The question was asked by New York Times journalist Andrew Sorkin. It implied that Buffett owns JPMorgan (JPM) in his personal portfolio. Buffett clarified that he owns Wells Fargo (WFC) instead of JPMorgan (JPM), although he says he might consider JPMorgan.
This was what Warren Buffett said:
“I actually bought Wells Fargo instead of JPMorgan. My best ideas are all in Berkshire Hathaway, I can promise you. We have 400 million shares of Wells Fargo in Berkshire Hathaway and I like JPMorgan too, but Wells Fargo is easier to understand, we bought Wells Fargo in the first quarter, we bought it last year and a lot of years before. If I wasn’t managing Berkshire Hathaway, and I was sitting on my own money, I would put a lot of money in Wells Fargo and some in JPMorgan too.”
When asked about their opinion on Google (GOOG) and Apple (AAPL). Buffett said:
“Both are extraordinary companies, they look very tough to dislodge where they have their strengths, I would not be at all surprised to see them worth a lot more money 10 years from now, but I would not want to own either one of them. But I would not short them either… The chances of being way wrong in IBM are probably less than being way wrong for Google or Apple, but that doesn’t mean that the latter two aren’t going to do as well as IBM. We wouldn’t have predicted what would happen with Apple 10 years ago, and it’s very hard for me to predict them 10 years from now.”
To learn more about what Buffett said during the meeting, please go to the complete shareholder meeting notes.