More speculation in China's market as it's new: Buffett

Buffett also defended Berkshire's Clayton Homes manufactured homes unit, which was criticized in a recent Seattle Times article for predatory sales practices that can trap low-income borrowers in homes they cannot afford.

"I make no apologies whatsoever for Clayton's lending terms," he said, adding that Clayton itself faces losses when borrowers default.

Buffett also said he expects a contentious contract dispute between Berkshire's luxury aircraft unit NetJets and its pilots to be resolved, and said he had "no anti-union agenda whatsoever." Some of the pilots picketed outside the meeting.

Addressing a question about Berkshire's stakes in companies including Coca-Cola Co that sell highly sugared products, Buffett said companies can change as consumer tastes evolve.

Alluding to his own well-publicized fondness for junk food, he said: "If I had been eating broccoli and Brussels sprouts all my life, I don't think I would live as long."

Buffett also said the euro currency "can and probably should survive," but that "real changes" would probably be required.

Munger, for his part, said European leaders created a "flawed system" that was "probably unwise" by letting countries that were too weak adopt the currency.

Devotees lined up early

Berkshire's annual meeting is Omaha's top annual draw other than baseball's College World Series - reflected in hotel rooms that can fetch more than $400 a night and that often sell out nearly a year in advance.

Devoted and sleep-deprived shareholders began lining up outside the venue hours before doors opened at 7 am CDT.

Kyle Cleeton, a research analyst for an investment firm, may have gotten there first, saying he showed up at 10 p.m. the night before.

"I wanted to be first in line," he said. "You're not sure how many more years you're going to have."

Bill Guenther, a state forester from Brattleboro, Vermont, said, "I'm one who likes a good seat." He arrived at 1:04 am despite having last year suffered a major foot injury when he collided with another shareholder as he tried to get that good seat.

"My girlfriend said, 'You're not going to do this again,' and I said, 'I have to, it's the 50th year.'"