Berkshire Hathaway annual meeting updates: Warren Buffett, Charlier Munger share key investment lessons

Buffett says debt default would spark turmoil, has confidence in US

Warren Buffett on Saturday offered a vote of confidence in the United States, saying he could not imagine the government letting it default on its debt and risk letting the world's financial system "go into turmoil." Reporting by Jonathan Stempel in Omaha, Nebraska; additional reporting by Carolina Mandl and John McCrank in New York; Editing by Megan Davies, Ira Iosebashvili and Diane Craft

Berkshire meeting breaks for lunch, with Buffett saying he’s still determined to answer 60 questions

Things can go bad if US and China push each other too far. Both are always going to test how much they can push each other, but if they push too far things can go bad: Warren Buffett

Index funds are great investment tools because the costs are so low: Buffett

The most important thing in investing is avoiding stupid mistakes: Warren Buffett

US should have lot of free trade with China, says Charlie Munger

Buffett reiterated that Greg Abel will be his successor and that other key executives will be decided by Abel and Ajit Jain when the time comes.

We don't need as many wealth managers as we have: Charlie Munger

Munger said that too many smart young people are going into wealth management and we don't need as many wealth managers as we have.

Greg Abel designated to succeed Warren Buffett

Greg Abel has been designated to succeed Buffett when he's no longer capable of running Berkshire. 

Old fashioned intelligence works pretty well: Munger

Charlier Munger said that he is skeptical of some of the hype in AI and thinks that old fashioned intelligence works pretty well.

All we do is allocating capital. We want companies with good management in place to run daily operations: Charlie Munger

Warren Buffett speaks on commercial real estate market

Warren Buffett says the commercial real estate market value mainly depends on how much you can borrow non-recourse.

At Berkshire we have a very simple estate planning: just hold the goddamn stock: Charlier Munger

Best opportunities arise when other people are doing dumb things: Charlier Munger

Value investing will become harder because market is getting more competitive: Charlie Munger

Value investing will become harder because market is getting more competitive, Charlie Munger said, while advising value investors to be happy with lower returns in the future.