Warren Buffett

TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run

“zero.Ajit is responsible single-handedly for creating more than a hundred billion, maybe 150 billionin value for Berkshire shareholders.So we can never compensate him enough.In the sense that if Berkshire paid him something like 30 billion or something, then it mightbe appropriate.But they haven't paid anywhere near that.And I think one time there was some hue and cry about Jamie Dimon's compensation.And I think Jamie was making like 25 or 30 million.And Warren said, anytime Jamie wants to come to Berkshire, I'm happy to double it.He was telling people that, you think Jamie's overpaid at 30 million?Well, I'm willing to give him a 60 million base salary tomorrow without even definingwhat he'd be doing for us.So Greg is seriously underpaid.Ajit is seriously underpaid.Also you have to understand Greg had a significant stake in Berkshire Hathaway Energy, and thatgot sold to Berkshire.So Greg's net worth, I think, is somewhere between 700 million and a billion, somewherein that range.So between us girls, not much of his net worth is in Berkshire.If I look at Ajit, for example, Ajit has been taking his salary after expenses, whateverelse, and just buying Berkshire stock, and he's been doing it for decades.So I would say that I don't know what Ajit's net worth is, but I would guess that maybe80% or more of his investment, maybe even 90% of more of his investments would be inBerkshire Hathaway.So Greg is plenty diversified.I think he came up with putting the money into Berkshire stock on his own, because Ithink he felt it's an appropriate thing to do.He's not at Berkshire for a paycheck.Greg is very smart.He doesn't need to work another day in his life, and any number of people will pay himmultiples of that to work for them.Yeah.Unlikely to say that, Manish, and it's important for a number like that not to stand alone.It's very difficult to be like, it's 25 million a lot.And if you do compare it to what other Fortune 10 CEOs are making, well, we can go on therabbit hole in terms of what the shareholders-Well, I'm just saying, look at Sundar's compensation.Look at Satya's compensation.I mean, look at those hired guns in those companies.And Sundar is like more than 500 million, I think, and might be underpaid.So Manish, I've been watching your videos for a very long time, as you know, and startingyour work for a long time.And you used to say to people, unless they wanted to invest and do the hard work themselves,”

TIP812: Mohnish Pabrai – Berkshire & Letting Winners Run

“I think when you go through such a long period, I would switch from a single holdingto maybe around four.So I would say you could do the S&P one-fourth, you could do Berkshire one-fourth, and I wouldlike to get some good broad international index, which has more exposure to Asia and China andothers like that.So I would just make it more like four, credit between four indices like that,and Berkshire being one of them.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“Well, I think it's all working. It's all working. I It It isn't our ideal uh surrounding area. uh or environment I should say uh in terms of deploying cash for Berk
hire uh but in terms of how we got the right management, we got the right arrangement and uh you know we can pick our spots and and and uh nobody can tell us what to do exactly and and uh so sometimes we're doing nothing But other other times we get quite active. I mean”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“>> Yeah. The world is full of people that>> Yeah. The world is full of people that>> Yeah. The world is full of people that are offering you things to do and thenare offering you things to do and thenare offering you things to do and then the question is to find find one thatthe question is to find find one thatthe question is to find find one that you know makes sense. And there may beyou know makes sense. And there may beyou know makes sense. And there may be 20 that out there that make sense that20 that out there that make sense that20 that out there that make sense that you don't understand and you just leaveyou don't understand and you just leaveyou don't understand and you just leave them alone.them alone.them alone.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“>> But that there's a lot of cash on hand.>> But that there's a lot of cash on hand.>> But that there's a lot of cash on hand. And you're still active in managing the”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“Well, then we don't do anything. I mean, we've been in the of the 60 years I've been in the business, uh, you know, there probably five of them been really juicy, you know, and, uh, I think it was Tom Watson senior of IBM that, uh, said they asked him the reason why IBM had been so successful or something like that. And he said, "I'm smart of spots and I stay around those spots." And that's that's the whole thing. And IBM was in three different businesses including time clocks and a couple and two of the three turned out to be no good. But they so they just focused on the one.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“>> and I would say I understand fewer of the businesses as a percentage of the whole than I did 10 years ago. I have not learned uh new industries uh for some years, you know, and and so I don't kid myself on that. I'm I'm not going to learn. I'm not going to have an edge on, you know, a whole bunch of younger people that have actually grown up with it, used the product, seen things, but that uh well, as I mentioned, you know, you don't have to understand too many of them like Apple,”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“Well, it feels like, you know, I've compared it the markets to a church with a casino attached and and people can move between the church and casino and and I always said there are more people in the church and more people in the casino. But the casino's gotten very attractive to people. You know, if you're buying one day options or selling them. I mean, that is uh that's not investing. It's not speculating. It's gambling, you know, just totally. There's nobody that can explain why they're buying an option for one day unless they may maybe maybe the fellow that that uh you know made the $400 and some thousand dollars from knowing when we were going into Venezuela could do it. But I mean that's pretty and the”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“it. But I mean that's pretty and the quantity of those things is just incredible. So we've never had people in a more gambling mood than now. But that doesn't mean that investing is terrible. That it does mean that uh that prices for an awful lot of things will look very silly. I mean they, you know, they had a squeeze and and then in and Avis of all things. Well, has been around for 50 years, but just this past week uh uh uh and uh we have lots more regulation and everything now, but uh but people spend their time figuring out how to get around the rules rather than follow the rules. That's just a challenge.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“It's a phone call in many in some cases. You know, we we bought a business last year. It wasn't It wasn't big enough to be mean meaningful. We got a letter.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“Yeah. Bell Labs. And no. And And uh you know, and and and sometimes there's more zeros attached to them than others. And and we're big enough to handle anything and we can make decisions faster than anybody. And our word is good. uh it uh there's an awful lot of people that they're when they they're in the business of reselling something or you know it's uh and there's it's a lot better if you're a good salesperson. There's no reason to be selling vacuum cleaners or you know as we'll sell stock you'll make way more money. It's where the money is.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“And there's and there's more money”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“And there's and there's more money around than ever. And it uh you know,around than ever. And it uh you know,around than ever. And it uh you know, but the best opportunities have probably but the best opportunities have probably but the best opportunities have probably come when the macro environment needs tocome when the macro environment needs tocome when the macro environment needs to most likely well the most likely time to most likely well the most likely time to most likely well the most likely time to buy things is when nobody else willbuy things is when nobody else willbuy things is when nobody else will answer their phones. You know, everybodyanswer their phones. You know, everybodyanswer their phones. You know, everybody else talks about their wonderful tradingelse talks about their wonderful tradingelse talks about their wonderful trading departments and everything. Just trydepartments and everything. Just trydepartments and everything. Just try them out. Sometime when uh markets arethem out. Sometime when uh markets arethem out. Sometime when uh markets are collapsing, they don't answer thecollapsing, they don't answer thecollapsing, they don't answer the phones.phones.phones.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“And and if they do, the bids are subject And and if they do, the bids are subject And and if they do, the bids are subject and the offers are subject and theand the offers are subject and theand the offers are subject and the spread is wide and then and they'll usespread is wide and then and they'll usespread is wide and then and they'll use the information they get from you aboutthe information they get from you aboutthe information they get from you about what you want to do to go out and killwhat you want to do to go out and killwhat you want to do to go out and kill you some other way. I mean, it it's it'syou some other way. I mean, it it's it'syou some other way. I mean, it it's it's uh it's really like going to a slaughteruh it's really like going to a slaughteruh it's really like going to a slaughter house. I mean, you don't you don't feelhouse. I mean, you don't you don't feelhouse. I mean, you don't you don't feel like eating hot dogs for a while.like eating hot dogs for a while.like eating hot dogs for a while.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“I guess what I'm trying to get at is do”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“I mean, you've got all kind you don't worry about what what people are talking about can happen. It's it's something comes out of the blue. Huh. But some something will come out of the blue.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“Well, let's knock on wood on that. [laughter]”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“It, you know, was the arch duke getting shot, you know, in 1914 or something like that for World War uh one. And I'm it just take everything in life and it if it if it's something people are”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“it if it if it's something people are talking about and thinking about it'stalking about and thinking about it'stalking about and thinking about it's not going to happen.not going to happen.not going to happen.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“>> But there are things that can happen out>> But there are things that can happen out>> But there are things that can happen out of the blue. And actually that'sof the blue. And actually that'sof the blue. And actually that's particularly true to use thatparticularly true to use thatparticularly true to use that phraseiology now becausephraseiology now becausephraseiology now because the things that can come out of the skythe things that can come out of the skythe things that can come out of the sky that you knowthat you knowthat you know we don't know what can happen tomorrow.we don't know what can happen tomorrow.we don't know what can happen tomorrow. I don't like to talk that way to peopleI don't like to talk that way to peopleI don't like to talk that way to people whe whether it's you or anybody else. Iwhe whether it's you or anybody else. Iwhe whether it's you or anybody else. I mean because uh you know whether it doesmean because uh you know whether it doesmean because uh you know whether it does you a lot of good to worry about that. Iyou a lot of good to worry about that. Iyou a lot of good to worry about that. I don't think it does do any good to worrydon't think it does do any good to worrydon't think it does do any good to worry about it. I think it's it's good to beabout it. I think it's it's good to beabout it. I think it's it's good to be cognizant of it but the worrying aboutcognizant of it but the worrying aboutcognizant of it but the worrying about it is terrible. I don't like toit is terrible. I don't like toit is terrible. I don't like to I don't like to even cause that beliefI don't like to even cause that beliefI don't like to even cause that belief with people. I don't like to go aroundwith people. I don't like to go aroundwith people. I don't like to go around”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“The end is coming. Or somethingThe end is coming. Or somethingThe end is coming. Or something [laughter] like that.[laughter] like that.[laughter] like that.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“Well, we can't handle runaway inflation except not to be there in the way of it. And if you look at the number of countries that have had runaway inflation since World War II, you know, in my lifetime, it's very large, you know, it uh and uh once you create that, it it becomes a different world. uh you know, Germany obviously experienced it after World War I and but but but there are dozens and dozens of countries that have experienced it. And of course, you have you have countries that gone bankrupt like six or seven”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Well, that'll be a great experience. I I was in a show once and for some reason I came late and uh my understudy went on in the show and I got to sit and watch our show. I was the only one of us that ever got to see our show and it was fantastic. I thought, "God dang, this is really good." I was really happy to see”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“>> Well, it came close before Vulker. I mean it was just it was cash is trash you know and and people were losing faith in the currency and they felt they could borrow and 12% to earn 6% on on farming or something like that and they they had huge farmers in this state Nebraska uh collapsed because they bought beyond the earning power or paid interest rates beyond the earning power just because they felt that that that uh the dollar was going”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“that that that uh the dollar was going to disappear and the the land wouldn't disappear. And I'm it's it's it's tragic for many people. And and uh and if you're the best doctor in town or the best lawyer in town, you'll always make money under any situation. The best the best TV personality. I mean it's it's but uh what not having faith in the money does to a country it it turns it into something else.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“And I you know I've always hope that you know US never does it but we are not immune from it happening. Uh we have a lot of control over whether rates may go up a half a point or down a half a point, but but we may have less control over whether they go up 50 points or [clears throat]”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“Exactly.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“I'll feel better when he's there I'll feel better when he's there I'll feel better when he's there uh than when he's not. I mean it uh it uh than when he's not. I mean it uh it uh than when he's not. I mean it uh it uh uh uh you know I just I felt better when Boer you know I just I felt better when Boer you know I just I felt better when Boer was there was there was there but you but you but you that's economists aren't the best at that's economists aren't the best at that's economists aren't the best at this sort of thing read any old this sort of thing read any old this sort of thing read any old economics book from 1950 economics book from 1950 economics book from 1950 1970 that was that uh Paul Paul 1970 that was that uh Paul Paul 1970 that was that uh Paul Paul Samuelson who was a terrific guy and Samuelson who was a terrific guy and Samuelson who was a terrific guy and smart as hell uh he had the standard smart as hell uh he had the standard smart as hell uh he had the standard textbook for 25 years and if you looked textbook for 25 years and if you looked textbook for 25 years and if you looked up you know zero interest rates and year up you know zero interest rates and year up you know zero interest rates and year after year after year it was a 900page after year after year it was a 900page after year after year it was a 900page book and it wasn't an entry for it you book and it wasn't an entry for it you book and it wasn't an entry for it you know I mean it was the most important know I mean it was the most important know I mean it was the most important economic development I mean in terms of economic development I mean in terms of economic development I mean in terms of the impact it would have and everything the impact it would have and everything the impact it would have and everything during the lifetime of the students during the lifetime of the students during the lifetime of the students reading it but uh Uh, reading it but uh Uh, reading it but uh Uh,”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“Well, it was certainly a problem at Coca-Cola there for good many years when I was around the company. I mean, sure.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“I was around the company. I mean, sure. It's it's uh and you have the most problems with with a really good company because it'll continue. I mean, if you're selling some product that people are buying every day, you can make the wrong decision for a long time. Yeah.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“Tim Cook I I I felt was very very good from the start and and our most of our managers uh are very good at the smaller problems. They they can't anticipate the the overwhelming problems. That's that's that's my job or now Greg's job.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“I haven't met the old managers [laughter]”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“I certainly met the people that at at”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“I would say that almost everybody feels either their marriage is better or worse than they anticipated a month after they were married, [laughter] but I don't know which.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“would I would be concerned if everybody was well actually the worst thing would be to that have a a really good imitator of any president that came along. I mean, just imagine. Well, yeah, we had that famous thing before way back in in”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“he's a terrific guy. You said something interesting to me though um about how you picked him and it wasn't because he”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“Well, he's very very very smart about businesses. Incidentally, he's getting his Canadian I mean he's getting his American citizenship here very soon and he was going over with me all the things he had to learn about. And I've actually spent a little time in the past with groups of individuals. Of course, my wife did it too became an American citizenship, American citizen, and the things they have to learn about the Constitution and all these and they're usually so proud when they become American citizens. And I think I I think I detected Greg, but I mean, you know, as successful he's been and everything else, I mean, he is it it means something to him to become an American citizen. And uh you know he sits there with this this young son you know and son knows more about some of”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“I really am. It's a wonderful team. It's really remarkable how um sports team values are now getting reflected.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“know and son knows more about some of the answers to the questions you know that he may get asked or something about becoming a citizen. It's it's really interesting and where else does that happen in the world? I mean what people you know that and America is special and and uh it's a miracle uh what America's accomplished. I mean it's just an absolute miracle and yet the miracle the division of the of of the output and everything is about as inequitable as it you can come up with while at the same time it's got these great attractions. There is some secret sauce. I've never been able to define it precisely, but that uh when you run a country for 200 and some years and people want to come here every year, I mean there's there's really something about it. And when Greg Ael is very, you know, is looking forward to becoming an American citizen,”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“American citizen,American citizen, that means something to him. Andthat means something to him. Andthat means something to him. And you can't buy that at any place oryou can't buy that at any place oryou can't buy that at any place or package it or, you know, won't work forpackage it or, you know, won't work forpackage it or, you know, won't work for a Madison Avenue approach, you know, anda Madison Avenue approach, you know, anda Madison Avenue approach, you know, and you know, be an American or somethingyou know, be an American or somethingyou know, be an American or something like that. But that that that feelinglike that. But that that that feelinglike that. But that that that feeling just goes in my 95 years. I've I've seenjust goes in my 95 years. I've I've seenjust goes in my 95 years. I've I've seen it, you know, it's time after time. So Iit, you know, it's time after time. So Iit, you know, it's time after time. So I felt I felt good when I Greg justfelt I felt good when I Greg justfelt I felt good when I Greg just volunteered that in the last day or twovolunteered that in the last day or twovolunteered that in the last day or two to me that he was he was up there forto me that he was he was up there forto me that he was he was up there for his final exams here pretty soonhis final exams here pretty soonhis final exams here pretty soon becoming a citizen.becoming a citizen.becoming a citizen.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Good morning and welcome to Omaha.I want to welcome all our owners, ourI want to welcome all our owners, ourI want to welcome all our owners, our our long-term owners, those that haveour long-term owners, those that haveour long-term owners, those that have recently become a shareholder. Again,recently become a shareholder. Again,recently become a shareholder. Again, thank you for joining us in Omaha forthank you for joining us in Omaha forthank you for joining us in Omaha for this for for the uh for the meeting.this for for the uh for the meeting.this for for the uh for the meeting. Obviously, very excited by this. And IObviously, very excited by this. And IObviously, very excited by this. And I want to also touch on we have manywant to also touch on we have manywant to also touch on we have many people here just experiencing it. So, uhpeople here just experiencing it. So, uhpeople here just experiencing it. So, uh just great to be together. The firstjust great to be together. The firstjust great to be together. The first thing I just want to touch on, we hadthing I just want to touch on, we hadthing I just want to touch on, we had the video, incredible 60 years. The onethe video, incredible 60 years. The onethe video, incredible 60 years. The one thing I did note that we'vething I did note that we'vething I did note that we've traditionally had was we've often had atraditionally had was we've often had a”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“>> He doesn't have a full whatever the>> He doesn't have a full whatever the>> He doesn't have a full whatever the complete citizenship requirement is. Andcomplete citizenship requirement is. Andcomplete citizenship requirement is. And and you can say, why does he care? Iand you can say, why does he care? Iand you can say, why does he care? I mean, he's gotten along fine without itmean, he's gotten along fine without itmean, he's gotten along fine without it here and everything. He still wants tohere and everything. He still wants tohere and everything. He still wants to be a citizen.be a citizen.be a citizen.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“traditionally had was we've often had a movie which included the credits that came with it and the mo the video and the we'll have a few other videos that I'll touch on later but we did have a uh an exceptional producer and executive producer and I want to thank her because she it wasn't acknowledged Susie Buffett. Thank you.”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“We've got a special sauce there. That's a secret sauce. It's such a good secret that I don't know what exactly it it is. But I do know this that that anybody that has a choice would choose to be in born in America. I mean, you know, you can pick some very small little country. They're very happy that they're but is is there any other country that everybody's for couple hundred years has wanted to immigrate to? I mean it it uh and it attracted some terrible people, you know, too. But but uh it worked and they had the mafias from the different groups, not not just the”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“And then the director who's always done the movies again did this video and we'll do our company videos that I'll touch on shortly. Uh Brad Underwood. Thank you, Brad.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Now, we have a great day planned and it's really all around our owners. It's our culture, but most importantly, this is our owner's day, our owners weekend. Uh we have an exceptional group of owners and we're just passionate to be here. We'll communicate a variety of things around Berkshire and and our and our insurance our operating subsidiaries and and the in Berkshire as a whole. But”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“The number one rule I give them is just The number one rule I give them is just The number one rule I give them is just not give them the golden rule to others. not give them the golden rule to others. not give them the golden rule to others. I'm not a religious guy, but I mean I'm not a religious guy, but I mean I'm not a religious guy, but I mean nobody said it any better and and and in nobody said it any better and and and in nobody said it any better and and and in a couple thousand years than that, which a couple thousand years than that, which a couple thousand years than that, which may be why it's lasted may be why it's lasted may be why it's lasted a certain degree, too. I mean that uh a certain degree, too. I mean that uh a certain degree, too. I mean that uh you know more people are reading a you know more people are reading a you know more people are reading a 2,000-year-old book about how to behave 2,000-year-old book about how to behave 2,000-year-old book about how to behave than anything that anybody's coming up than anything that anybody's coming up than anything that anybody's coming up with lately. uh uh now it's got a lot of with lately. uh uh now it's got a lot of with lately. uh uh now it's got a lot of particularly old testaments got particularly old testaments got particularly old testaments got different kinds of stories to some different kinds of stories to some different kinds of stories to some extent but extent but extent but uh if the whole world lived uh if the whole world lived uh if the whole world lived by the golden rule it would be such a by the golden rule it would be such a by the golden rule it would be such a more wonderful society more wonderful society more wonderful society”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“Yeah. And that's true for everything Yeah. And that's true for everything Yeah. And that's true for everything from from from parenthood parenthood parenthood to being a boss to being all I mean just”

