WARREN BUFFETT: Bitcoin is 'probably rat poison squared'

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Munger said the near-zero interest rates by the Fed weren't fair to savers but did enormous benefit to holders of other assets such as Berkshire shareholders.

But many also wanted to hear the famous investors take stances on some of the most-divisive issues of the day.

Buffett and Munger both said little has changed because Berkshire's businesses largely run themselves day-to-day. "And Elon may turn things upside down in some areas", Buffett said during the Berkshire meeting in Omaha.

"Part of the Berkshire secret is that when there is nothing to do, Warren is very good at doing nothing", Munger said.

Value of Berkshire Htahaway's shares in Apple amounted to $28 billion at that time but now with a boost in stock value and with the purchase of more shares, the company holds stocks worth $44 billion.

"Warren preaches that we should manage it as if it's our own business and protect reputation", Bader said. "I think he probably avoids trying to create controversy".

"He's done a phenomenal job for his shareholders", said Gary Gocken, of Lincoln.

Jason Day: Grinds out victory at Wells Fargo Championship
Day, who has had troubles with the closing hole in the past, then hit an iron off the 18th tee, knowing he had a two-shot lead. Peter Malnati (67-68) was at his best over the last three holes yesterday and finished with a 3-under 68 for a one-shot lead.

"I'm thrilled to see them re-purchasing stocks", Buffett advised Berkshire shareholders at the conglomerate's annual assembly.

Speaking of the USA 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".

Buffett said that the buyback program would be the most effective use of the company's cash.

Buffett vs Musk: Buffett responded to Tesla CEO Elon Musk's recent criticism on moat investing, saying he still likes moats.

"The overriding question is: How is American business going to do in your lifetime?"

Vetr upgraded shares of Berkshire Hathaway from a "hold" rating to a "buy" rating and set a $212.93 price objective on the stock in a research report on Monday, February 5th. On why he is sticking with Wells Fargo after the scandal, he noted they had made mistakes and had the wrong incentives in place. Wells Fargo had been trying to fix its reputation after admitting in 2016 that employees opened as many as 2 million accounts without getting customers' permission to meet aggressive sales targets.

Later in the evening, Musk referenced Buffett directly, tweeting that he was "going to build a moat and fill it with candy" in order to lure Berkshire Hathaway into investing in his confectionery venture. At times, there will be tensions in a relationship such as the one between China and the US, Buffett said. "We're a bunch of undeserving people and we hope that we continue to be so", Munger said.