Heads up: Berkshire Hathaway (BRK) CEO Warren Buffett is on CNBC right now talking to Becky Quick. We’ll update when he makes notable comments, as well as break out key points into separate posts.
The interview will key off a lot of the points he made in his annual letter. You can see some its greatest hits here.
Some key points as they come in
- The consumer businesses are still the weakest lines.
- Keynesianism is a big experiment, and we don’t know if it’s going to work.
- It’s household formation that will work through the big housing overhang.
- Says he was “premature” on some crisis-time purchases. Wishes he’d bought a year ago, rather than 18 months ago.
- Big point regarding succession: When he retires, the investment part of the business will get farmed out to 3 or 4 managers who will report to a CEO.
- On the Coke (KO) bottling acquisition, he seems pretty neutral. Says the company needed “rationalization” of its relationship with bottlers.
- Why Berkshire will thrive post-Buffett: culture.
- NetJets working very well right now. What David (Sokol) has done has been miraculous.
- No chance NetJets will get sold.
- Singing high praise for Ajit Jain, the company’s star insurer. Sounds definitely like a CEO candidate.