CNBC Full Interview with Warren Buffett — 2026 Annual Meeting (May 2, 2026)

“to being a boss to being all I mean just everything in life. And it doesn't cost you anything. In fact, it it it's reflected in better behavior toward you. So I mean it's a very selfish sort of thing in in one sense, but I've never seen anybody that's unhappy that behaves that way. they uh uh and I've seen a lot of people in a lot of different kinds of situations.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“our lead director, and I'll just add a point here because uh this it's Sue's 20th year as a director of Berkshire. Thank you for being our lead director and all you do. Sue Decker, Charlotte Diamond, AI Jane. I would just add for relative to Ajit obviously been our vice chairman for of insurance for nine years. I had many years to be his his co-chairman. But one thing I just want to touch on Ajit joined Berkshire in 1986. So not only is he a director just been really the architect of our insurance business. So again, thank you Azite Tom Murphy Jr. Wally White Whitmer.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Yeah. This is not my show today, but there are two uh well there are two anniversaries uh that uh we're kind of celebrating today. One is the fact that the uh board has had what I will uh generously call a refreshment uh which they voted and uh uh you couldn't have made a better decision. Uh they did it unanimously. It was surprised all the board when I announced it last year except uh for Susie and uh and uh uh that's been 100% successful. Greg is doing uh everything I did and then some and he's doing it better in all cases and he's got he's he's the right person. So that decision”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“that decision we score 100% on. Thank you, Warren.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“But there's another anniversary today that uh uh I'd like to spend just a minute telling you about because uh about 10 years ago, we made a commitment uh to essentially move 10% of the resources of Berkshire Haway. Uh we turned it over to another uh person who was not that well known at the time. And we did that uh by spending uh roughly $35 billion uh buying uh stock in Apple Corp. and uh and we were going to have that uh under the management. We're we're turning that money over to the management essentially of Apple to make Berkshire look good and without any work by us which is our preferred way of operating and I would like to report that 10 years later several things are happening. One is the 35 billion uh counting dividends, realized appreciation, unrealized appreciation, but that has turned into 185 billion”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“but that has turned into 185 billion uh tax.And uh and I didn't have to do a damn thing. I mean, so it it it uh it's, you know, we're very big around here on having other people do the work and collect the money, but that that has been uh a success and we we do look at marginable securities as being businesses. That doesn't mean we hold all of them forever. But we still our largest holding is Apple. And Apple has a very interesting history that some of you may be familiar with. But one one item is they're they're observing an anniversary themselves. I think just within the last week or so. uh they they celebrated their 50th anniversary and uh uh you know 50 years is seems like a long time but Apple seems like a very new company and when Tim Cook went into uh the top position at Apple uh he's he succeeded allegedly uh you know that that uh”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“uh you know that that uh uh Steve Jobs was everybody in Americauh Steve Jobs was everybody in Americauh Steve Jobs was everybody in America knew his name and not many people knewknew his name and not many people knewknew his name and not many people knew Tim's nameTim's nameTim's name andandand Apple had had thisApple had had thisApple had had this roller coaster experience whereroller coaster experience whereroller coaster experience where where uhwhere uhwhere uh the two Steves had started in the garagethe two Steves had started in the garagethe two Steves had started in the garage or something 50 years earlier. And andor something 50 years earlier. And andor something 50 years earlier. And and thenthenthen I'm not sure how many of you know, butI'm not sure how many of you know, butI'm not sure how many of you know, but but Steve was thrown out for a while. Hebut Steve was thrown out for a while. Hebut Steve was thrown out for a while. He came back in.came back in.came back in. He did these marvelous things in termsHe did these marvelous things in termsHe did these marvelous things in terms of developing products.of developing products.of developing products. Uh and then he had an untimelyUh and then he had an untimelyUh and then he had an untimely uh deathuh deathuh death and uhand uhand uh everybody said who's going to manageeverybody said who's going to manageeverybody said who's going to manage Apple when Steve Jobs isn't around andApple when Steve Jobs isn't around andApple when Steve Jobs isn't around and uhuhuh probablyprobablyprobably just a very few percentage pointsjust a very few percentage pointsjust a very few percentage points of American investors had even heard ofof American investors had even heard ofof American investors had even heard of Tim CookTim CookTim Cook and we in effectand we in effectand we in effect Tim took over about 14 years ago whenTim took over about 14 years ago whenTim took over about 14 years ago when when when uh Steve diedwhen when uh Steve diedwhen when uh Steve died but when we made our investmentbut when we made our investmentbut when we made our investment uh and turned over 10% of the resourcesuh and turned over 10% of the resourcesuh and turned over 10% of the resources of Birkshireof Birkshireof Birkshire uh we were turning it over to Timuh we were turning it over to Timuh we were turning it over to Tim andand”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“and as As I say, he has turned that intoas As I say, he has turned that intoas As I say, he has turned that into 185 billion or something pre-tax,185 billion or something pre-tax,185 billion or something pre-tax, which we won't bother to compare to ourwhich we won't bother to compare to ourwhich we won't bother to compare to our record with. Uh, and but Tim hasrecord with. Uh, and but Tim hasrecord with. Uh, and but Tim has announcedannouncedannounced that he'sthat he'sthat he's uh retiring as well. That's that's anuh retiring as well. That's that's anuh retiring as well. That's that's an announcement that's just been made inannouncement that's just been made inannouncement that's just been made in the last couple of years. And so I thinkthe last couple of years. And so I thinkthe last couple of years. And so I think it's appropriateit's appropriateit's appropriate if if Tim would take gay bow and ourif if Tim would take gay bow and ourif if Tim would take gay bow and our shareholders would say thanks to him.shareholders would say thanks to him.shareholders would say thanks to him. And Tim is right by me.How would you like to step into theHow would you like to step into theHow would you like to step into the shoes of Steve and and come through withshoes of Steve and and come through withshoes of Steve and and come through with his record? I mean, it it's one of thehis record? I mean, it it's one of thehis record? I mean, it it's one of the miracles of of American businessmiracles of of American businessmiracles of of American business management. And so anyway, thank you,management. And so anyway, thank you,management. And so anyway, thank you, Tim. And I'm going to turn things backTim. And I'm going to turn things backTim. And I'm going to turn things back to uh to Greg and we'll go meeting”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“I thank you for the opportunity to appear before this subcommittee. I would like to start by apologizing for the acts that have brought us here. The nation has a right to expect its rules and laws to be obeyed and that Solomon certain of these were broken. Almost all of Solomon's 8,000 employees regret this as deeply as I do and I apologize on their behalf as well as mine. My job is to deal with both the past and”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“in controls and compliance procedures. But in the end, a spirit about compliance is as important or more so than words about compliance. I want the right words and I want the full range of internal controls. But I also have asked every Solomon employee to be his or her own compliance officer. After they first obey all rules, I then want employees to ask themselves whether they are willing to have any contemplated act appear the next day on the front page of their local paper to be read by their spouses, children, and friends with the reporting done by an informed and critical reporter. If they follow this test, they need not fear my other message to them. Lose money for the firm and I will be understanding. lose a shred of reputation for the firm and I will be ruthless. I welcome your questions.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Thank you, Nancy. And to the GEICO team, thank you. We've got uh uh an exceptional leader in Nancy. And again, appreciate taking on that that senior role. Welcome, Ajit. Uh yes, great to be up here together.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“that Berk
hire endures in its current form. That means we do business as we do today consistent with the cultures, values, business principles we have with the both the long-term objective and and with great purpose and intent create long-term value for our shareholders. That will define success. Anyway, Greg, I'll let you take it from here. Uh, I've got a few things on my plate. Actually, excuse me. I need to take this. Someone may want to sell me their business. Uh, I hope it's an elephant.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Yeah.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Ajit, I I I found it interesting. Ajit and I were together uh a few weeks ago and Ajet got his uh team on the phone because we were discussing this exact question, Becky. And your team immediately went to yes, the cyber risk, which we've already touched on. They then went quickly to the fact that really across the insurance businesses and it's that building concept that we're very focused on how do we become more efficient in in creating code and managing it. They they immediately went to that aspect of it and then as you touched on becoming more productive, more efficient and and they went as far to say I thought the example was really good. I mean, if if we were looking at a risk and we had our traditionally traditional underwriters doing it, we might have looked at the five largest risks and your team highlighted that now we can pretty much in a fairly quick”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Well said, Ajit.Well said, Ajit.Well said, Ajit.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“>> I mean the short answer is depends on the price. Ajit I uh I like your Charlie answer. Um obviously some thought has gone into that because there's a lot of dynamics there.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“I don't know how I'm supposed to take that. Um, no. uh both succession obviously succession's an important um uh topic and I'll I'll come back to our board both relative to Ajit and I and I touched on this earlier I mean Ajit joined Berk
hire in 1986 and is the architect of our insurance business uh along with obviously warn and input from Charlie but it's a we've created a franchise that's second to none and we couldn't be more proud of it and and as it was touched on the culture and the discipline within within it is exceptional. Now uh I found it really interesting and I I you know when Warren announced the transition last year and Ajit recall this uh the very first thing that happened was we left that meeting there's a lot going on and Warren said let's to to but then also myself let's”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Um, Ajit.Um, Ajit.Um, Ajit.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“compensation to the individuals as opposed to having some complex formula that results in they get the upside and burkshire gets the downside. Uh I try and stay away from that as much as possible. really a problem with all the compensation plans I've seen. Um then the other thing that is important is people need to have experienced uh going through a tough time and the fact that it doesn't penalize them. We insulate them from the ups and downs of the marketplace so that they feel secure and they do the right thing and yeah so those are the elements that I think allow us to have a long-term orientation and not get sucked into the latest fashion of the year day and just do stuff for the sake of doing”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“yeah”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“10 years ago, we made a commitment uh to essentially move 10% of the resources of Berkshire Haway. uh we turned it over to another uh person who was not that well known at the time. And we did that uh by spending uh roughly $35 billion uh buying uh stock in Apple Corp. add uh and we were going to have that uh under the management. We're we're turning that money over to the management essentially of Apple to make Berkshire look good and without any work by us which is our preferred way of operating and I would like to report that 10 years”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“I would like to report that 10 years later several things are happening. One is the 35 billion uh counting dividends realized appreciation unrealized appreciation. But that has turned into 185 billion uh tax.and uh and I didn't have to do a damn thing.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“>> Tim has announced that he's uh retiring as well. That's that's an announcement that's just been made in the last couple of years. And so I think it's appropriate if if Tim would take a bow and our shareholders would say thanks to him that Tim is right by me.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“process of um of understanding what the business is going to look like. And um I think Greg is amazing. He's the Oxy Kim deal now. He's a tough negotiator, but but he's honest and he's fair and uh so we've built a great relationship.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Only Oxycm deal that was going on.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“He knows those businesses like the back of his hand. And now now he knows Oxycam in the same way. And we had great discussions around it. That turned out to be an incredibly good win-win for us and for them because we that debt reduction we were able to accomplish with that frees us up. So that just”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“different. I watch the University of Michigan numbers very closely. I know exactly where it is and what I know is our numbers are up for the year and I'm very thankful for that because I also know the confection industry fairly well and I don't know that others can say quite that.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Well, I think it was one of the first slides. uh they're buying stock and”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“but I think we saw it today. You know, there was a substantial amount of stock purchased and we're sitting on 400 billion dollars of cash.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Well, I think it's all working. It's all working. it it isn't our ideal uh surrounding area uh or environment I should say uh in terms of deploying cash for Birkshire uh but in terms of how we got the right management we got the right arrangement and uh you know we can pick our spots and and and uh nobody can tell us what to do exactly and and uh so sometimes we're doing nothing but other other times we get quite active. I mean”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Yeah. The world is full of people that are offering you things to do and then are offering you things to do and then the question is to find find one that you know makes sense and there may be 20”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“No. Well, then we don't do anything. I mean, we've been in the of the 60 years I've been in the business, uh, you know, probably five of them been really juicy, you know, and, uh, I think it was Tom Watson senior of IBM that uh, said they asked him the reason why IBM had been so successful or something like”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“been so successful or something like that. And he said, "I'm smart of spots that. And he said, "I'm smart of spots that. And he said, "I'm smart of spots and I stay around those spots." And and I stay around those spots." And and I stay around those spots." And that's that's the whole thing. And IBM that's that's the whole thing. And IBM that's that's the whole thing. And IBM was in three different businesses was in three different businesses was in three different businesses including time clocks and a couple and including time clocks and a couple and including time clocks and a couple and two of the three turned out to be no two of the three turned out to be no two of the three turned out to be no good. But they so they just focused on good. But they so they just focused on good. But they so they just focused on the one. the one. the one.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“and I would say I understand >> and I would say I understand >> and I would say I understand fewer of the businesses as a percentage fewer of the businesses as a percentage fewer of the businesses as a percentage of the whole than I did 10 years ago. I of the whole than I did 10 years ago. I of the whole than I did 10 years ago. I have not learned have not learned have not learned uh new industries uh for some years, you uh new industries uh for some years, you uh new industries uh for some years, you know, and and so I don't kid myself on know, and and so I don't kid myself on know, and and so I don't kid myself on that. I'm I'm not going to learn. I'm that. I'm I'm not going to learn. I'm that. I'm I'm not going to learn. I'm not going to have an edge on, you know, not going to have an edge on, you know, not going to have an edge on, you know, a whole bunch of younger people that a whole bunch of younger people that a whole bunch of younger people that have actually grown up with them, used”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Well, it feels like, you know, I' I've compared it the markets to a church with a casino attached and and people can move between the church and casino and and I always said there are more people in the church and more people in the casino, but the casino's gotten very attractive to people. you know, if you're buying one day options or selling them,”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“or selling them, I mean, that is uh that's not investing. It's not uh that's not investing. It's not speculating. It's gambling, you know, just totally. There's nobody that can explain why they're buying an option for one day unless they maybe maybe the fellow that that uh you know made the $400 and some thousands from knowing when we were going into Venezuela could do it. But I mean that's pretty and the quantity of those things is just incredible. So we've never had people in a more gambling mood than now. But that doesn't mean that investing is terrible. that it does mean that uh that prices for and awful lot of things will look very silly. I mean they, you know, they had a squeeze and and then in in Avis of all things, well, Avis has been around for 50 years, but just this past week. Uh uh and uh we have lots more regulation and everything now, but uh but people spend”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“It's a phone call in many in some cases. You know, we we bought a business last year that was that wasn't big enough to be mean meaningful, but we got a letter. Bell Labs.