payment was, what was it, $3 million, 200,000 ounces of gold. and we got south dakota. i don't know who made that deal for france so this system is just remarkable and 10 years from now, when we look at the entertainment, it will be what people want. it will be in the form they want it will be, whatever the creativity comes up with and it's going to be a very, very big hotly contested game and i guarantee the public will be the winner. >> let me ask you very quickly apple announced a credit card they're releasing this week. don't even really need the physical card. just do it over your phone

does that concern you about amex where you also have like $16 billion invested >> about 18 billion of amedical examiner -- amex i thought better though, i was talking to richard, just a few minutes ago. he reminded me that currency and circulation, 1.7 trillion. it goes up 6% a year i don't know whether that's all a bunch of people ducking over $100 bills they don't like interest rates, but payments is a huge, huge game and different countries will respond in different ways but i like our 18% position in amex and i like the 5.5 position in apple >> while we're on the subject of financials, recently in the news, another one of your major investments, wells fargo, has

been kind of hounded ma maxine waters and then two senators want tim sloane fired you're the biggest shareholder in wells fargo does tim sloane have your support? >> yeah, 100%. i don't want his job i actually came in once 28 years ago. the whole world was mad at him i was scared because i didn't know what additionally had been done ten years earlier, five years earlier and how i deal with it because people were furious with us. i'm very empathetic when he walks into a big problem at a

very, very large and politically sensitive institution. maybe 250 or so thousand people and the bad acts of one of them couldn't reflect on you. that's the only thing i worry about. i don't worry about our financials or earnings, anything like that. short-term or long-term. i do recognize that 390,000 people out there and probably 50 or 100 people are doing wrong at any given time the only thing i have to remember who my partner, charlie munger, an ounce of prevention is more than a ton of cure anything unpleasant, got to attack it's so easy to shove it off or hope somebody down the line

solves it, and wells fargo has >> there's a class action lawsuit that has been filed against all of the big real estate companies berkshire hathaway home services is the largest real estate company, one of the names in the class action lawsuit and the suit being brought by the lawyers who went after big tobacco and won, they look at what's happening in real estate industry and say that 6% fee that sellers have to pay when they sell a house, they look at it like a monopoly, a cartel they're going after that 6%. first of all, do you think it is a cartel >> it's not a cartel i think the largest company in the business, most 3%. if you think -- >> i think they look at the fees themselves that are aligned with the ml system and the multiple listing system and say, there's all this kind of behavior that tries to make sure that fee can't come down and it is high,

relative to what you see in other nations. >> i would just say, it's a cart cartel, not very effective i think we need to beef it up or something. you'll always have for sale by owners many online experiments of one sort or another. now, i've never felt, many years, purchased one home for myself but i do not feel, there's an organization out there that'serald bay.

very much earned his money but he had old assurance after working on it before the sale would take place here we spent significant funds of his own in terms of advertising it and lots of time involved and i could have called off the listing it if you're looking for demons in the american capitalist system, i don't think you'll find it with your local real estate broker >> warren, let's talk about philanthropy because that's why we're here today changes in the tax law see some concern in a big drop in

charitable donations because it means fewer people will be itemizing their taxes. as a result, if you don't itemize, you don't deduct the charitable donations that you make do you think that's going to be a problem? >> i doubt it. the u.s. contributions, churches are by far the largest, incidentally around 2% of gdp amazingly, close to that over the years. americans are generous people. i mean, compared to most countries. 2% of gdp is high compared to most countries interestingly enough, one time i looked at, go to the internet and look it up they have adjusted gross income on tax returns and then charitable contributions and all of you can mentally try to think, one spade is far above

all others and if you think about it a second, it's utah because they, a significant part of the population is committed to 10% i asked if they had a junior membership one time. americans are remarkably, and the people really who are the most philanthropic are the ones, like you saw today, they give their time i mean, that's precious. you can't buy time i'm 88 i can't buy time and i can't buy love i can buy a lot of other material things but when they give time and love, that's extraordinary and the people that have very little and when they make a contribution, it really means one less, so americans really stack up quite well in that respect

