Dairy Queen CEO Troy Bader told BI he was anxious but excited to interview with Warren Buffett, and shared two big takeaways from their conversation.

Warren Buffett’s Berkshire Hathaway Inc. slashed its exposure to big-bank shares in the first quarter, liquidating its position in Citigroup Inc. and trimming positions in Bank of America Corp. and Capital One Financial Corp., according to a regulatory filing on Thursday.

Berkshire’s $259 billion 36-stock portfolio added one new stock. Warren Buffett was a net seller of stocks for the tenth straight quarter, but added to some recent buys.

The Oracle of Omaha has been a big-time seller of stocks for 10 consecutive quarters -- but there's one sale he may regret.

Unlike Wall Street, Buffett focuses more on studying balance sheets than income statements. Key items to look at on companies' balance sheets include cash and cash equivalents, goodwill, and debt. Evaluating balance sheets before investing can help you make more money over the long run by avoiding losses.

It is unclear why Buffett is less enthusiastic about banks since they check some of his investment boxes, including reasonable valuations.