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Well, well, I It doesn't do any good to knock on wood. That's it. It It That's the point.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“But there are things that can happen out of the blue. And actually that's particularly true to use that phraseiology now because the things that can come out of the sky that you know we don't know what can happen tomorrow. I don't like to talk that way to people whe whether it's you or anybody else. I mean because uh you know whether it does you a lot of good to worry about that. I don't think it does do any good to worry”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“>> Well, we can't handle runaway inflation except not to be there in the way of it. And if you look at the number of countries that have had runaway inflation since World War II, you know,”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“inflation since World War II, you know, in my lifetime, it it's very large, you know, it uh and uhuh once you create that, it it becomes a different world. uh you know, Germany obviously experienced it after World War I and but but but there are dozens and dozens of countries that have experienced it. And of course, you have you have countries that gone bankrupt like six or seven times. I mean, it's just amazing what people do. But uh in financial markets,”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Well, it came close before Vulker. I mean it was just it was cash is trash you know and and people were losing faith in the currency”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“people were losing faith in the currency and they felt they could borrow and 12% to earn 6% on on farming or something like that and they they had huge farmers in this state Nebraska uh collapsed because they bought beyond the earning power or paid interest rates beyond the earning power just because they felt that that that uh the dollar was going to disappear and the the land wouldn't disappear. And I'm it's it's it's tragic for many people. And and uh and if you're the best doctor in town or the best lawyer in town, you'll always make money under any situation. The best the best TV personality. I mean it's it's but uh what not having faith in the money does to a country it it turns it into something else.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“And I you know I've always hope that you know US never does it but we are not immune from it happening.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Uh,Uh, we have a lot of controlwe have a lot of controlwe have a lot of control over whether rates may go up a half aover whether rates may go up a half aover whether rates may go up a half a point or down a half a point, but we maypoint or down a half a point, but we maypoint or down a half a point, but we may have less control over whether they gohave less control over whether they gohave less control over whether they go up 50 points.up 50 points.up 50 points.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“>> Exactly.>> Exactly.>> Exactly.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“>> I'll feel better when he's there>> I'll feel better when he's there>> I'll feel better when he's there uh than when he's not. I mean it uh ituh than when he's not. I mean it uh ituh than when he's not. I mean it uh it uhuhuh you know I just I felt better when Boeryou know I just I felt better when Boeryou know I just I felt better when Boer was therewas therewas there but youbut youbut you that's economists aren't the best atthat's economists aren't the best atthat's economists aren't the best at this sort of thing read any oldthis sort of thing read any oldthis sort of thing read any old economics book from 1950 or 1970 thateconomics book from 1950 or 1970 thateconomics book from 1950 or 1970 that was that uh Paul Paul Samuelson who waswas that uh Paul Paul Samuelson who waswas that uh Paul Paul Samuelson who was a terrific guy and smart as hella terrific guy and smart as hella terrific guy and smart as hell He had the standard textbook for 25He had the standard textbook for 25He had the standard textbook for 25 years. And if you looked up, you know,”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Incredible.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Well, it was certainly a problem in Coca-Cola there for good many years when I was around the company. I mean, sure. It's it's uh and you have the most problems with with a really good company because it'll it'll it'll continue. I mean, if you're selling some product that people are buying every day, you can make the wrong decision for a long time. Uh uh but that's one of the problems with investing that uh uh Tim Cook I I I felt was very very good from the start and and our most of our managers uh are very good at the smaller problems like but they can't anticipate the the overwhelming problems. That's that's my”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“overwhelming problems. That's that's my job or now Greg's job.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“I haven't met the old managers >> of the new business of the new CEOs that are coming in. Tim replacement >> Enrique at Coca-Cola. >> I certainly met the people that at at Bell Labs that we >> Yeah. You know, and obviously I met Vicky. we made the deal and and so I I enjoy meeting with people and uh uh uh but you can make mistakes with people. I mean, look at the divorce rate, you know, that's that's more important than whether you got the right CEO or anything else. And and now you've got years of trial. I mean, back when I was young, I mean, you had to make the decision, you know, or you didn't have to make a decision, but a good many people made the decision when they were”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Well, I don't know. Maybe that people behave differently before the marriage than after. Who knows exactly? Yeah,”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Yeah, I would be concerned if everybody would Well, actually, the worst thing would be to have a a really good imitator of any president that came along. I mean, just imagine Well, yeah, we had that famous thing before way back in in New Jersey where they the Martians coming and everything like that.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Uh well, if you convince but people lend you money for it, they shouldn't you shouldn't be borrowing it. I mean, it's it's scary and it's it's particularly scary when you have nine countries or so with the nuclear weapons and and people working on it something even more. We haven't dealt with this. We don't know what's going to happen.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“he's a terrific guy.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Well, he's very very very smart about businesses. Incidentally, he's getting his Can Canadian I mean, he's getting his American citizenship here very soon. And he was going over with me all the things he had to learn about. And I've actually spent a little time in the past with groups of individuals. Of course, my wife did it too became an American citizenship, American citizen, and the things they have to learn about the Constitution and all these and they're usually so proud when they become”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“usually so proud when they become American citizens. And I think I I think American citizens. And I think I I think American citizens. And I think I I think I detected in Greg that I mean, you I detected in Greg that I mean, you I detected in Greg that I mean, you know, as know, as know, as successful he's been and everything successful he's been and everything successful he's been and everything else. I mean he is else. I mean he is else. I mean he is it it means something to him to become it it means something to him to become it it means something to him to become an American citizen and uh you know he an American citizen and uh you know he an American citizen and uh you know he sits there with this his young son you sits there with this his young son you sits there with this his young son you know and son knows more about some of know and son knows more about some of know and son knows more about some of the answers of the questions you know the answers of the questions you know the answers of the questions you know than he may get asked or something about than he may get asked or something about than he may get asked or something about becoming a citizen. It's it's really becoming a citizen. It's it's really becoming a citizen. It's it's really interesting and where else does that interesting and where else does that interesting and where else does that happen in the world? I mean what people happen in the world? I mean what people happen in the world? I mean what people you know that America is special you know that America is special you know that America is special and and uh and and uh and and uh it's a miracle it's a miracle it's a miracle uh what America's accomplished. I mean, uh what America's accomplished. I mean, uh what America's accomplished. I mean, it's just an absolute miracle. it's just an absolute miracle. it's just an absolute miracle. And yet And yet And yet the miracle, the division of the of of the miracle, the division of the of of the miracle, the division of the of of the output and everything is about as the output and everything is about as the output and everything is about as inequitable as it you could come up inequitable as it you could come up inequitable as it you could come up with. While at the same time, it's got with. While at the same time, it's got with. While at the same time, it's got these these these great attractions. There is some secret great attractions. There is some secret”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“great attractions. There is some secret sauce. never been able to define it precisely, but that uh when you run a country for 200 and some years and people want to come here every year, I mean there's there's really something about it. And what Greg Ael is very, you know, is looking forward to becoming an American citizen, that means something to him. And you can't buy that at any place or package it or, you know, won't work for a Madison Avenue approach approach, you know, you know, be an American or something like that. But that that that feeling just goes in my 95 years. I've I've seen it, you know, it's time after time. So I felt I felt good when I Greg just volunteered that in the last day or two to me that he was he was up there for his final exams here pretty becoming a citizen.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“We've got a special sauce there. A secret sauce. It's such a good secret that I don't know what exactly it it is, but I do know this that that anybody that has a choice would choose to be in Port America. I mean, you know, you can pick some very small little country. They're very happy that they're But”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“very happy that they're But is this is there any other country that is this is there any other country that is this is there any other country that everybody's for couple hundred years everybody's for couple hundred years everybody's for couple hundred years wanted to wanted to wanted to immigrate to? I mean it it uh and it immigrate to? I mean it it uh and it immigrate to? I mean it it uh and it attracted some terrible people, you attracted some terrible people, you attracted some terrible people, you know, too. But but uh know, too. But but uh know, too. But but uh it worked and they had the mafias from it worked and they had the mafias from it worked and they had the mafias from the different groups, not not just the the different groups, not not just the the different groups, not not just the Italian mafia, but I mean it it wasn't Italian mafia, but I mean it it wasn't Italian mafia, but I mean it it wasn't that they were all we had some system that they were all we had some system that they were all we had some system for picking out the the wonderful people for picking out the the wonderful people for picking out the the wonderful people from some other countries, but from some other countries, but from some other countries, but it has it has worked. But it's work the it has it has worked. But it's work the it has it has worked. But it's work the extremes to which it works extremes to which it works extremes to which it works uh don't seem to belong to that kind of uh don't seem to belong to that kind of uh don't seem to belong to that kind of a society. I mean if you were drawing up a society. I mean if you were drawing up a society. I mean if you were drawing up dreams for the ideal society and you dreams for the ideal society and you dreams for the ideal society and you would have this kind of GDP per capita would have this kind of GDP per capita would have this kind of GDP per capita and everything you wouldn't design you and everything you wouldn't design you and everything you wouldn't design you wouldn't design the wouldn't design the wouldn't design the you wouldn't design the inheritance of you wouldn't design the inheritance of you wouldn't design the inheritance of laws. you wouldn't that mean you just do laws. you wouldn't that mean you just do laws. you wouldn't that mean you just do all kinds of things differently but all kinds of things differently but all kinds of things differently but somehow it's worked”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“The number one rule I give them is just not give them the golden rule to others. I'm not a religious guy, but I mean nobody said it any better and and in in a couple thousand years than that, which may be why it's lasted a certain degree, too. I mean that uh you know more people are reading a 2,000-year-old book about how to behave than anything that anybody's coming up with lately. uh uh now it's got a lot of particular the old testament it's got”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“particular the old testament it's got different kinds of stories to some extent but uh if the whole world lived by the golden rule it would be such a more wonderful society”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“yeah and that's true for everything from parenthood to being a boss cost to being all I mean just everything in life and it doesn't cost you anything. In fact, it it it's reflected in better behavior toward you. So, I mean it's a very selfish sort of thing in in one sense, but I've never seen anybody that's unhappy that behaves that way. They uh uh and I've seen a lot of people”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“areas of our company. Thank you, Katie. And then Adam, when I was uh discussing your new role and thank you for taking on that role and and as you and and also retaining your role at NetJets as the CEO there. So, uh, a lot on your plate and and all of us here appreciate that. Um, but it's early going. You've been in the role since December as the president of consumer uh products and then uh service and retailing. What what are your observations as your your early observations uh across the 32 companies and how are you approaching that?”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Uh let me let me start with the impact across our portfolio because it's it it's very close to uh discussing the the situation in the Middle East in that yes”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“was the the perfect outcome for me. So a little selfish in finding that type of outcome.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“I will say Greg and I had an Oilers stars bet last year and”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“Yeah, Katie owns some Oilers jersey. And and unfortunately this year neither of us got that.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“always going to be the approach. So thank you for your excellent question. Now, uh, Becky, if this is okay, uh, we're going to and and so please pick, uh, your toughest question, but, um, we're we're beyond 1:00 now. This will be our last question for today. So, we look forward to it and, uh, and then I'll I'll have some, uh, conclusionary thoughts and comments. But, uh, thank you, Becky.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“it will be such that uh Berk
hireit will be such that uh Berk
hire endures and will endure u uh as a as aendures and will endure u uh as a as aendures and will endure u uh as a as a team but clearly with uh um leadership.team but clearly with uh um leadership.team but clearly with uh um leadership. So thank you Becky that last question.So thank you Becky that last question.So thank you Becky that last question.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“I think it's all working. It's allI think it's all working. It's allI think it's all working. It's all working. I it it isn't our idealworking. I it it isn't our idealworking. I it it isn't our ideal uh surrounding areauh surrounding areauh surrounding area uh or environment I should say uh inuh or environment I should say uh inuh or environment I should say uh in terms of deploying cash for Berk
hire.terms of deploying cash for Berk
hire.terms of deploying cash for Berk
hire. UhUhUh but in terms of howbut in terms of howbut in terms of how we got the right management, we got thewe got the right management, we got thewe got the right management, we got the right arrangement and uh you know we canright arrangement and uh you know we canright arrangement and uh you know we can pick our spots and and andpick our spots and and andpick our spots and and and uh nobody can tell us what to do exactlyuh nobody can tell us what to do exactlyuh nobody can tell us what to do exactly and and uh so sometimes we're doingand and uh so sometimes we're doingand and uh so sometimes we're doing nothing but other other times we getnothing but other other times we getnothing but other other times we get quite active.quite active.quite active.”