>> you yourself have said that you are giving away 99% of your wealth, you're giving it to five charities. >> we're going to pivot away from mr. buffet and our becky quick speaking in texas at a charity event down there as they talk a little bit about philanthro philanthropy wide ranging conversations from apple and the economy to airlines break it down for us buffet watcher and long time berkshire shareholder, robert miles, author of the warren buffett ceo, also with us, dominic chu and steve liesman. gentlemen, welcome good to have you both with us. robert, let me start with you. did you hear anything there that surprised you? sounded pretty much like the buffet play book doesn't seem concerned about a recession. not particularly vexed over the inverted yield curve as of almost 89-year-old man probably, shouldn't be >> i didn't hear anything new.

his usual self in terms of entertaining and very quotable but in terms of what he would do differently if we went into a recession, he said he would welcome in and that runs contrary to what most people believe, that berkshire hathaway does better when the markets decline, not when we've had a historical bull market in the last decade or so. >> certainly a time for berkshire historically to pick up, beaten down stock bargains dom chu, he talked a little bit and steve, he talked about bonds versus stocks and here, again, no surprise, he likes stocks >> the lower interest rates go, the more attractive stocks become you don't get that with bonds, especially long-term and over the long-term, he's always said, 5, 10, 25, 30 years from now, stocks are going to be to do the best out of any other asset class out there. no surprise there.

i thought was curious was the valuation point. the market may be overvalued $25 billion into than the lyft ipo. maybe that was a little bit interesting to me and not surprising from a value oriented man like warren buffett, looking into a company that last year lost $911 million and now going public with his valuation, possibly between $20 billion and $25 billion. >> the only ipo he bought into was ford motor in 1955 and here's the quote from warren buffett on initial public offerings including lyft tomorrow buying new offerings during hot periods in the market, i don't think it's anything the average person should think about at all and reserved the right to change his mind as they lift and the business model looks more attractive but there's a few more things i'd like >> the overall picture is, the warren buffett we've all kind of come to know is the guy who likes to buy things he understands, buy things he

knows. it was a big deal when he started to get into technology stocks like ibm or even apple, one of the big positions they have now the idea he's pivoted towards technology, interesting there but may not go towards the lyft ipo. >> free trader >> quick remark about the line of the day, the one he said, i hope i live to see a bunch of recessions i would like to second that motion i think we all feel that way and you remarked earlier, he said that it doesn't change in fact, a bunch of companies that do it very well they look for these sort of opportunities. >> but he did say the economy is slowing, worthwhile. doesn't mean anything to him it might mean something to others out there he sits across a variety of companies. got great visibility on the economy from the rail business to the insurance business to the real estate business and he sees it slowing down but doesn't see a huge slowdown. >> you wanted to jump in, go

ahead. >> i thought one other surprise is that he embraced american airlines of borrowing $1 billion to buy back their stock and i thought that was mildly surprising he does like it when companies buy their stocks back when they're trading below their value, but actually, borrowing money to buy it back was a mild surprise to me >> i don't quite get that. that advantage, the equity holder in the capital structure? >> it depends, yeah. >> there's more debt in front of me, from liquidation. >> his terminology was interesting. he said for me, i like the borrowing of a billion dollars because it accelerated the share buybacks he kind of framed it as, if the company will do this over a long period, he's comfortable and depends on the levels with him, able to do that much more quickly. >> it reduces the return on investment capital when they

borrow or add debt, it reduces, it boosts the return on equity but it reduces the return on investment capital and it was just a mild surprise to me >> it's worth maybe talking about the difference between warren buffett and average investors, which there are many. >> or professional >> the luxury of owning companies. i think most people out there own the market right? >> advice, by the way. >> his advice, so warren cannot care about the fluctuations and the volatility in either the economy or the market. he owns companies and those do well over time the market though, which is also, by the way, true over time >> he tells them, this is going to go up and down. do not hold me to quarterly. he doesn't even have quarterly results. >> i wonder if the average investor needs to be more up on what's going on with the volatility and the economy

