Warren Buffett says along with equities, single-family homes are a very attractive investment right now. Appearing live on CNBC's Squawk BoxBuffett tells Becky Quick he'd buy up "a couple hundred thousand" single family homes if it were practical to do so.
If held for a long period of time and purchased at low rates, Buffett says houses are even better than stocks. He advises buyers to take out a year mortgage and refinance if rates go down. Buffett revealed that he put million euros into each of eight European stocks on behalf of Berkshire Hathaway at the end ofbut did not reveal the names of those stocks.
He also said Berkshire bought just a "few" shares of IBM this quarter. He would have bought more but the price went up.
Buffett tells Becky he probably won't buy a tech stock again, but if he understood a company and liked its management and price he wouldn't rule out another tech purchase. Buffett says if he could only own one bank stock it would be Wells Fargo and Berkshire also added to its position in that stock during the current quarter. On Bank of America, Buffett says the bank's deposit base is a "huge asset" and CEO Brian Moynihan has done exactly what he would do.
Berkshire Hathaway confirms Warren Buffett’s Apple share purchase, IBM sale - MarketWatch
Buffett also repeated his praise for JPMorgan Chase CEO Jamie Dimon and says he owns some of those shares in his personal portfolio. He does have some criticism for a big Berkshire stake: He believes too many mistakes have been made at the recall-prone company and while it is still attractive at its current price, he would sell some shares if he needed to raise capital.
It's "obviously messed up in a lot of ways in the last few years. Buffett defends Berkshire's decision not to disclose the name of the person the board has chosen to be his successor as CEO, saying he has invested in many companies where he didn't know who would be the next person running the company.
Many people had interpreted Saturday's letter to shareholders as saying the board had only decided last year on a CEO successor, but Buffett tells Becky the board has actually known for years who it would go to if Buffett were suddenly unable to continue at the helm. That person, he says, has remained the same for more than a year and wasn't former Berkshire executive David Sokol. Answering a viewer's question, Buffett says the successor doesn't know he or she has been chosen by the board, and it isn't a board member.
He "assumes" something is happening with the SEC's investigation into whether Sokol was insider trading when he bought shares of Lubrizol before Berkshire announced its acquisition of the company.
Aside from the housing sector, Buffett says the U. He repeated what eros stock options been saying throughout the recession, that it's always been a "terrible mistake" to be pessimistic on the U. Buffett says that except for its housing units, Berkshire's businesses have increased their hiring and that each business will have more employees at the end of this year than they did at the start.
Buffett says that in "hindsight," he now thinks the government's bailout of the U. Buffett heaped praise on the two Berkshire portfolio managers he's hired, Todd Combs and Ted Weschler. He says Combs did extremely well with his investment choices in and has been compensated accordingly.
While he's not actively thinking about hiring a third manager, Buffett says he won't rule it out if a great person comes along. On taxes, Buffett says it's a myth that U. He dismisses suggestions by critics that if he wants the super-rich to be cape town fish market menu durban at a higher rate then he should write a check and make a voluntary donation to the Treasury.
Buffett responds that contributions aren't going to solve the massive debt problem facing the U. He says it is a "travesty" that everyone else is being asked to when did warren buffett buy ibm stock sacrifices but not America's most wealthy people. While he would accept Joe Kernen's suggestion for a tax on a person's total wealth, he says he doesn't think that's the best way to go, in part because it's hard to value assets like farms.
He also says he would accept taxing dividends at the higher ordinary income tax rate, depending on what that rate would be. In response to a emailed question from a viewer suggesting he owes it to Berkshire shareholders not to antagonize people by pushing his controversial views on taxes, Buffett says he doesn't think a CEO needs to put his or her political beliefs into a " blind trust. He's also calling on Congress to vote this year on the Bowles-Simpson fiscal reform proposals.
Buffett dismisses the idea that Congress can't get anything done in a presidential election year, saying they shouldn't be paid for the year if they're not going to do some work.
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Register Log In Profile Email Preferences PRO Sign Out. Berkshire Hathaway Portfolio Tracker. Warren Buffett on CNBC: I'd Buy Up 'A Couple Hundred Thousand' Single-Family Homes If I Could Alex Crippen alexcrippen. He does say the next CEO is "probably the CEO of some operation" within Berkshire.
Buffett on the Economy Aside from the housing sector, Buffett says the U. But for the nation, he wouldn't be surprised if the unemployment rate returned to nine percent. Buffett on New Portfolio Managers Buffett heaped praise on the two Berkshire portfolio managers he's hired, Todd Combs and Ted Weschler. Ask Warren Buffett Download the transcript.
Buffett on Taxes On taxes, Buffett says it's a myth that U. Current Berkshire stock prices: Alex Crippen Senior Coordinating Producer.