2026 Berkshire Hathaway Annual Shareholders Meeting (May 2, 2026)

“That's compared to the markets to a church with a casino attached and and people can move between the church and casino and and I always said there are more people in the church and more people in the casino, but the casino's gotten very attractive to people. you know, if you're buying one day options or selling them. I mean, that is uh that's not investing. It's not speculating. It's gambling, you know, just totally. There's nobody that can explain why they're buying an option for one day unless they maybe maybe the fellow that that uh you know made the $400 and some thousands from knowing when we were going into Venezuela could do it. But I mean that's pretty and the quantity of those things is just incredible. So we've never had people in a more gambling mood than now. But that doesn't mean that investing is terrible.”

CNBC Full Interview with Berkshire CEO Greg Abel (May 1, 2026)

“So those are uh um I we will be meeting with the leaders in fact will be meeting with the leaders in fact will be meeting with the leaders in fact in this coming week with both of them in this coming week with both of them in this coming week with both of them the incoming and unfortunately they the incoming and unfortunately they the incoming and unfortunately they changed but that happens and but what we changed but that happens and but what we changed but that happens and but what we what we do believe in and I believe what we do believe in and I believe what we do believe in and I believe that's what we had we we know the that's what we had we we know the that's what we had we we know the quality of those leadersh quality of those leadersh quality of those leadersh”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“It is fun to be on.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“$19 million.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, let me tell you first how I got into it because my first wife, Susie, was living in San Francisco and she said to me, this guy is real.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Cecil. Yeah, Cecil Williams, who came to that church in 1963 and it was a dying church in a changing part of the neighborhood in San Francisco, and they weren't glad to see him the 100 or so parishioners that were left. But he turned it into something that became – it gave hope and life to people that the world had given up on. And I went on Sunday still expecting something less than that, and I watched Cecil, and I could see what he was doing, and he was for real. And so Susie, at some point, said, why don't you do something to raise some money for him? You know, and so, I think she actually selected the idea of the lunch, and then we did the lunch. The first three lunches brought $25,000 each because they were localized. And then we got the idea of going on eBay. And then we started getting bids from around the world. And it just generally kept moving up, although it wasn't every single year, but it just – it just put us on the map. And as the final amount, 19 million was raised. Now that was kind of raised because it was the last one, I think, I was doing NFL that had bought an earlier lunch, but I didn't make any calls to him or do anything. He just turned out to be – it inspires people. And Smith & Wollensky, as you know, covered it in New York sometimes.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah. And some of them wanted to be anonymous. And a couple came to Omaha along the line because they had some special thing they wanted to talk about. But I think everybody felt like they were glad they did it, and I was glad to do it.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, I ran out of gas. You know, I got to be what, 93 at that time, or something like that. And it just – same reason I gave up teaching. I teach – I was – I taught every year from when I was 21 till 88 or 89, and there just came a period when your body said different things to you, and you should turn it over to somebody, just like I did at Berkshire. I mean, at different times, on different things, but I – and so we thought we had a continuation of it all set up, and then for one reason or another, it fizzled. And so the last two years, well, I think the first year, some board member made up some members – but basically the auction disappeared.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“No. And Cecil Williams was about my age – and it got so I couldn't understand him on the phone or anything like that, but all he wanted was this to continue. And so I don't know where the idea came from exactly, but I said I would do one more, just to get us started again and to have Steph Curry join us in the Bay Area. I mean, it's just a natural.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, I mean, who can say it better? I mean, he's working with the kids in Oakland. I mean, these are kids between five and 15, or something like that, and he plays basketball with them. And I mean, he's a terrific guy. I don't – I haven't met him personally.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“We had a long talk on the phone. And it's his baby, and he can carry it forth. And, incidentally, whatever is bid this year, I will make the equal contribution. I don't think – Steph doesn't know this yet, but I will make an equal contribution to both Glide and to Steph's –”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah. And, you know, just go on to new heights. And Steph is the hero of millions and millions of people. So, I think – I really think as a reward, I think it will continue to be what Cecil hoped it to be. And it would have killed me to have it just die off. And as much what Cecil poured into it himself, he believed everybody was worthwhile. And the world had given up on these people, and he may have started giving a little bit of food to them before he got through – he was doing all these things at Glide. And he never gave up on anybody.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Oh yeah. Astrid, my second wife. And you couldn't help but like him. I mean, when you watched him up there with people that the world had given up on and he says to him, I'll feed you. I'll have a bed for you. We'll have a location for you. You know we're not going to give up on you. And never did.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, it's not much different, except for the – I mean, I go in every day.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah. I go in every day to the office. I don't accomplish hardly anything. I mean, in terms of – it just takes me way longer to do things. And Greg is so good. It was kind of embarrassing how good he is, because he has covered – you know, we've got about 200 businesses within Berkshire, you know, that came about, and I can't name the manager's names or their wives names, or – and I haven't seen them, you know, in a long time. It's easier just to write the letter once a year and kind of do my own thing. Greg covers more ground in a day than I would in a week, even when I was at my peak, let alone my present condition. So it's a move that in many ways, I could have done it earlier, and Greg would have been better than I was, but you know, and I can still contribute just a tiny bit.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah. Yeah, but I won't make any that Greg thinks are wrong. And he'll run – he's starting to get a few calls, and he'll call me about them, and like me, he doesn't like them, but –”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“He'll keep me posted. Yeah, Well, yeah. It's investment bankers calling him and – they will see him – you know, they will try to sell anything. But I cut them off in about 10 or 15 seconds, and he's – he spends more time with them, but I don't know where he gets this time, because he plays hockey with his – I mean, it isn't like he's as fanatic as I was in terms of running the place, but with no more apparent effort, he just covers so many bases.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I don't know the exact number, but it's not much different than before. So you know, it's probably north of $350 billion in cash and treasury bills.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“We bought 17 billion this week.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I think we're probably the largest bidder. And ironically, I got involved in Solomon because they bid for too many bills. And I don't think they'd get mad at us now – we've been for too many but, you're not supposed to go over 35% or something in the auction. And of course, you bid through the primary dealers. But I don't even know the mechanics that well, but one fellow in our office handles all the mechanics of the stocks and bonds we buy.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah, exactly. At anyplace else they'd have 25 or 30 people. And he loves what he does, and I love what he does. He's down the hall about 20 feet, about every hour or hour and a half, he brings me in what we've done. And sometimes –”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah, I call him. I call him before the market opens, because I see what's been going on pre market, and probably change the limits only. I don't get lots of different stocks or anything like that. Every now and then, I'll let it do something, and I will change – prices daily.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, Greg gets the sheet every day.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“He doesn't get it quite as fast as I get it. I mean – but he probably gets it sent over at the end of the day or something of the sort. And if Greg differed with me on anything, we wouldn't be doing it.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Got one tiny purchase, but we aren't finding things that – we weren't finding them before.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Not substantially.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“No. Three times since I've taken over Berkshire, it's gone down more than 50%. I mean, if you look at the markets, of the worst, probably was the 2007, 08' period, although it was that one Monday, when you had 21% in a day. I mean, this is nothing. I mean—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well if they're 5 or 6% cheaper, that doesn't, we aren't in it to make 5 or 6% I mean, but what a big seller either, in the end, we own businesses. Sometimes there's only owned, sometimes they're partly owned. That's what I like to own. And two thirds of our money, or more is in our businesses. And we bought Occidental Chemical on January 3, that was 9.7 billion. And as far as I'm concerned, that's got some advantages, some disadvantages, versus owning a stock, but it's got the same principles attached to it. It is a business, and it's a business we expect to own, you know, indefinitely. I mean—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah and we get calls all the time, and there's so many calls, but the like I said, it takes me five seconds to say no. It takes, Greg's a little more polite than I am, but I just as soon get the calls just to see what people are doing. But they aren't offering anything that's at an attractive price, and what they want is a trade.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah, if there is a big decline, we will deploy, I mean, but we won't, we will deploy it because stocks are attractive or businesses are attractive to us, and we are not planning to sell them next week or next month, so we want to be right on them. And we've had our American Express stock 30 years without having a -- close to 40 years, 35 years. And on the other hand, there's things I change my mind on fairly quickly, but, but the goal is own the owned businesses, and when we buy Occidental Chemical, we expect all of that 50 years from now. You know, the world can change in some way, but that we do not, we do not buy that with a thought of resale.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, I sold it too soon, but I bought it even sooner. So, it worked out. Yeah, I think we've made over $100 billion in that pretax.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“No, no, I don't have any ability to predict what stocks will do next week or next month and I will buy them if they're cheap. I'll buy a whole lot of them if they're cheap and I think I really understand the business, and Apple is still our largest single investment.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah, well, if I didn't like it, I could sell it. Yeah, I can, I think it's a remark -- it's better than any business we own outright. Now, we own a railroad that's worth more money than our Apple position, for example, they're both looked at the same way. I mean, they're both, they're both businesses. I expect the, I think it's more predictable in a certain sense, that the railroad will be around 50 or 100 years from now, but it doesn't earn the rate remotely on capital than Apple does. I mean, Apple is a business that you've got one, probably and your kids have got them, and—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah, devices. Actually, the Bell Telephone Company was that way at one point, but they were regulated.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I think the consumers are in love with them too much. I don't, I don't think Washington will do anything that really destroys something that every one of their voters likes and they're using themselves. I mean, it's a remarkable product that way. Just think of something as useful as the Apple is. I mean, it's, Tim Cook has done better with the hand than Steve Jobs. He couldn't have done what Steve Jobs did, but Steve Jobs handed him a hand that Steve would not have done as well. Steve picked him. I mean, when you get right down to it, and Tim was a fantastic manager, and he's a good guy, and somehow he gets along with everybody in the world, which is, you know, that's, that's a technique I wouldn't have for example. Certainly my partner, Charlie Munger, wouldn't have had it, but I'm very happy to have it be our largest open. I was not happy to have it be as large as almost everything else combined.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Although at a price I was, and they could—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“It's not impossible that Apple would get to a price, we would buy a lot of it, but not in this market. I mean, it just isn't going to happen in this market.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well it depends on the stock. Some stocks now, generally speaking, they move together to quite a degree, but, but I don't think I know what the market's going to do. I do think I've got a reasonable idea of what a business is worth. I have no idea what the stock market's going to do, and I don't think anybody else does either.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“It's a consumer.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well I don't because A, I wouldn't be any good at it, and besides, I'm so late to the game. I am not learning new things well. I still don't know what to do with the phone, but I just recognize the fact that that you know you're going to have one, and your kids are going to want one, and and it is a terribly useful, I mean, it's incredibly useful. And you get something that's useful and offered worldwide, and where, to some extent, you're a little worried about maybe moving your photos from one system to another. All I had to do was go out to Nebraska Furniture Mart and talk to customers is what, that's what I did 60 years ago at American Express when they were looked at like they were done for on the salad oil scandal. And I went down to the Omaha National Bank, and I said, are you getting a premium for American Express tickets? They can sell their traveler's check for more than Citigroup, Bank of America, Barclays, everybody had and they were getting a premium at the same time, everybody else was worried about them getting in, getting out of business. And the same thing, when they actually started their card, they were going up against Diners Club and Carte Blanche, who had come first. And they came they came on later. And instead of coming in at a cut price, they came in at a price above the competition. That says a lot about how consumers felt about American Express.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, if I were at the Fed, the thing I'd worry about always is, you know, you're the reserve currency of the world. I mean, so you've got very smart people, very sophisticated people, the American dollar looks like nothing could happen to it. I don't feel anything could happen to it. But if it does happen to it, I would, I would, I wouldn't want the responsibility of running the Fed.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“The world will be dependent on it doing it. And last time in 2007 and 08', you had Congress that essentially felt they knew more about it than Secretary Treasury. And so they really gummed things up when they when they turned on TARP the first time. And I mean, it was, I think now people better understand what, the Fed can print money.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I don't know what, what I do there. I mean, I think that Jay Powell in when, when the epidemic broke out, I think he acted in March of 2020 and I think if he'd waited two or three weeks, it would have been a disaster. Once the dominoes start toppling, they just start toppling and, and, and, and that line is shorter than anybody thinks, and it topples faster. And I think he did exactly the right thing, and he, he did it even stronger than Volker did. You know, I mean, he, he and Volker are my heroes at the Fed.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, I wish they had a zero inflation target.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“But, I mean, once you start saying you're going to tolerate 2 percent, that compounds pretty dramatically over time. And you're saying to people, if you're getting less than 2 percent on your money, you're going backwards. And, actually, if you pay tax, you may pay tax on the 2 percent. You know, I mean, I don't like that particular goal. But—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yes. I would be, I would care about inflation. I would compare what I really would care about is the stability of the banks.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I mean, the banking system, in some sense is very strong, in other sense, is very fragile. I mean, JPMorgan in the last couple annual reports reported doing $10 trillion of business per day. Now, that's an unsecured policy. Now, they know what they're doing. Believe me. I mean, there's nobody smarter than JP-- but I don't want -- I didn't want -- during the 2008 period, I didn't want anything unsecured, you know, out there for a day. I mean, who knew? Nobody was any good. You know, I mean, it, the world is very interconnected and everybody panics. I mean, it, you know, they may say they don't, but you can call the biggest investment banking firms and they say, well, they don't answer the phone even if things get bad enough. And if they do answer the phone, you know, they say 10 bid, 20 offered subject.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“21 percent and that was some day, and it just kept coming. And most of the specialist firms, which then counted for more in terms of the stability of the markets. They were broke. I mean, as I remember, they went around to their banks and said, just don't pull the loans, you know, but they, people, they were supposed to keep making markets, but people just kept hitting the bid and can widen the spread out. You got circuit breakers now, all kinds of things. But when people are scared, they're scared. And people, if you yell fire in a crowded theater, everybody runs. Still, it still pays to beat people to the door, you know, and I can get trampled, you know, so, I will stand back there and say everybody to stay calm, you know? But that's because I can't run fast. On the other hand, when people come back into the theater, they come in one at a time. They know they don't have to get into it. But when people panic, they panic.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, it's all parts of the banking system because they all affect each other and the troubles from one can spread over to another. And, well, you saw what happened, I mean, in 2008.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I don't think I know.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I don't, I do not think I know what, but, therefore, I want to be prepared for anything, and, therefore, we will always have, we'll always have cash around and we'll have treasury bills. We won't have money market funds. We didn't have them in 2008. We won't have commercial paper in 2008. There's just one thing that's legal tender. And, you know, if you own treasury bills, and we have known, we don't own treasury bonds way out. I mean, but every Monday, the treasury has to sell bills. And as long as they got to sell, you know, X billions worth of bills, I mean, they kind of a, they can print some money to do it, and they'll do it.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Oh, sure. No, I always want to have—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yes. And I never want to buy anything just because people think the market is going up.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I mean, the idea that people think they know what the market's going to do is just crazy. I mean, the idea that they would shout out to the world, you know, that something they really knew, I mean, that's like saying if they had gold -- found gold in their backyard, they'd come on television and say, here's where the gold is in my backyard, you know? I mean, they're selling something.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, they know that there's a certain, I mean, there's people in the United States and other parts of the world, but you've seen how much they like to gamble. And, basically, you have this incredible cathedral called the American Economic System. Nobody's seen anything like it. I mean, it's the cathedral of all cathedrals. But attached to it is a casino and people can walk back and forth between the two. And believe me, people like to gamble. I mean, they gamble with the odds against them in the market. They can actually gamble if they -- well, they really aren't gambling if they do it, but, I mean, if they just buy a stock and sit for 50 years, if they got a group of them, they're going to do fine. I mean, the American capitalism system works and betting against the house does not work. I mean, it's just -- it's so simple. But, people like to gamble. I mean–”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I had my honeymoon in 1952.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“We went through Las – Susie and I. We just got my Aunt Alice's car. And we drove and we went through Las Vegas at the time. And I watched all these people who were dressed well and they'd flown on jets. They'd flown, you know, for many hours, spent much money and everything else to go and pull handles, you know, or do something that was mathematically dumb. And I thought, this is the land of opportunity. I told them we were going to get rich. I mean, how can you have people who have perfectly decent IQs rushing to do dumb things, which they do, and industries build on it. Now, it's become legalized and the more they open it up, the more people like to do it. They like to do it in the stock market. And actually in the stock market, at least they got a favorable expectancy if they just sit tight.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“But they don't sit tight, of course, if they, if they're gamblers.