>> your average investor >> there's a difference. talked about how wall street, in a way, prioritizes the quarterly numbers. their ability to time the market and as opposed to the punch card he talks about all the time. think about it only holds 30 stocks >> the vanguard index fund. >> he said, i think, effectively, that he likes to buy companies that can afford to make mistakes. candidate about the mistakes he's made and strong companies to withstand bad times or product mistakes or economic

cycle. >> i teach a course at the university of nebraska in omaha. i send part of the syllabus to warren and one was the study of his mistakes and jokingly said, well, the whole course should be about my mistakes. buffet is not perfect. he's made mistakes by investing in textiles, invest in retails, investing in ibm but his overwhelming successes, 165 times greater than the s&p 500, a record that's going to stand for a long time. >> all right, robert, thank you very much. dom chu, steve liesman thank you as well. the average investor, it's been a great quarter talking about quarters again what should you do now should you ride the rally or head to the sidelines. today is the best day all year today is the best day all year to sell uryo home.

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almost everything you own went up in the first quarter this year with the s&p having its best quarter in ten years making it a great three months for the average portfolio. bob pisani breaks it down from

the new york stock exchange. bob, stocks, bonds, everything, up in value. >> this does not happen very often. so pause for a minute and say hallelujah it's been a simple story the last couple of weeks when bond yields are down, in trouble and flat, stable exactly what's happening today we're approaching the end of the quarter. a little bit of profit taking today. see the end of the quarter, the big winners, the utilities are a little weaker. semiconductors are down and services, all big winners for the month and the quarter. big weakness today but not a lot. you heard there from tyler, the average investor, he remains big win, or she, winner for the quarter. up 12, 2009, 2012, depending on what the numbers are at the moment everything here's a typical portfolio i look at. along with the s&p 500 but all the bond funds are doing great. if you own a high yield bond fund, 10% of your portfolio.

up 6%. a corporate bond fund, maybe 15% of your portfolio. up 5%. the deal in treasuries, another 15%. up 2%. and this doesn't include the dividends. it's a lot higher with the dividends. what's it all mean i averaged out the portfolio based on the five etfs up about 9% this quarter an impressive gain and only three months worth of work back to you. >> thanks, bob laying out for investors, the question is, people lock in their gains now or not the worst performing sector this quarter. welcome to you both. talk about health care for a moment, really out of favor amid some concern now about what the

president trump plan might be. a balance, the consumer or the communication services area around 50% of that are the internet stocks which have been hurt by increase, concern over regulation, that's overdone and we think we are starting to see some of the payoff with the better performance in the first quarter. >> mike, you're confident it's going to be a good year for stocks any particular reason why? >> well, don't forget, three months ago, we were talking about how bad the quarter was. not a shock we had a historically good quarter. we just think the fundamentals are in place

we don't believe so, we think the economy is going to stay through and maybe slow down a bit for sure but as long as you don't have a recession and think valuations are crazy we think interest rates are behaving and a month or two ago, we've seen what that's done to the market we're feeling pretty good about things >> jim likes health care, you don't, why >> too much political interference we think there's a lot of very interesting technology coming out of health care so really depends. really interesting and great companies that you can invest. but, you know, maybe you just think about the biggest ones with the most interest to protect. are those that are the most vulnerable as health care reform its way through congress and the system. >> having just heard from warren buffett, any takeaways from the comments he just made? >> from what i heard, it's a reiteration of the importance of

taking a long-term view and forget the weighing that goes on in the market every day. talked about what a great performance we've had in the first quarter this year. if you would just go to sleep at the beginning of the fourth quarter of last year, and missed the sell-off and the rebound, you wouldn't have had all the anxiety that people have gone through and so that's one of the takeaways that he would have is don't pay attention to the short-term moves long-term, the performance of stocks is going to follow the performance of the company >> raise your hand quick, either of you in lyft >> no thanks >> i don't see any hands >> hands down. >> mike vogl, thanks and jim mcdonald. opening day for major league baseball big league stars watching from wherever they're watching. eric chemi is live at the big house in the bronx eric >> reporter: that's right, tyler. we know it's a sport but fundamentally, baseball is a business a multibillion dollar business and guess what

