Buffett, along with Berkshire vice chairs Greg Abel and Ajit Jain, took several hours of questions from shareholders.

As for the company's growing pile of cash and Treasury holdings, Buffett said it is likely the value of these holdings will exceed $200 billion during the current quarter, noting he's "quite satisfied" with the position.

Buffett has recommended most investors put most of their money in index funds that track the broader market. And that includes family.