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, I don't think, I don't think you can stop it once you open it up, and once the states found out that they could pay about 60 cents on the dollar, or something like that, whatever they may have different systems for different states. There was one state it was legal in when I was a kid, and we've been around for hundreds of years. But then once people saw how that was working, other places took it up. And of course, rich people love it because they don't have to pay. I mean, to the extent that the states raise money from people who that what the dollar really means something to them, actually relieves the taxes on me or other rich people. I mean, it's not direct. I mean it, but it's, it's the net effect. So I don't like things that make a sucker out of people. I don't like them. I particularly don't like them when the government sponsors them. I don't think the government should play its I don't think the function of the government is to play its people for suckers.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“It's a tax. It's a tax on stupidity. But it's, it's, but I'm not mad at the people that are stupid. No, I really am not. I mean, you can't help it, to some extent, if you're human beings, you're geared that way when somehow, you know, it's developed within the humans. I don't like it when the government that they elect decides they're going to profit off that sort of activity. And I particularly, I think it's kind of cynical. I don't think, I don't think you should have a cynical government. I mean it's—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“What's happening with what?”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, it, it means the two oil positions we have, Chevron and Occidental—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Go up a lot. But that doesn't mean I can go around predicting what will happen next. I don't know what's going to happen tomorrow over there.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I think it's the problem. I think, it -- well, I'll put it this way. When I was -- when I went to school, grammar school, they told me the sun was going to burn out in 4.5 billion years.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I took that pretty philosophically. I mean, I could handle that. And now, you've got nine countries, including, you know, a guy in North Korea. I mean, and there will be, something will happen. And we worried enormously about it when there were two. And we had perfectly, we had really pretty sane leaders in Kennedy and Khrushchev. You know, I mean, you were not dealing with unstable people or anything like that. And. You know, the ships turned around, but people were hiding under their desks with two. I mean, just think how you feel with North Korea having it and Iran wanting to get it. I mean, it -- it is -- and I don't have an answer for that. I mean, we did the right thing in 1938 even or 1939. You can go look at it. It's all over the Internet. The most important letter ever written. And Leo Szilard could not get the message to. He was a famous nuclear physicist. Terrific one. Very funny too. And he couldn't get the message to Roosevelt, but he knew if Einstein signed the letter, that it would get there, and he finally got Einstein to sign the letter. And that letter was a month before the Germans started rolling into Poland. And I don't think Roosevelt understood U-235 any better than I do. I mean, you know, but he knew if Einstein signed it, he better do something. And the funny thing is, of course, he was doing it because he was worried about the Germans getting it. And it was actually used on the Japanese. But it, we, we haven't learned to live with it. Now, we've been -- we've gone 80 years since then. We've had a lot of close calls. I mean, we've had training tapes put in there that that almost got the president to do something. They've had them. I mean, there is no way that the planet has an expectancy of 500 years now when it was 4.5 billion when I was a kid and we had to do it. I'm not faulting anybody. My dad was in Congress. He would have voted for it. I mean, everybody rejoiced on VJ day. You know, I mean, it -- it -- but there was no way we could undo it.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“It's a controversial but I would be, I would be for one way or another, if I were president of the United States. I don't want to be president United States, because I don't want that. Sorry, I, I one time asked one president. I said, you know, if, if the Soviets had launched, though they already were in the air and our policy was mutually assured destruction, would you have told Strategic Air Command, unleash ours knowing that it wasn't going to, I mean, it was going to just kill millions and millions and millions more people and add to a super polluted atmosphere that who knows what is going to happen? I mean, it, and now we have—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“The answer? Well, a, the, this president said, he said, "I've thought about that every day." Because some major shows up at midnight—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“And says, we have incontrovertible. This is not -- this is not geese above the North Pole. This is not a training tape that got put in by mistake. We know they're in the air and you've got 10 minutes to make a decision. Mr. President, what do I tell SAC to do? Do we unleash ours? And I used to be on the SAC advisory board, but believe it or not, the, but that was for political purposes as they put people on that truly, because they were always looking for more money. And they just figured if. And I don't blame them.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“He said, I thought about it every day during the time I was in office. He was an ex-president.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Actually said, I think the answer is yes. I would tell him to do it. That is the policy of the United States of America.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I would say that one way or another. In the next 100 years, maybe it's 200 years, who knows? But one way or another, something will happen that cause it to be used. And we can't take what's out there now. And if you thought it was dangerous with the Soviets and us with Khrushchev, who was perfectly rational guy, probably Kennedy, just wait until we, wait until we're dealing with, you know, the guy in North Korea that criticizes haircut or something, I mean, or, or I would say the most dangerous thing is actually somebody that's got their hand on the switch who is dying themselves or is facing enormous embarrassment if he figures if I go ever—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“It's just that I don't know the answer for it. But I do know that the -- it'll be more difficult if Iran has the bomb than if they don't.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, I won't say what I thought about them, particularly related to Bill Gates, but I would say it's astounding to me how human people are. I mean, it, here you had a guy that was a convicted guy, a sensational con man, and the percentage of people that he knocked off. I mean, whether it was, he found their weakness, it might have been sex. It might be power, it might be, whatever it might be. And I don't see how anybody could have pulled that off. And then, and of course, all these figures think that it's going when he dies that are, you know, they've, they've, they basically lied about it before. But I mean, you know, it—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, I mean, you know, they've rationalized it one way or another, but and now it's all getting opened up and, of course. I'm just I'm so happy the guy didn't, that he didn't stop in Omaha ever. I mean, or that I didn't live in New York. If I lived in New York, I had some party. I would have been at some thing I think. And more people always are asking to take a picture, and I usually do. I'm so used to doing it with students. I always do these gag pictures where I'm picking some guy's pocket or proposing to some woman or some thing and -- and, you know, I thank heavens, I, I never, and I never came near the guy. And I had read the article in "Vanity Fair" in 2003 that—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“It was as far as somebody was worried about libel suits goes.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“And the interesting thing is, you know, he got his start at Bear Stearns—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“And they knew him. They knew he lied to him on all kinds of things. And. And Ace Greenberg was a good friend of mine. Well, Jimmy Cayne may have been actually running the firm by then. I'm not sure. But Ace Greenberg always was looking for -- he had a guy that the son of a friend of mine that he hired just to be his ferret. His -- and his job was to look for anything that was old or large that traders might have stuck in their desk or -- I mean, he was worried about, about people. But somehow. Ace's daughter, I guess, was dated by -- dating Epstein or something. And that guy must have been the con man of all time. There's—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“And be prosecuted. And even though he managed to jiggle his way through that thing with, you know, whoever the attorney general was, then it one way or another, he did not really spend much time in his cell, you know, and -- but he had a way of conning everybody. I mean, he probably who knows what he offered the guys, you know, to do that, he could con anybody.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“He found their weakness.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Sure. I can't read them myself because my eyesight are so bad, but I've got a friend that reads them for me, and it is astounding to me that anybody could be that successful as a con person. But you know, PT Barnum said it many years ago too, there's one born every minute. And, you know, men are going to like sex, and some, some of them are going to like not paying taxes, and whatever it was, he figured out what their weakness was, and then he was — had the ability to prey on them. But that doesn't excuse the people on the other end. I mean –”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“The consequences are very likely to be, in my view, same thing that happened back in 1969 when the Johnson administration left and the Ford Foundation hired a whole bunch of people that were let go from government, and it'll take – it takes something where Congress feels that they're better off going after the foundations than not. And foundations have got plenty, I mean, money, and foundations have plenty of more power in Washington. It's kind of irritating. We can talk about that later, maybe, but in '69 I think Wilbur Mills was as head of the Ways and Means Committee. I don't remember exactly how it came about, but that was the last – that was a big revision of what foundations could do –”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I think this is going to have the same effect.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“There was a lot I didn't know. It was very clear.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, I didn't know a lot of things. I mean, there were three trustees of the foundation –”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“And I was one of the three. Now, we only met once a year. I did not ask probing questions. I mean, you know, if I had – if I thought I had to ask probing questions, I wouldn't want to put the money into it in the first place. But – and incidentally, the guy, the CEO of the foundation, wasn't necessarily present during all these things, but he's not the real CEO. I mean, in the end, Bill ran the foundation. And it was – but I learned – I guess when the divorce action happened, because I resigned a month later, less than a month later, I think.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I learned that I didn't know what was going on, and – which didn't mean something terrible was going on, necessarily, but I certainly didn't know what was going on. We didn't – and I didn't ask the questions, either, though. I mean in terms of being on the foundation board, or it was – I made a decision on it in 2006 and and I didn't think butting into so many marital problems or anything like that was particularly appropriate at foundation meetings. But they went through and they talked about all these little things that didn't mean anything and and then they hired a few people that are really bad news, you know, I never met any of those people. That guy –”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah. I don't even know what exactly –”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I never heard of him. That guy, so far in the proceedings, I mean, he looks like a terrible guy to employ. Now, I've employed terrible people, but we've gotten rid of them.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I haven't. No. I haven't talked to him at all since the whole thing was unveiled. I don't want to be in a position where I know things at the moment. I could get called as a witness.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, yeah, actually, I agreed to do it every year, but I've done it around June 30 most of the time, and I'll wait and see what unfolds. The stock isn't going anyplace. It isn't like I'm giving it all the way to something else or won't have it. But I'll wait and see what I'm learning. I've learned things I didn't know about something for all these years, and I didn't know how the marital thing would play out. I mean, I just didn't know about it. You can guess sometimes that people aren't getting along at a given time, but that's true in every marriage. There are times when they get irritated with their spouse, or something like that. So in any event, I'll just wait and see. And there's three and a half million, or whatever it is pages – I mean, it is astounding.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“The Epstein files. And there's a lot of redacted stuff. And obviously, anybody that was involved in Epstein, I mean, they've been miserable, probably from the moment they learned that things are going to get released, and they can't bury it now. I mean, it's gone too far.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“-- to give it away. That's for sure.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“That's why I want to learn. I don't have to make that decision today, and I haven't made it today. But I do keep reading things. I mean, I heard – somebody reads them for me, actually. I was always astounded somewhat by the Epstein thing when it was taking place. But what this reveals about humans and the degree, whether – whether it's money or whether it's sex or whatever. I mean, this guy found people's weaknesses, but they did do things. I don't think, if you ask me my personal opinion, I don't think Bill had anything to do with girls or the island or anything like that. But I am learning things about all kinds of stuff when I read this, and it is ruining one person after another. I mean, it's just astounding to me how bad – people always do things. I mean, there's consensual sex and all kinds of things, but, this guy – how many hours are there in the day? I mean, three and a half million, or whatever, his communications and all the thinking that goes into – and he found people's weaknesses, and boy, did he know how to use it. And he used, he obviously used this guy, Boris somebody. And he used the woman at Goldman Sachs, I mean, just every place you looked. I've never seen anything – and I'm sure that once you get rid of the redacting a few things, you're going to learn more.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah. I think they may change the law on foundations too.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I think, I think there's a good chance, but Congress doesn't act that fast, so – but I just think that Congress reacts to whatever the public's mad about, and they'll be mad about the Epstein thing.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Oh yeah. I think there could be major foundation hearings.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Congress will want to look like they're doing something about it, and foundations have done a lot more lobbying in the past. I mean, there's been – hasn't been any anti foundation lobbying to speak of, and there's been foundations are there, and everybody goes to Washington.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“It's astounding to me how – no, Washington it's really become important. That's where the money is doled out. That's where the rules are doled out.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Oh, I'm sure they've done good work. I don't think they'd be around if they hadn't done some good work. The question is whether the rules get changed in terms of what they can do, or their taxation gets – I mean, look at Harvard. I mean, once public opinion changes, Congress changes. It's just the way it works.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah, well I mean, but I wish that certain things hadn't happened, obviously. But I don't – but it isn't like they're stealing money for themselves or anything like that. I mean, Bill pours his efforts into it. Melinda poured her efforts into it, the present guy that runs it does. He's a guy who I'd hire myself, you know, I mean it –”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah. And, I think he's actually the best CEO they've had, you know, and I don't envy his job. But I also think that I'll wait and see. They've got $96 billion that they're sitting on now”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“At the foundation. Nobody's got anything like that.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, he's got plenty of his own money. Add to it. I don't know what will happen.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“200 and something.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“It's astounded me that we've gotten that many. What Bill has done, on which I give him credit for, is he's taken it abroad. And you're changing the behavior of societies to some small degree. The United States is – now, they've gotten it partly by laws, the favor of two and everything else. But United States is an experiment, not only in a lot of other ways, but also actually in terms of private philanthropy and those made small little cracks in that around the world, which I think only defies centuries and centuries of behavior. So his, the energy he brings to anything he's involved in is incredible. I mean, I'm too lazy. I'm not going to go around the world. I just, you know, I feel we launched something good, and I feel that there is no one that's a member of the giving pledge that is giving less than they would have given otherwise. Now we never told them what to give it to. We never told them when they should give it. We didn't make an illegal pledge, I mean, but we really got response on that.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, if they don't like it, they don't have to belong to the – they can retire from it. They didn't make a legal pledge anyway. There may be any one of a lot of reasons why rich people don't like other rich people, or who knows what happens, but I would say this, that – I just would bet a lot of money that nobody is giving less because of it than they would have otherwise given. And a fair number of people, not huge numbers – but not insignificant numbers either – are giving it earlier or giving more. The biggest objection that people would raise with me, and it usually was by the mother, was that they just didn't want to become targets of articles about how rich they were, and can't blame them for that. I mean, they're worried about – they can be worried about anything. But a lot of people joined. One guy even joined, because he said, all I wanted is to have lunch with Becky Quick. I said, I think – and he didn't follow through, apparently.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“But I mean that – if you get a lot of billionaires, you get a lot of peculiar people. Not that that's peculiar. I know I should present you with that, but it was amazing to me the reception we got. And we just started dialing and we hit the obvious. I mean, obviously it's fallen off – the rate of additions. And obviously, you know, we made – we genuinely said we're not judging the people. We're not to go to the judge whether if they made their money liquor, we weren't, you know, what counts is what they're doing with it. You know? I mean, that's all we're talking about, is for God's sakes, you know, give away half of it. And that's so different from up for a family that's got a family farm for 100 years, and they planned on giving it to their kids and all kinds of things, than it is for some guy like me that just made it in stocks, you know. I mean, it would be a big, emotional decision if I were like a bunch of – got certain very rich farmers, you know, that own lots of acreage, and they've been building it their whole life for their – to turn over to their kids, then they buy the farm next to them and everything. So I think I feel good about the giving pledge.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“We've had great times together, but he's treated me better than I think he's probably treated anybody else. I mean, he's arranged trips that arrange for the kinds of foods I like, to the Wall Street Journal being in China, or what I mean, he's been terribly thoughtful with me throughout this but I think until it gets cleared up, I don't, I just don't think it makes sense to do a lot of talking. For one thing, I don't want to be under, my memory is no good anymore. I don't want to be under oath in terms of trying to remember everything over 30 years or 20 years of foundations done, or anything like that. I didn't have anything to do with it, except I put, put the money in. But as you may say, you can, you can say, well, you're a derelict and not in not doing it. But I'm giving money to one of my children's foundations. I've never looked at what they give, either. You know, I mean, I just, I trust people. And I think I've trusted very good people, but I think I can see where if somebody just a guy like Epstein involved in their life, they don't want to talk about it, you know, I wouldn't. I mean, it's been very useful to me that Bill ever said, come on along. I want you to meet Epstein so he he could have, he could have done things that that would have been screwed up my life. I'd have gone along with him if he'd said to me after the annual meeting or sometime and he said, you know, I'm going to New York. Why don't you fly along? There's this interesting guy or something. I probably would have gone, you know. And so, I got him to thank for not doing that. But you can't get away from what happened either. And you can't get away from the fact that foundations are a peculiar there's something that our country has really endorsed, I mean charitable deductions, and donor advised funds and all of that sort of thing. And that's worth looking at, probably more often than every 30 or 40 years. Foundation is just what they do is they lobby just basically leave us alone.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Well, I think the interesting thing is, you've got America, which is the wonder of the world, and at the same time, you've got a great number of people that they're just as much human beings as you or I. And you know, they may not, they may not have the same IQ or anything like that, but I think the differentials are too great, but I also think it's worked. So how do you actually solve all that through an entity which is basically broken down into two sides that sort of automatically vote against each other no matter what the issue is. I mean.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“Yeah, Democrats and Republicans. I mean—”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“It's become more partisan than ever, and we're more prosperous than ever, and than anybody ever dreamt. So you have to say, capitalism's worked, but it still needs, I guess we're finished.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“I've been both, and I was actually on the ballot as a Republican in 1960 but my dad was very Republican. I went to the Democratic side, and now I'm an independent.”