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it's opening day across baseball and for the second year, salary is lower. even the yankees have become a little more prudent, eric. >> that's right, kelly, we've got the yankees and the orioles here today yankees are $200 million payroll team but the orioles in their same division, payroll only about $73 million. the yankees, there's only about five people on the orioles that make more than a million dollars. big time agent refers to this as the non-competitive cancer in major league baseball and a lot of big time players, they just feel like so many teams are not willing to spend the dollars it takes to win a lot of free agents like brice harper, manny machado, took them weeks and months to get signed to new deals from teams the yankees didn't sign either of the players and thought they would be a part of that marketplace. so there's this whole fight now that players feel that being undervalued, while the owners and team executives feel like the players are overvaluing

themselves and think their egos are getting in the way so there's going to be a battle here it's not on the field but in the negotiation room with lawyers, with representatives when the next collective barg n bargaining agreement comes maybe a strike or a boycott but that's what's going on here. the young players, they're not free agents for about six years. very little money and as soon as they start reaching the second half of 20s, closer to 30, they want too much money and on the wrong side of 25 years old >> over opening day. eric, thanks the issue of players salaries, could it eventually lead to a strike we'll speak with scott boras himself. try to figure out what's going on in baseball >> really interesting character, controversial as well. kuwaquite a hit on "power lunch. a higher capital gain tax. plus, the health of housing.

ceo of redd fin will join us live and lt'yfs ipo will price after the bell what, you, the investor need to know, all this when "power lunch" continues

i'm seema mody and here's your cnbc news update at this hour house speaker nancy pelosi renewing her call for attorney general william barr to make the full mueller report public she does not trust barr's interpretation of the information in the report. >> we have to see the facts. we have to see what the report is, and we do not need an attorney general whose job interview was that the president is above the law, doesn't think a president can be indicted to be our interpreter of something he should just show us >> cuba and google finding a deal moving the island one step closer to a state-of-the-art connection to the modern internet they agreed to create a seamless connection between their two networks once cuba is able to physically connect to a new fiberoptic cable in florida, the palm beach international boat show kiblgck off this morning

featuring $1.2 billion worth of yachts and accessories that's the cnbc news update at this hour. kelly, back to you are you a yacht girl >> you caught tyler's attention. >> a yacht is a yacht. president trump tweeting about the price of oil today let's go to dom chu at the commodity desk >> there's been over a month since president trump took to twitter to address the oil market last time he did so until today. and essentially told opec and countries to get oil production back up to ease fuel prices. west texas intermediate low as $58 and $59.27 $67.74 yesterday, u.s. government data showing supplies building oil inventories last week. we still have concerns about u.s. china trade talk and fears over a global economic slowdown and acting as temporary caps on prices over the near term but remember, we got the weekly 1

p.m. eastern tomorrow, kell, back to you. china making a huge concession on trade and president trump to hold the first rally since the mueller report eamon javers with details on both eamon? >> reporter: hi, kelly that key concession relates to u.s. firms and international firms getting access to the cloud computing market in china. the chinese government starting to raise the idea of this as a concession in the overall trade negotiations the president has been talking about the trade negotiation and so has larry kudlow, who talked earlier today here in washington he suggested though that this may not be a binary situation in which tariffs get lifted in exchange for a deal. he suggested that the united states may keep some piece of the tariff package in place. here's what he said. >> we have to see what the track record is and we're not going to give up our leverage, however, just to clarify, it doesn't necessarily mean all the tariffs will be kept in place.

some of the tariffs will be kept there but again, i'm just, when he comes back, he will illuminate that on us and part of the negotiations and we'll see. >> we may get more detail from the president on this in grand rapids, michiganoing there for y first time in front of a full crowd to give his reaction to the release of the summary of the mueller report you can expect the president will have something to say about that he talked about it this week but in front of the rally crowd, might go on in his position he's been fully vindicated as a result of william barr's summary of the mueller report. >> the crowd won't be the only party there, i would guess >> that's right. >> thank you >> you bet >> cnbc's editor at large, john harwood and cnbc contributor james pettis

they try to find ways to address income equality and economic inequality higher taxes on capital gains and one thing i found interesting in your article is the idea that because relatively more of president trump's voting bloc base are lower to middle income individuals as opposed to super wealthy. they don't have as much capital gains and doesn't aggregate them as much the orthodox republican. >> it's fascinating, tyler the republicans have not governed as this was the case but the core trump base in 2016 and since is lesser educated white voters and if you look at those core trump supporters, they tend to be pretty anti-wall street they have liked trump for other reasons. his immigration policy, for

