JPMorgan doing the right things: Buffett

Billionaire investor Warren Buffett says he believes JPMorgan Chase is doing the right things to deal with its multibillion-dollar trading losses.

The chairman and CEO of Berkshire Hathaway Inc addressed a variety of topics during Friday's interview on Bloomberg television, including health care reform and Europe's woes.

But banks were prominent because Berkshire has major investments in Wells Fargo and Bank of America, and Buffett was interviewed while JPMorgan CEO Jamie Dimon was discussing his bank's results with investors.

JPMorgan said a trading blunder had cost the bank $US5.8 billion ($A5.7 billion) so far this year, which is almost triple its original estimate.

"It sounds like a whole lot of money - it is a whole lot of money - but it's not that significant related to JPMorgan," said Buffett, who owns 1 million JPMorgan shares in his personal portfolio.

Buffett said it's normal for banks to have losses because they are taking some risks. He said the trick is to make sure potential losses don't get so big that the bank doesn't have the assets to cover them.

Buffett said he has faith in Dimon's leadership, but acknowledged that he may be more forgiving than some people because of the mistakes he's made in his own career.

Buffett is in Sun Valley, Idaho, this week attending the annual conference hosted by investment banker Allen & Co that attracts Wall Street and media moguls.

Buffett said he doesn't think the euro can survive in its current form unless all 17 European countries involved can agree on monetary policies. He said the system Europe set up had a fundamental flaw that must be fixed.

"The question is: can 17 countries get together in a way to do something that will require much closer cooperation when their individual conditions are so different?"

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