Charlie Munger, Berkshire's vice chairman and long-time Buffett collaborator, said during the meeting that trading in cryptocurrencies is "just dementia".
He said investors now are much better off owning USA stocks, whose prices are elevated but not in a "bubble", and it would take a "nanosecond" for him to choose stocks over 10- or 30-year US government bonds now yielding around 3 percent.
"Elon may turn things upside down in some areas, I don't think he'd want to take us on in candy", said Buffett, whose company owns See's sweets.
"I would suggest that they need to also be open to a new, decentralized, digital, global currency".
Buffett revealed last week having bought about 75 million additional Apple Inc (AAPL.O) shares in the first quarter, despite already owning about 165.3 million. Buffett said the investment "has been being doing so well lately".
Buffett bought See's sweets in the 1970s, and has often held it up as an example of a company with a strong moat.
In time, other companies will face their version of Wells' problems, and their response will be the critical factor, according to Buffett, who has owned the bank's stock since the late 1980s.
"Wells Fargo is a company that proved the efficacy of incentives and it's just that they had the wrong incentives".
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. When I buy Apple, I know that Apple is going to repurchase shares.
The questions at the meeting always include a few focused more on life lessons than investing.
- "We're going to make mistakes".
"We have a lot of common interests, and like any two big economic entities, there are times when there'll be tensions, but it is a win-win situation when the world trades", the investor said. But while the S&P 500 has remained in correction territory, Apple shares quickly recovered, and it seems the company and Berkshire were there to help. Its insurance and utility businesses typically account for more than half of the company's net income.