Warren Buffett on Squawk Box with Becky Quick (Epstein / Gates Foundation)

“It's a lot of fun.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Um, we look at it continuously.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“What what we always look at is what are the economic prospects of each of our companies in Berk
hire.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“And we look at that over the long term. Is it a gut feeling more than are there numbers where you say okay this hit you know 80% of book this part of Berkshire or something like nothing”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“This is a a a one-time event to let our”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Correct.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“It's completely dependent upon the intrinsic value. Okay.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“Exactly. We always look at effectively”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“And it's what I do every day. I wake up, you know, thinking about Berk
hire. I go to sleep thinking about Berkshire.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“and it's best just to tell the world and over that period of time it'll be hundreds of millions of dollars”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“of of my after tax dollars just like our shareholders”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“I I I'm not worried about how you're going to do on this either. So,”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“we wish we could purchase more shares of our shares, but the intrinsic value has to be there. So if you go back o over all the years that we've been purchasing shares, if we could acquire more, that's a great use of our capital, but it has to meet that intrinsic value.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> well, it's part of it. So, if we didn't meet that test, we'd do a dividend. But we do constantly look at the repurchase.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Uh, we don't see it in the near future because we we're clearly meeting the test as we see it,”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> Correct.”

Squawk Pod: Berkshire's New CEO Greg Abel — 03/05/26

“>> I I don't think you'll see crypto>> I I don't think you'll see crypto>> I I don't think you'll see crypto >> ever any>> ever any>> ever any >> you know ever is a long time you never>> you know ever is a long time you never>> you know ever is a long time you never say never but I just don't see it. Whatsay never but I just don't see it. Whatsay never but I just don't see it. What I do see is that when it comes toI do see is that when it comes toI do see is that when it comes to technology again from a even from antechnology again from a even from antechnology again from a even from an operational perspective where we'reoperational perspective where we'reoperational perspective where we're seeing how we use it uh the impact it'sseeing how we use it uh the impact it'sseeing how we use it uh the impact it's having it does allow us to develophaving it does allow us to develophaving it does allow us to develop strong views and a better knowledge basestrong views and a better knowledge base”

Buffett threatens to come back if Berkshire does this after he's gone

“I have avoided all my life compensation consultants. To me, it's, I hardly can find the words to express my contempt. I will say this, if the board hires the compensation consultant after I go, I will come back. Mad, mad. So I think there's a lot of mumbo-jumbo in this field, and I don't see it going away.”

Buffett threatens to come back if Berkshire does this after he's gone

“It's even worse than that. Capitalism is the golden goose that we all live on. And if people generally get so they have contempt for it because of the, they don't like the pay arrangements in the system, your capitalism may not last as well. And that's like killing the golden goose. So I think the existing system has a lot wrong with it.”

