Warren Buffett Is Surrounded By Female Reporters | May 4, 2019 | Summary and Q&A

Summary

In this video, Warren Buffett discusses various topics including sales numbers, diamond sales, breakfast, Beyond Meat, Kraft Heinz, Amazon, Jeff Bezos, Procter & Gamble, Uber, healthcare, succession planning, the cash pile, buybacks, Bitcoin, China's economy, and more. Buffett shares insights on these subjects and gives his thoughts on current events and trends.

Questions & Answers

Q: How many people were at the event between noon and 5 pm yesterday?

16,200 people were at the event, breaking the previous record by a couple of thousand.

Q: Did the diamonds signed by Warren Buffett at Borsheim's sell?

Buffett does not know but hopes they were sold.

Q: Did Bill Gates buy a ring at Borsheim's for his wife and surprise her with it on Easter?

Yes, Bill Gates bought a ring for his wife on Easter Sunday in 1993 and surprised her with it.

Q: Did Bill Gates choose his ring from Borsheim's?

Yes, Bill Gates chose his ring from Borsheim's.

Q: What happened when Bill Gates and his wife flew from Palm Springs to Seattle?

Bill Gates surprised his wife by flying home instead of going to Seattle. Buffett opened the store on Easter Sunday for them.

Q: Did Warren Buffett buy a ring for his wife when he got married at the age of 21?

Yes, Buffett bought a ring for his wife and put six percent of his net worth in it.

Q: Did Warren Buffett remind Bill Gates of the percentage he put in the ring as they went to Borsheim's?

Yes, Buffett reminded Gates about the percentage he put in the ring as they went to Borsheim's.

Q: Does Warren Buffett think Bill Gates will have an anniversary?

Buffett thinks that Bill Gates and his wife have weekly anniversaries.

Q: What did Warren Buffett have for breakfast that morning?

Buffett had a few sips of Cherry Coke before leaving.

Q: Has Warren Buffett tried the Beyond Meat burger or the Impossible Burger at Burger King?

No, Buffett does not try anything that has not been around for a hundred years.

Q: What does Warren Buffett think about Kraft Heinz's 15.4 billion dollar write-down?

Buffett does not view it as a big change since unit sales for the top 10 products of Kraft Heinz have been steady. The American public can eat one percent more food each year due to population growth.

Q: When did Warren Buffett hear about Kraft Heinz's massive write-down?

Buffett does not recall when he heard about it but mentions that the write-down is not a disappearance of money or a concern for consumers. It was due to overpaying for Kraft Heinz.

Q: Did Warren Buffett know he was overpaying for Kraft Heinz at the time of the investment?

Buffett did not know he was overpaying at the time but acknowledges that it happens sometimes.

Q: What struggle exists between retailers and brands?

There is always a struggle between retailers and brands. Private labels, such as store brands, are often stronger in the UK compared to the US.

Q: Is Berkshire Hathaway the biggest brand for Warren Buffett?

Yes, Berkshire Hathaway is the brand and culture for Buffett. It exists with the managers, directors, and shareholders.

Q: How has Procter & Gamble revitalized itself after struggling with some of its brands?

Procter & Gamble lost market share in some areas, such as with its Gillette brand, but they have been reinvigorated in other areas. It is hard to predict changes in consumer habits, but Procter & Gamble has adapted.

Q: Is Amazon a miracle and has Jeff Bezos been the greatest business leader?

Buffett considers Amazon a miracle and praises Jeff Bezos as one of the greatest business leaders. Bezos combined the internet, payments industry, and delivery in a unique way.

Q: Has Warren Buffett invested in Amazon?

Buffett has not personally invested in Amazon, but someone in his office has bought some shares.

Q: What does Warren Buffett think of buying untested and unprofitable companies with high valuations?

Buffett believes that buying untested and unprofitable companies with high valuations is a risky investment strategy. He mentions that hindsight often reveals missed opportunities.

Q: What does Warren Buffett think of the healthcare system in the US?

Buffett, along with Jamie Dimon and Jeff Bezos, is trying to make improvements to the healthcare system. He acknowledges the challenges of changing such a large industry and the need for both private and public sector contributions.

Q: Should college be free for everyone?

Buffett does not express a direct opinion on free college for everyone.

Q: Do more Americans view socialism favorably than capitalism?

Buffett believes that public opinion on socialism and capitalism will change over time as different candidates and ideas are presented.

Q: Will Warren Buffett pay a dividend using Berkshire Hathaway's cash pile?

Buffett states that Berkshire Hathaway will not pay a dividend at this time as they have other plans for the money.

Q: Will Berkshire Hathaway consider share buybacks?

Berkshire Hathaway has bought some shares back, but the decision to do so depends on various factors and opportunities.

Q: Will Warren Buffett buy more Amazon stock in the future?

Buffett has not personally bought any Amazon stock, but someone in his office has. He is unsure if they will buy more.

Q: What does Warren Buffett think of Bitcoin?

Buffett views Bitcoin as a gambling device rather than an investment. He believes the value of Bitcoin is limited and it does not produce anything.

Q: How does Warren Buffett view China's economy?

Buffett believes that China's economy will do very well over time.

Q: What is Warren Buffett's opinion on Howard Schultz running for president as an independent?

Buffett believes it is unlikely for an independent candidate to win the presidency due to the electoral system. He thinks an independent candidate would take votes away from the major parties.

Q: What is Warren Buffett's biggest concern?

Buffett's biggest concern is nuclear weapons and the possibility of a nuclear incident.

Q: Are local newspapers valuable to Warren Buffett?

Buffett does not have a clear stance on the value of local newspapers.

Q: What has Warren Buffett learned from Greg Abel and Todd Combs?

Buffett learns from all the people he works with, but the person he has learned the most from is Charlie Munger. Munger has made Buffett a better person and continues to do so.

Q: Are women better leaders in banking or technology companies?

Buffett believes that women can be just as good leaders in banking and any other industry as men.

Q: Does Buffett think age is a factor in running for president?

Age can be a factor in running for president as the older someone gets, the higher the likelihood of health issues. However, Buffett views 76 as young.

Q: What does Buffett think of plant-based protein burgers?

Buffett prefers meat burgers and does not see the appeal of plant-based protein burgers.

Q: Who gets credit for the US economy's success?

Buffett credits the American people and the American system for the success of the economy, regardless of political parties.

Q: What are some qualities Buffett looks for in new hires at Berkshire Hathaway?

Buffett looks for patience in new hires at Berkshire Hathaway since they only hire one person every 10 or 20 years.

Q: What does Buffett think about the future of entertainment with 5G technology?

Buffett believes that 5G is an important development in entertainment and communication but expects further advancements beyond it.

Q: What does Buffett think about the importance of local newspapers?

Buffett does not have a clear stance on the importance of local newspapers.

Q: What are Warren Buffett's concerns about the world?

Buffett's concerns include nuclear weapons, cyber weapons, weapons of mass destruction, biological threats, and other potential dangers. He sees these as high-risk factors that need attention.

Q: Can Howard Schultz get to 270 electoral votes as an independent candidate?

Buffett believes it is highly unlikely for an independent candidate to reach 270 electoral votes due to the electoral system and political landscape.