overall net loss. The results were released on the same day Berkshire is holding its annual meeting in Omaha, Nebraska.