example. so what you have is democrats making a point about income inequality to raise money to finance some of their spending programs on health, education, child care, that kind of thing and looking at drawing a contrast by taxing wealth rather than income. you've got people like bernie sanders who wants to take the tax gain rate up to 54%. john delaney, the former private equity executive and house member now running said we ought to match it with the income tax rate, 37% would be fine there. elizabeth warren to pay for her proposals has got a wealth tax that would involve market taxation of capital assets before they're sold. so democrats are looking to raise capital gains taxes and they're pretty full about it >> let me get your view on this. there's an argument and i find myself increasingly persuaded by it, that all income ought to be

taxed the same it would lower, if you did that, you would end up lowering the overall tax rate, though you would raise it on capital gains. why shouldn't all income be taxed at the same rate and if you did raise capital gains rate, how much would it impact the amount of capital that flows into investment? >> i think it's interesting if you look at advanced economy, including scandinavia, the tax capital more and more income taxes. it's not unusual the reason we give capital gains a tax crest, you don't want that lock in effect and equalize equity investment versus borrowing. those sorts of reasons believe it or not, you could find comments on both sides, who would call for raising capital tax rates. if it was offset by lowering corporate tax rates.

that kind of agreement, i could see that actually happening. you could find people on the left and right realize corporate taxes are really damaging. you don't want to tax investment by corporations. yet utilize taxes in the united states. >> i hear what you're saying, but lately, i see it going the other way. democrats including klobuchar are out there saying we're going to get rid of trump's corporate tax cuts, push them back up and use the money for something else i'm not sure there's a lot of support on the left for cutting corporate tax rates further. >> no, there's definitely not. >> i hope there's more with jason and larry summers rather than other folks it would be a great idea to lower the corporate tax rates. fine, offset by capital gains rate if you want to get something done, that might happen. >> kelly, to jimmy's point, there is a progressive argument against raising the capital

gains rate to the level some of the democrats are talking about and made to me by larry summers in particular. if you'll get fewer transactions and fewer gains to tax, so he said that would be counterproductive. doesn't mean you can't somewhat and proposed to take it up to 28% which was the level it was set in ronald reagan's 1986 tax reform. >> let's turn quickly to health care and what seems to be a growing, an issue of growing importance and relevance in the 2020 campaign. the president saying he wants the gop to be the party of health care. >> right it's extraordinarily helpful to do that if you have a health

care plan. republicans have never agreed on a health care plan obamacare has a lot of things in it that were sort of originally republican ideas the idea of subsidizing people to buy private health insurance, that's a pretty good idea that should be any republican health care plan, but because it's not in obamacare, a lot of reluctance to embrace that kind of thing i fear that what republicans are doing is opening the door for folks on the left to come in with a single payer, medicare for all style plan and end up just where they were with obamacare and get something they don't want because they don't have a plan that says what they do want. >> that was deep water in the 2018 midterm election. >> that hurt them badly. >> thank you to the bond market rick santelli tracking action. it's been a little quieter day over there, rick >> i don't think it's been quiet at all sideways isn't quiet every bit as much, sometimes

more than a wild ride. and sideways is pretty good. as a matter of fact, if you look at what's going on in the yield curve, look at the two day first. same high level as yesterday but if you go to the short end two year note, they sur passed that a little bit only up several basis points, unchanged on 30s but nothing is down so the rally cease to some extent pretty good. equity seem to like it the biggest story, all the etfs and barkley, security, investment grade, and you could see it's acting very well behaved. finally, the dollar index, biggest story. it's been on a tear. as it sits now, probably away from fresh highs going back into the summer of 2017 kelly, back to you >> i did not know we were back above '97. ahead on the show, why today could be the best day to sell your he.om the ceo of redfin joins us next