Mohnish Pabrai's Fireside chat with Ben Graham Centre on October 14, 2025

“Charlie and I was saying this to Charlie and I said you know Charlie this Buffett partnerships and ended in '69 and then 99 30-year period. He says to me Monish I have to correct you there were a few humans who had cloned Warren. I said yes but Charlie I couldn't find them and nobody could find them. He said yeah nobody would be able to find these people. they were very obscure and they're very few and so to me it has always been that cloning like that was an example where I base my whole livelihood on cloning that model and that was 99 okay now we are 2025 it's the same situation there are no funds so now it's been what 56 years I'm still waiting for the cloners to arrive”

Mohnish Pabrai's Fireside chat with Ben Graham Centre on October 14, 2025

“Yeah.”

Mohnish Pabrai's Fireside chat with Ben Graham Centre on October 14, 2025

“Yeah. So, I mean, that's cloning of the”

Mohnish Pabrai's Fireside chat with Ben Graham Centre on October 14, 2025

“told my investors that here's the situation. We are not going to be diversifying away from these businesses. We're not going to be selling these businesses because they undervalued and they have a good business, good manager. So we're not going to do that. If you have concerns about this level of concentration, redeem part of all of your interest and life will go on, right? And I also told them if you have less than 20% of your net worth in this fund, my suggestion is leave it alone. And so now I sent this letter repeatedly to my investors. No one even called me or emailed me about it. It's like they were all immediately enlightened. I didn't get redemptions. I said, "Wow, what a truly gifted group." And so now at 70%, they don't seem to be losing any sleep. So why would they lose any sleep when we get to 90%. It's okay. So the question I want to ask”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“into this retail store and the manager says to him, "Oh, what a terrible operation. The whole store was topsy." And Sam says to him, "Yeah, but did you see the candle display? The candle display was fantastic." So Sam felt that he could learn from anyone. It didn't matter if you were a useless operator or great operator or whatever, anyone in the middle. Walmart is just an amalgamation of ideas from other places. If you look at a company like Starbucks, we think of Starbucks as innovative. But actually what Howard Schultz did is he saw a concept in Italy and his idea was that I think this is work in the US, right? And so he cloned that idea from Italy and brought that coffee shop experience to the US. If you are a great cloner, you will be 90% ahead or 95% of the rest of humanity.”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“Now another mental model, humans have this perspective”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“jumbos. And this person tells Richard says, "Look, Mr. Branson, in every country we have one customer and in the UK that is British Airways, so we have nothing to talk about. So he says, well, just humor me for a second. He said, if British Airways called you and said that they wanted to lease old used jumbo, do you have one lying around? So the guy says, as a matter of fact, we do, but that's academic. He says, well, what would you lease it to British Airways for? Just since we're having a conversation. What ended up happening is Boeing leased him that jumbo. And the reason they leased him that jumbo is they had one just sitting around. So they didn't really have any risk because they said the moment the guy doesn't make any payments, we're going to pull the plane.”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“integrity, and we want willingness to work hard, right? And none of these three are really negotiable.”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“Well, it's absolute honesty. It's pretty simple. You know, it's black and white. you conduct yourself with the highest levels of ethical standards. So on all fronts when you're dealing with a customer or internally or externally, it's the moral standards need to be very high.”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“I think currently most has come from the investing side. You're very well known for being a really excellent investor over many many many many many years. I'll put a graph on the screen that I found which I think shows the returns of”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“I haven't seen it this way but people>> I haven't seen it this way but people>> I haven't seen it this way but people put up all kinds of things. Yeah.put up all kinds of things. Yeah.put up all kinds of things. Yeah.”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“So, there are three things that matter>> So, there are three things that matter>> So, there are three things that matter in terms of getting a great outcome within terms of getting a great outcome within terms of getting a great outcome with investing. Starting capital, how muchinvesting. Starting capital, how muchinvesting. Starting capital, how much the amount you start with, length of thethe amount you start with, length of thethe amount you start with, length of the runway, how long are you going to investrunway, how long are you going to investrunway, how long are you going to invest the money,the money,the money, and the rate of return. Okay. So, before>> and the rate of return. Okay. So, before>> and the rate of return. Okay. So, before I answer your question, I want to tellI answer your question, I want to tellI answer your question, I want to tell you a story. And this is a true story.you a story. And this is a true story.you a story. And this is a true story. In 1623 in New York, the Native American”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“In 1623 in New York, the Native American Indians in New York who owned the island of Manhattan, the Dutch settlers wanted to buy the island. And so they went to the Indians and said, "We'd like to buy the island of Manhattan, great natural harbors. It can be a great place for us." And the Indians and the Dutch reached an agreement to sell the island of Manhattan for $23. And when people hear that, they think, "Oh, the Indians got taken." You know, I don't know Manhattan for $23 is ridiculous. But let's say the Indians had a trust officer who they said, "Invest this $23 for the benefit of the tribe and try to do a decent job." Right? Now, there's something known as the rule of 72. And the rule of 72 is a very important rule, and I wish they would teach it more in high schools. in elementary school, it tells us how long it takes money to double. And it's a”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“not undeveloped land in Manhattan. So if the Indians had invested at 7% a year for the last 400 years, they would have more money than owning the land.”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“So they were not taken. They were given a fair deal, but they just didn't have a good trust officer who could actually make it happen for them. So the magic of compounding is that we started with $23 and we end up with 23 trillion without having a great rate of return. It's just an okay 7% is just okay. It's not great. It's not bad, but it's okay.”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“Now if you go back a 100 years, so we started at 1623. Go back 100 years to 1523. We had 2,300 cents in 1623.”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“$23 is 2,300.”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“Now, if you make it 1,000th of that,”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“your expenses after that. Now it's very important when we saw with this example, you start young. So when people start working at 22 or 23 whenever they start working they have to be saving then because that early money at 22 can compound for 50 years and that's what we want. So we don't need to do heroic things with finding the next Nvidia or whatever else. We can just put it into an index. And the important thing is spend less than you earn and keep putting that 5 7 10,000 every year into the savings. Don't go have a vacation in Hawaii with it. Let it keep compounding and just put it into a broad index and we don't really care.”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“Well, now that's the hack that Amazon did, right, with Prime. And two or three years ago, I was seated at dinner next to Bill Gates. You know, my middle name is Forest Gump. These things happen once in a while. And Bill is describing to me how the business model of Costco and the business model of Amazon is illegal. Okay. So, I said, "Why is it illegal?" He said, "When you put a membership fee, what you're doing to the consumer is you're locking them in."”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“Which means the consumer is no longer going after the lowest price because there's a distortion in their behavior.”

Mohnish Pabrai's Interview session at The Diary of a CEO on July 13, 2025

“Okay. So now the FTC doesn't believe it's illegal, but Bill Gates does. And I was just thinking, well, that's because”

Why Berkshire paid too much for Kraft

“Actually, what I said was we paid too much for Hines. I mean, Kraft, I'm sorry. The Hines part of the transaction, when we originally owned about half of Heinz, we paid an appropriate price there, and we actually did one. We had some preferred redeemed and so on. We paid too much money for Kraft. To some extent, our own actions had driven up the prices. Now, Kraft Hines, the profits of that business, $6 billion, we'll say very, very, very, roughly. I'm not projecting them out. I'm not making forecasts. But $6 billion pre-tax. on $7 billion of tangible assets is a wonderful business. But you can pay too much for a wonderful business. We bought Seas Candy, and we made a great purchase, as it turned out, and we could have paid more. But there's some price at which we could have bought even Seas Candy, and it wouldn't have worked. So the business does not know how much you paid for it. I mean, it's going to earn based on its fundamentals, and we paid too much for the craft side of craft. Hine's. Additionally, the profitability has basically been improved in those operations over the way they were operating before, but you're quite correct that Amazon itself has become a brand. Kirkland of Costco, the $39 billion brand. Now, all of Kraft Hines says $26 billion, and it's been around for, on the Hine's. Inside has been around for 150 years. It's been advertised billions and billions of billions of dollars in terms of their products, and they go through tens of thousands of outlets. And here's somebody like Costco establishes a brand called Kirkland, and it's doing 39 billion more than virtually any food company. And that brand moves from product to product, which is terrific if a brand travels. I mean, Coca-Cola moves it from... Coke to Cherry Coke and Coke Zero and so on. But they have a brand that can really move. And Kirkland does more business than Coca-Cola does. And Kirkland Act operates through 775 or so stores, they call them, warehouses at Costco, and Coca-Cola's through millions of distribution outlets. So brands, the retailer, and the brands have always struggled as to who gets the upper hand in moving a product to the consumers. And there's no question in my mind that the position of the retailer relative to the brands, which varies enormously around the world in different countries.”

Why Berkshire paid too much for Kraft

“You've had 35%, even maybe 40%, be private label brands and soft drinks, and it's never gotten anywhere close to that in the United States. So it varies a lot. But basically retailers, certain retailers, The retail system has gained some power, and particularly in the case of Amazon and Walmart and their reaction to it, and Costco, and Aldi and some others I can name, has gained in power relative to brands. Kraft-Hinds is still doing very well operationally, but we paid too much. We paid $50 billion, you know, it would have been a different business. It's still be earning the same amount. You can turn any investment into a bad deal by paying too much. What you can't do is turn any investment into a good deal by paying little, which is sort of how I started out in this world. But the idea of buying the cigar butts that are declining of poor businesses for a bargain price is not something that we try to do anymore. We try to buy good businesses at a decent price, and we made a mistake on the craft part cry of tines.”

Mohnish Pabrai's Session with SumZero on June 10, 2025

“you know not being aggressive enough in 2008 and 2020 and so on so forth. Greg I think may do better in those periods. And the one final area where Greg has a big advantage is the US grid and the US energy footprint needs a huge step function and investment because you know we got all the AI and data centers and all of that happening and it's a mindboggling number in terms of how much needs to go in and Burkshire would be kind of the perfect company to leverage that because they have a very large subsidiary in energy. The negative is that there's been issues recently where a lot of liabilities have been passed to utility operators through the court system. You know, the California fires and so on, bankrupting utilities and such. And so Berkshire actually was actually blindsided by that. And so they're going to look for a lot more legal protection on that front. But I”

Mohnish Pabrai's Session with SumZero on June 10, 2025

“Well, he's also a very good capital allocator. I mean, one of the things is Tim Cook is not an innovator. Tim Cook is not Steve Jobs. Okay? And if we look at Apple since Steve Jobs, effectively there's no innovation because Apple is a very unusual company. Innovation was always concentrated in one person. It was just driven down. It's very different from a Google or Meta or Microsoft and so on. It was very singularly concentrated in the case of Apple. And that's why Apple's always been a company with very”

Mohnish Pabrai's Session with SumZero on June 10, 2025

“Oh yeah. Well, the MAX 7 are such a central part of the economy and they are unusual in the sense that they are very large and still growing at ridiculous rates. I mean, we normally don't see, you know, huge companies growing at spectacular rates, but they're still pulling rabbits”

Mohnish Pabrai's Session with SumZero on June 10, 2025

“rates, but they're still pulling rabbits out of the hat. You know, Mer used to say about Elon, never underestimate a man who overestimates himself. Um, it actually took me and I still don't fully understand that sentence, but that sentence actually comes from Charlie's experience with these people who are, you know, outliers, extreme outliers. So, I would never count Tesla out, you know, just because I think when you get someone like Elon all in on something, it's like, you know, there are no boundaries. So, it's really And I I certainly don't count them out. I just um figured given your tilt in terms of Well, what I'm saying is that I mean from my point of view, it's difficult to invest in something like Tesla, especially difficult to invest in something like Tesla in anything resembling a 10% or bigger bet in my portfolio. It would”

