Warren Buffett: Apple earnings confirm why we invested $50 billion

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"I don't think the country will go into socialism in 2020, or in 2040, or 2060", Buffett told investors in Omaha, Nebraska during Berkshire's annual meeting on Saturday.

Results excluded Kraft Heinz because that company has not released its own quarterly results, Buffett said.

Todd Combs and Ted Weschler manage roughly $26 billion of Berkshire's investments. Profit and revenue for many smaller units are not disclosed at all.

He insisted that overwhelming investors with technical information was the wrong idea, saying you can "lose people" in a 300-page report that says less than a 50-page report.

Buffett, who became famous in 1991 for criticizing Salomon Inc's practices and becoming interim chairman to right the mess, also faced a question about his relative silence about Wells Fargo, where Berkshire owns a almost 10-percent stake.

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The news of the investment comes ahead of Berkshire's annual shareholder meeting this weekend in Omaha, when tens of thousands of investors head to the Nebraska city to hear the billionaire and his longstanding business partner, Charlie Munger, opine on their investment strategy and views of the world.

Mr Buffett said 3G's management, which is responsible for the day-to-day running of the food company, was doing well operationally. Berkshire had $15.1 billion of these gains in the first quarter.

Berkshire's net income surged to $21.7 billion from a loss of $1.1 billion a year earlier as the firm's $190 billion stock portfolio accrued value. Buffett, 88, was pressed by questions - each greeted with a torrent of applause - about who would succeed him.

The distinction is notable, analysts said, in that Buffett has shied away from investing in technology companies, with IBM and then much later, Apple, rare exceptions. Buffett has repeatedly said that Jain has probably made more money for shareholders than he has. "He and Charlie are certainly open that they missed it on several great businesses for many years".

"We love you Warren", shareholders shouted as Buffett nibbled a Dairy Queen vanilla orange bar. "Even though he wasn't really recognized at the beginning, he kept working at it". "He is the ultimate guru", she said.

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