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today, yes, today could be the best day of the year to sell your home. a recent drop in mortgage rates is making that prospect even better diana olick from washington. hi, di >> reporter: mortgage rates saw the biggest drop in a decade down a few quarters to the 30 year fix the hope is that that will reduce sales rates falling at the start of the year and did not help in february pending home sales, a sign of the contract and fell 1% for the week and 5% lower compared with a year ago the retailers blame it on a lack of supply and more homes for sale than a year ago affordability, not making up for some of those overheated prices in markets back to you guys. >> diana, thanks here to make sense of the data and what it means is glen kellman, the ceo of redfin

hi >> hi. >> that is a shocking decline in mortgage rates the biggest in a decade. think of all we've been through in the past decade how much of a boost it will be >> it will be a boost. people have been on a nice on whether they can afford a house and lower mortgage rates mean more buyers. unusual effect almost no stock in the system. wages haven't kept up with home prices, people can't borrow the money. we see more buyers that should create price pressure for the first time in five months. >> one of the things i noticed is the drop in the notes, the dropoff in the prevalence of bidding wars tell us about it and where are bidding wars still happening >> we'll see a bunch because of the lyft ipo, creates enough wealth to buy every single home for sale in san francisco, but bidding wars happened about 51%

of the time nationwide last year and down to 16%. there's no question the market is much softer right now anthony -- than a year ago significantly better than q4 worse than almost anyone acknowledged we see some signs for optimism >> glenn, going back to the end of last year, which you just referenced let's use the ten year treasury yield. it climbed in november is that what you're talking about that really triggered this affordability issue coupled with what has been a pretty healthy increase in home prices? >> i think rates is part of it but i think we have a situation where people feel very jumpy we know the housing market is near the end of the long recovery and as soon as there's any bad news, everyone heads for the hills and i think people reacted very strongly to a rate increase and then as the market started to soften, that takes on

its own dynamic. if the fed has not intervened or mortgages hadn't gotten cheaper, i think the housing market would have had a very dismal spring. >> an hour ago, becky quick was interviewing warren buffett down at a charity event in dallas she asked the fixed structure that prevailed far long long time and a class action suit that charges basically some of the major real estate companies are effectively a cartel what's your thought about that he owns the largest residential real estate seller in the country. what's your thought? >> we want to be the largest residential seller in the country. of course we are in favor. we started this business the whole idea of paying 6% is under assault. the reason there's a massive bubble where you have zillow and red fin and realtor.com and also

open door and knock and others trying to change the day and getting more money to do it than ever before is because wall street has come to the firm conclusion that the industry is going to change. it is a new breed of competitor. they all have the cross in the cross hairs. >> do you think they are a cartel >> traditional real estate >> no. you see more discounting than you have ever seen before. every city we go into real is state agents start offering the red fin deal if it were a cartel i wouldn't be sitting here. we would be out of business. >> i guess that's one way to look at it thanks very much >> thank you very much the first of what could be huge comes tomorrow. we have everything y nd oueeto know about lyft. that is next on power launch

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hi >> tyler i'm watching for that priechlts

if all goes as planned it will start trading tomorrow morning ahead of that final pricing lyft raised the range from 70 to $72 that new pricing could give an initial market cap on a non-die lawsuit non-diluted. >> while there is a lot of interest in the ipo it was very early on >> i don't know why with all of the things you can buy for 25 billion in this world that that you would pick a business that has to be earning two and a half or 3 billion in five years to even be on the same radar strea

he once talked to uber about investing. >> thank you very much tomorrow first on cnbc will speak with the cofounders of lyft ahead of the company's ipo on squawk box. and you flow what's next >>ha wt? cck please. does your wealth manager measure up? a cfa charterholder does. they have the investment expertise to unlock opportunities other advisers might not see. learn what a cfa charterholder can do for you, at therightquestion.org

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does your wealth a cfa charterholder does. they have the investment expertise you need for the ambitions you have for your wealth. learn what a cfa charterholder can do for you, at therightquestion.org welcome back she asked when she had been trying to avoid. he figured he might as well buy more he had an interesting analogy too. he said he was comfortable owning american express

as their business models have improved he is now a fan the other thing i would say is how little a fan he is of ipos most don't have to worry about it because they can't get in >> if it doesn't go well we are not going to get in. >> closing bell right now. >> welcome to the final hour of trade. warren buffet speaking out, we'll bring you those excellents lyft's ipo will list this