Mohnish Pabrai's Session with SumZero on June 10, 2025

“Well, I'm always a bull on America. You know, I think we are somewhat playing with fire when we turn away the, you know, foreign students. That's a big I mean the tariffs are a big no no from my point of view the way it's being done. Foreign students being messed around. It's a huge American export, one of the best American exports. I mean you're talking about you know uneven trade. This is a great trade”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“on hiring Ajet Jane. I think Ajet alone has created like north of 100 billion inhas created like north of 100 billion inhas created like north of 100 billion in value for Berkshire from scratchvalue for Berkshire from scratchvalue for Berkshire from scratch basically. But you know Candy would bebasically. But you know Candy would bebasically. But you know Candy would be in there and Coke would be in there andin there and Coke would be in there andin there and Coke would be in there and Apple would be in there and nationalApple would be in there and nationalApple would be in there and national indemnity would be in there and and youindemnity would be in there and and youindemnity would be in there and and you know Mid American so on. So, it's beenknow Mid American so on. So, it's beenknow Mid American so on. So, it's been just a few decisions that have led tojust a few decisions that have led tojust a few decisions that have led to this outcome. And the important thingthis outcome. And the important thingthis outcome. And the important thing about these 12 decisions was it wasn'tabout these 12 decisions was it wasn'tabout these 12 decisions was it wasn't the decision to buy them that wasthe decision to buy them that wasthe decision to buy them that was important. The important thing about theimportant. The important thing about theimportant. The important thing about the 12 decisions was the decision was to12 decisions was the decision was to12 decisions was the decision was to hold them. The whole decision was morehold them. The whole decision was morehold them. The whole decision was more important than the buy decision. Andimportant than the buy decision. Andimportant than the buy decision. And it's the same thing with Walmart, right?it's the same thing with Walmart, right?it's the same thing with Walmart, right? I mean, Walmart being part of theI mean, Walmart being part of theI mean, Walmart being part of the Nifty50 wasn't that important. It wasNifty50 wasn't that important. It wasNifty50 wasn't that important. It was not doing anything with it for a longnot doing anything with it for a longnot doing anything with it for a long time. That was very critical. And mytime. That was very critical. And mytime. That was very critical. And my friend Nick Sleep in the UK used to runfriend Nick Sleep in the UK used to runfriend Nick Sleep in the UK used to run the Nomad Fund and with his partner in”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“have lunch with Bill and I said, "Okay, where do I sign?" You know, so we there were about 10 of us and we had a nice lunch with Bill Gates and I asked him a question then and I asked him about what he thought the durability of Microsoft was. I asked him where he thought the company might be in 10, 20, 30 years. And he was extremely bearish. So he said to me that the history of you study businesses, dominant businesses, all of them go into decline. Almost all of them go into decline. So the likely end result is that Microsoft will go into decline. And I think that when Bill became extremely wealthy, he started a program of automatic selling of Microsoft stock so that no matter whether he knew information or not, he could continue selling. and they they kept selling and buying a diversified set of other businesses and those have done”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“And so because there are 50,000 stocks or so around the world, there are large numbers of them that are mispriced at any given time and they can be mispriced as being too cheap or too expensive. And if we focus on the ones that are mispriced on the right side of the scale, then that's what makes this interesting because we get a free lunch, you know, where we can we can once in a while get a chance to make investments where we are basically be able to buy assets well below what they're worth. And usually we are not able to do this if markets are not auction driven. So we are looking at negotiated transactions and things like that then you don't have as much of an opportunity but auction-driven markets tend to overshoot and undershoot a lot so we can actually take advantage. You've championed the idea of a rigor rigorous”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“that you can't do really well in South Korea or you can't do really well inKorea or you can't do really well inKorea or you can't do really well in India. I couldn't do well there andIndia. I couldn't do well there andIndia. I couldn't do well there and found other places that we could dofound other places that we could dofound other places that we could do well. So So next question is aboutwell. So So next question is aboutwell. So So next question is about volatility as a long-term advantage. Sovolatility as a long-term advantage. Sovolatility as a long-term advantage. So you said volatility is the friend of ayou said volatility is the friend of ayou said volatility is the friend of a long-term investor. Could you expand onlong-term investor. Could you expand onlong-term investor. Could you expand on how you've used the volatility as anhow you've used the volatility as anhow you've used the volatility as an opportunity especially during the timesopportunity especially during the timesopportunity especially during the times of panic or uncertainty and maybe theof panic or uncertainty and maybe theof panic or uncertainty and maybe the the past few weeks? Yeah, I mean I thinkthe past few weeks? Yeah, I mean I thinkthe past few weeks? Yeah, I mean I think that if we look at stocks as businessesthat if we look at stocks as businessesthat if we look at stocks as businesses which have an intrinsic value, whateverwhich have an intrinsic value, whateverwhich have an intrinsic value, whatever causes that value to gocauses that value to gocauses that value to go down is an advantage for us long term ifdown is an advantage for us long term ifdown is an advantage for us long term if we if it's within circle of competencewe if it's within circle of competencewe if it's within circle of competence and such. And so volatility is alwaysand such. And so volatility is alwaysand such. And so volatility is always our friend. I mean it's I think it's theour friend. I mean it's I think it's theour friend. I mean it's I think it's the reason why we are all interested inreason why we are all interested inreason why we are all interested in auction driven markets is that they willauction driven markets is that they willauction driven markets is that they will undershoot overshoot. You know some newsundershoot overshoot. You know some newsundershoot overshoot. You know some news comes out and coke will go down in”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“times a year for dinner at his place. Whenever I'd meet Charlie for dinner he's always be sitting in the same chair you know always reading something whatever. And uh I learned a lot from those dinners. Not because of what he said. I just observe the way he's interacting with his grandkids, the way he's interacting with his daughter-in-law or his sons or his daughters or his manservant or other visitors. and the way he was living his life, you know, the kind of his habits with eating and dessert and things. So just observing him in the way he was had huge lessons for me and but I think that for all of us both these guys put so much in the public domain you know and that I think that we have so much to learn from them from that and I think that if we learn only the investing side we miss most of it I will ask one last question and then it's your turn so the”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“dominant businesses in China. And he tells me that there's a big conference table with all his managers. And he says, I I'm there for 10 minutes and then I'm done for a year. I'll meet them after a year for 10 minutes. And he said, "The last time I met them, I only said three words and then I walked out." I said, "Ping, what were the three words you tell told them?" He said, "I gave them these three words and then a year later they tripled the profits." So I said, "What were the three words, Ping?" He said, "Fast is slow." If you want to email Ping, his email ID is fast is slow@yahoo.com. Don't inundate his inbox. Okay. So he says that after I left I don't know if you guys have ever seen the movie called Being There. Has anyone seen the movie Being There? It's Before Your Time. They don't know. We know, right? You're like, "Yeah." So go”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“Yeah. Well, I mean that's why he's Warren Buffett. I mean, look how awesome that decision looks now, you know? I mean, the thing is Burkshire is sitting on a huge pile of cash where a lot of things have been, you know, drawn down in price and yeah, I mean, the Apple situation is interesting because he's in effect destroying one of his best loved ideas, which is he wants to hold forever. And at the same time, I think he alluded to the fact that tax rates could be higher,”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“I think that industries with rapid change are the enemy of the investor. So in general, one of the things we look for when we're trying to get into value investing investments and so on is we need to have some idea of what the f future cash flows are and”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“yeah I mean I think that if you go back and look at the presentation I made when you are very rich you don't need to optimize so an investment in the S&P P may not be the best investment, but it doesn't need to be. The important thing is 500 companies cannot sync at the same time. You know, these are 500 dominant companies. And so what he's looking for her to have is not have any issues with cash or cash flow or anything for the rest of her life. that's easily going to be accomplished with doing the S&P 500 and he also doesn't want to her her to be involved with buying or selling Burkshire or any of that just keeps it separate and simple. So I think that it's a very sound decision for the same reasons the Steve Balmer investment in”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“that will come in and I Charlie used to talk about his friend John Arriga multi-billionaire passed away his uh his daughter's married to Mark and John Arriga in his whole life only invested within 2 miles of the Stanford campus real estate within 2 miles of the Stanford campus never did anything else, right? And if you walked with him around Stanford, every building, I mean, could tell you the history of every building, could tell you what the rents were, what could be bought for, and basically he was sitting very underleveraged and when the downturns came, you know, he picked up a bunch of stuff and then, you know, sat there and then again very underleveraged, next downturn, picked up more stuff and just kept going at it. And so he had a very narrow circle of competence. It wasn't even real estate. It wasn't even California real estate. What is it?”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“you can totally relax. But some people can be totally relaxed like the Walton family with the single bed because they maybe have an understanding of Walmart that goes way beyond what I can understand. But these are valid questions. I'm not sure I'm giving you the right answer, but just telling you what I can process. So, yeah. Another way of putting like John's question is that Frank puts $100,000 in 10 stocks. Amazon is one of them. Sleeps for 20 years. Is now 95% of the portfolio. Shouldn't he look for another 10 stocks and sleep for another 20 years? Rebalance the portfolio that I mean the the title of the presentation was the only to get rich. We're already rich. He doesn't want to work anymore. He just wants to lay back and relax. Right? I mean, I'm I'm just playing devil's advocate. What I what I'm just trying to say is that if I look”

Mohnish Pabrai's Sessions at UNO on May 2, 2025 and Columbia Business School on March 25, 2025

“coke is a very complicated business. It looks simple but it's actually very complicated. So there is a talk Charlie Mer gave on coke. Have you read that talk? Okay. It's worth reading. Yeah. So basically you know the way to think about coke is percentage market”

Mohnish Pabrai's Interview at the Investors Podcast on April 15, 2025

“I felt that when I was I think around 33 or 34 years old, I wouldn't be able to consume the wealth I had at that point and I knew right then that incremental spending at that point would not increase happiness. I was aware of the fact that after 33 or 34 that basically there was going to be very strong likelihood of extra wealth but trying to come up with some way to spend it or even spend part of it would not have increased happiness. I always even now I always look at how can I make myself”

Mohnish Pabrai's Interview at the Investors Podcast on April 15, 2025

“right? I eat brunch and I eat dinner. The brunch I eat every day is the exact same brunch I eat every day when I'm in Austin. And I've been having that same brunch for several years. No desire to change it. Any change would make it worse, would make me unhappier. So, I'm happy with no travel. I'm happy with one home. There's very few things that money can do that can make you happier. And there's many things money can do that can make you unhappy. That's wonderful. Thank you for bringing that up, Manish.”

Mohnish Pabrai's Session with Ashoka Investment Club on April 22, 2025

“Sam Walton who founded Walmart. Now, Sam Walton who founded Walmart. Now, there's no single Walton who's the richest guy, but if you pulled all the Walton family wealth together, they would be the richest. It has been 55 years since the IPO of Walmart. And after 55 years of IPO, and it has been 33 years since Sam Walton died, the Walton family collectively owned 46% of Walmart today. Now, Sam Walton was the ultimate cloner. every single thing that Walmart did, at least for the first 20 years, maybe more. There was no original idea Sam Balton had. He copied Sears, he copied Kmart, he copied a zillion merchants. And anytime his family would go on vacation, like they'd be driving, taking some road trip somewhere, and they're passing some retail store. Sam would tell the family, "Stay in the car. I'll be back in a few minutes." that he would run into the store and he'd want”

Mohnish Pabrai's Session with Ashoka Investment Club on April 22, 2025

“we have headlines like Trump tariffs this and that, all that is not really relevant. What you have to do is you have to look at a particular business and you have to play that tariff out in the context of that business. And what you'll usually find is internal micro factors or factors around that business with its competitors have most of the impact of how that business does in the future not some global macro thing. So tariffs are like whatever. So while starting out we've been restricted to researching Indian businesses and restricted to the Indian market. So, so you have a very global perspective of how you invest and what are the benefits of having a global perspective and what is the biggest challenge you face while looking at you know multiple geographies or investing? One doesn't necessarily gain an advantage by having a large canvas to draw on. I've mentioned a few”

Mohnish Pabrai's Session with Ashoka Investment Club on April 22, 2025

“to sell blue dot or skypack or cotak.to sell blue dot or skypack or cotak. There was no reason and they were soThere was no reason and they were soThere was no reason and they were so small it didn't matter you know. So whensmall it didn't matter you know. So whensmall it didn't matter you know. So when I go through and look at the last 30I go through and look at the last 30I go through and look at the last 30 years, there are so many exceptionalyears, there are so many exceptionalyears, there are so many exceptional businesses I invested in and sold. Well,businesses I invested in and sold. Well,businesses I invested in and sold. Well, in the case of Kotuk and Blue Dart, itin the case of Kotuk and Blue Dart, itin the case of Kotuk and Blue Dart, it was sold for stupid reasons, but inwas sold for stupid reasons, but inwas sold for stupid reasons, but in other cases was sold because I thoughtother cases was sold because I thoughtother cases was sold because I thought they were fully priced. Well, you cannotthey were fully priced. Well, you cannotthey were fully priced. Well, you cannot come up with an intrinsic value for KOKcome up with an intrinsic value for KOKcome up with an intrinsic value for KOK or Blue Dart or any of these businessesor Blue Dart or any of these businessesor Blue Dart or any of these businesses because what will management do in thebecause what will management do in thebecause what will management do in the future? We don't know what they'll do.future? We don't know what they'll do.future? We don't know what they'll do. And if they're exceptional, they can doAnd if they're exceptional, they can doAnd if they're exceptional, they can do exceptional things. And so the idea isexceptional things. And so the idea isexceptional things. And so the idea is that what took me a long time to learn,that what took me a long time to learn,that what took me a long time to learn, forever and ever to learn, is that doforever and ever to learn, is that doforever and ever to learn, is that do not sell a great business when it'snot sell a great business when it'snot sell a great business when it's fully priced, do not even sell it whenfully priced, do not even sell it whenfully priced, do not even sell it when it's overpriced. Basically, just sit onit's overpriced. Basically, just sit onit's overpriced. Basically, just sit on it until it just becomes completely”

Mohnish Pabrai's Session with Ashoka Investment Club on April 22, 2025

“Yeah, that's a great question. So in the late60s and early '7s, there were the concept in the US known as Nifty50,”

Mohnish Pabrai's Talk with the My First Million podcast on March 27, 2025

“would make some tweaks to your thinking first about the 10K. So I would say okay the 10k is a good starting point but I what I also want you to do separately from that is have a day job. Yeah. Okay. And I want you to spend less than you're earning and I want you to take the 10k and I also want you to take your annual savings. Maybe that's 5 10,000 a year or whatever it is. And normally I would say put it into an index. Right? The index like the S&P is overheated. M we can't go there right now. Circa 2025 we cannot go into the S&P. Okay maybe 2035 we can but not 2025. So what I would do is I would treat Burkshire Hathaway as the index because they have such a huge portion of the market cap in cash and”

Mohnish Pabrai's Talk with the My First Million podcast on March 27, 2025

“Well, I think that if you look at the MAG 7 in terms of just trailing pees and all of that, it's way above the S&P long-term average. But even if you ignore the MAG 7, you look at the 493 other stocks, they are also trading significantly higher than historic averages. So, it isn't just that the tech portion or the large techs are because those are exceptional businesses. They may well continue to do exceptionally even for a while. But the thing is that when the multiples become high, it becomes difficult. You hit a kind of a brick wall. And this isn't the first time. We've seen this story play out. So for example, in the year 2000, early 2000, there were three stocks that were over a 600 billion market cap. In”

Mohnish Pabrai's Talk with the My First Million podcast on March 27, 2025

“the guy had borrowed I think about $80,000 from the wife's aunt in his business. And so what Charlie told the widow is look we want to be fair to everyone. We want to pay your aunt the 80,000 full face value of the loan even though they're buying everything at less and we'd like to have your blessings to move the business business to us so that no one's really upset about it. Okay. And the issue was that two women were not interested in doing anything to help the other one. So Charlie decided to meet the nurse at the California club, which is a very kind of, you know, blue-blooded place. And he'd always go there for lunch. He'd have his table. That's a place where I met Charlie the first time. Kind of a lunch club. So he invited the nurse to meet him for lunch so he could kind of basically get a calm down, smooth the feathers, and get the”