Consider legendary U.S. billionaire Warren Buffett among those optimistic about trade ties between the U.S. and China. The chairman and CEO of Berkshire Hathaway said Saturday at the company's annual shareholders meeting that the benefits from China-U.S. trade are obviously huge.

Buffett said during the five-hour meeting that both countries will be smart enough to realize that the last thing they should do is to hold any ill will toward the other. The business magnate said that the two countries share many common interests. Meanwhile, the 87-year-old investor deflected questions about his successor. Buffett promoted energy arm CEO Gregory Abel and insurance business head Ajit Jain to vice chairmen of Berkshire in January. Analysts expect that one of those two executives will likely be Buffett's successor.

One of the richest men in the world spoke once again for stocks. Berkshire chairman and CEO Warren Buffett and his right-hand man Charlie Munger shared their unscripted views on the company, the markets, the economy, corporate governance for more than 40 thousand shareholders.

Buffett opened the five-hour meeting with an anecdote about purchasing a stock with a little more than $100 back in 1942. He said that buying stocks requires only a simple idea - long term adherence.

Buffett said the stock market is more likely to bring profits than gold in a long time. Buffett said that over the course of his lifetime, he has seen why investing in the American economy is a much better bet than gold.

Buffett also said that consumer goods remains a good investment sector.Buffet also explained why the company bought more stock during the first quarter. Take a listen.