— This is the script of CNBC's news report for China's CCTV on May 4, Monday.
It was the annual Berkshire Hathaway shindig on Saturday.
And chief Warren Buffett faced some tough questions ranging from whether the company with its 80 units, might be too big to fail.
Or what his succession plans were - which he kept mum about.
Speaking to CNBC's Becky Quick, Buffett also talked about his holdings in IBM.
[Warren Buffett / CEO, Berkshire Hathaway / Omaha] "I think we bought maybe 3 mn, I think we have 78-79mn shares now.
Becky: Why did you buy this quarter?
Buffett: I bought it because I thought we were getting our money's worth.
Becky:Are you continuing to buy now?
Buffett:Can't tell you what I'm doing now. 06:29:14
The added 3 million shares make IBM one of Buffett's "big three" stock positions, after Coco Cola and WellsFargo.
Berkshire Hathaway said Friday its first-quarter profit jumped 10 percent on the strength of its railroad and insurance businesses. It earned $5.16 billion, or $3,143 per Class A share, during the first three months of 2015. That's up from $4.71 billion, or $2,862 per Class A share, last year.
Separately, Buffett also commented on accusations of predatory lending by Clayton Homes, unapologetically defending Berkshire Hathaway's lending unit from accusations of predatory lending, telling CNBC in an interview that he's never even received as much as "one letter of complaint" about its practices.
In April, two published reports implied Clayton Homes might be fleecing struggling home owners, and suggested that buyers were being saddled with high borrowing costs and houses with falling values.
Buffett, however, had a different take, and used the occasion of Berkshire's annual meeting to break his silence on the controversy.
[Warren Buffett / CEO, Berkshire Hathaway / Omaha] "Simple fact, every person who buys a home form CLayton gets a 1 page sheet of paper, I showed a copy of and it says check all these lenders and name all applications to go to and there may be 4-5 names of locla banks. We do not force loans on anybody, if they have loans, they can pay us off and borrow from somebody else. We have three hundred-thousand loans on the books, in the past 3 years I have not recieved 1 letter of complauint from anybody."
Warren Buffett rejected the idea that Berkshire Hathaway, a sprawling conglomerate he has built over 50 years, has grown so big that it is now too big to fail and requires tighter regulatory oversight.
"There is no reason, in logic or in terms of what we've heard, to think that Berkshire would be designated as a SIFI," Buffett said at Berkshire's annual meeting, using the acronym for systemically important financial institution. "I do not think Berkshire comes within miles of qualifying as a SIFI."
The SIFI designation forces companies to submit to Federal Reserve oversight, and could make them adopt tighter capital and liquidity requirements that could impede growth and profitability.
CNBC's Qian Chen, reporting from Singapore.
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