Buffett made his assessment before tens of thousands of Berkshire shareholders attending the conglomerate's annual meeting on Saturday in Omaha, Nebraska. This could be the time to acquire something in China, Buffett said.
Both Democrats and Republicans in the United States believe in the benefits of free trade, he said. "In August, I will be 88, in a year that ends in an 8".
Berkshire Hathaway is looking to "find big things to do" in big and growing economies that hold potential, such as China, Buffett said in a video released at the US-China Investor Forum held one day prior to the shareholders meeting. He said in February that he didn't think he should force his personal beliefs upon Berkshire and its managers and shareholders. He repeated his view that the lender had made mistakes and had the wrong incentives in place.
"I have no reason to think that Wells Fargo, going forward will be anything other than a large, well-run bank", Buffett said.
Buffett reminded the audience that he was an outspoken fundraiser and supporter of Democratic presidential candidate Hillary Clinton during the 2016 election. "I never would have thought it could have happened", Buffett said. That helped fuel a $1.14 billion loss in the first quarter - Berkshire's first since 2009 - even as operating profit jumped 49 percent to $5.29 billion.More news: Bandits reportedly kill 45 in Kaduna fresh attack
Some in America wonder if Berkshire Hathaway will remain such a bellwether once Mr Buffett is gone. The business partners have long emphasized that companies with high barriers to entry - so-called moats - will enjoy competitive advantages over those that don't.
According to the executive, the company has a "pretty good idea" on how to properly assess the probabilities for earthquakes in California and hurricanes in Florida, but not with computer hacking threats. And Elon may turn things upside down in some areas.
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.
"I'm starting a candy company & it's going to be amazing" Musk wrote, confirming in a second tweet that he was "super, super serious".