this nation, in the stock market. i don't want you to be down about it. in fact, we've had several great guests already on the show who have reminded us these have been the moments in the past when you bought, and you were happy that you did. maybe a month later, maybe six months later, but always you were happy. and you're going to be thrilled right now because liz claman is live in omaha. [laughter] liz, over to you. liz: yeah. and, charles, you know why i'm here, obviously, berkshire hathaway annual shareholder meeting which, charles, two years of a a hiatus, and charlie munger and warren buffett are back. i was looking at all their pearls of wisdom, and warren buffett once said there are only three ways that a very smart man can lose money; ladies, liquor and leverage. [laughter] ladies, liquor and -- charles: some have i all three, but, you know -- [laughter] liz: well, he's done none of

that, and so he is trouncing the s&p 500 -- charles: again. liz: thanks, charles. you look at the markets, we are looking at a lot of red on the screen. in fact, it's a very you cannil. last trading day, of course, of the month of april, and look at these losses. and you guys know what happened on tuesday where we were dropping nearly a thousand points everywhere we were looking really bad, and then the next day looking for direction following day, it was pretty messy, and here we are today, another big mess. we are, as i said, live from the berkshire hathaway annual shareholder meeting. apple, of course, is one of warren buffett's top holdings as the crowds come here to listen to the billionaire ceo. hey, everybody. yeah, he's going to hold court here in ohm rah -- omaha, nebraska, in the return of, of course, the annual shareholder meeting. as we said, the first time after the coronavirus pandemic forced the cancellation of the last two years. we are live, as i said, on the floor of the chi health care

arena. that, of course, the convention tenter. -- center. everybody here had to get in by showing their covid vaccinations, and everybody here has to be a berkshire berkshire hathaway shareholder. and they come every year. and, of course, this almost looks like a tent revival, and hay want to hear what's going on with the economy, what about this inflation? inflation, of course, has really slammed amazon. shares right now you can see, they are getting crushed. they are the laggard on both the s&p and the nasdaq, down about 15%. so we're looking at amazon. they, of course, lost money during the quarter, reported after the bell yesterday. it was not a pretty picture and perhaps most importantly they said that they had ramped up too much during the pandemic. and we're talking about warehousing space and we're talking about employees, and now look what happens. of you have a slowdown at the federal reserve, obviously, next week very much on track to continue to raise rates to clamp down inflation. but you can figure it is

definitely hurting the markets. as we look at all that's going on here, we do, of course, mention that apple is a start here. apple computer is one of these stocks that warren buffett has absolutely shoveledded into his multibillion dollar stock portfolio, right? and so, you know, we're looking at apple. apple is not getting kill nearly as much as everything else is because they came out with numbers, record earnings, record profits, very mice numbers on the iphone picture. and what else do we have to say about apple? warren buffett, nearly half of his stock portfolio is apple, about 45%. so if we look at the entire landscape right now, and it is a little nerve-wracking for a lot of our viewers, this is the place to be, omaha, nebraska, at the berkshire hathaway annual shareholder meeting. who do we turn to when we need to know about the macro picture?

mario -- super mario. come over here. you started buying shares of berkshire berkshire hathaway, what, 1987 or so at $3,000. they are nearly at about $465,000 right now. so i just immediate to ask you a macro picture about the market. it's a very volatile week. what's going on in investor sentiment? >> well, i think the notion that earnings are okay, but interest rates are going up. and it's a huge headwind for multiples, and the fed -- they're anticipating and discounting what's going on with the fed, and the fed is not only going to raise rates, but have the runoff of the $9 trillion. liz: so you don't hi the fed's going to pivot at all when it sees these markets? >> no, it can't. this morning i brushed my teeth -- liz: thank you. >> you're welcome. [laughter] not because of us, toothpaste came out, you can't put it back in. same thing with inflation. we've got to stop it. and the only way you can do it is follow the playbook of volcker and call out a pearl

from the 1980s. liz: we don't want to deal with something like that, right? right now all you hear are people saying go into energy and cash-producing, best in class technology. those kinds of names. and yet stay out of what were the momentum names, these high multiples like teledoc and chewy. all these kinds of names, peloton, docusign. so does it suddenly mean that it's time to completely shift the portfolio? >> well, i'm not shifting portfolios, the question is if i'm an investor, i want to preserve wealth. secondly, if i want to make money, i want to have a look because tax rates are, you know, short term are very high. so what do i do 12 months from now? i think the economy is going to do better unless putin does something better in europe, and the economy in china will do better with xi getting nominated. so what do i look for is companies that warren is looking for and that he highlights in his annual report, companies with cash now; that is, earnings

with regards to interest, taxes and compensation baked in a gap, generally accepted accounting -- and that's what is changing, liz. liz: mario, we are looking right now at the fangs, and obviously -- look at you smiling. netflix -- >> -- oh, the oil companies. [laughter] liz: no, the fangs. netflix is quite a disaster. it was a $700 stock in the past 5 52 weekses, and it's obviously been cut down beyond two sizes. are investors done with the fangs to minus apple? >> -- reed hastings, and i watched him when he converted the from a retail business to a streaming business, and he rented talent and rented content, and then he startedded putting into it on his own. you know, a lot of people basically have a family plan and they don't pay for extra viewing.

i think he's got to reformat himself to get more sports, he's going to have to have more news, have you on the program so that, so that if i binge watch and i'm 30 years old, i know how to disconnect. so the churn factor is high. but it's still a $100 billion market cap whereas, for example, pararah mount is only a market cap enterprise value with the debt included of $12 billion. it's only like $35 billion. so you're looking at values and which one has content and which knows how to do it, he's okay. he's got customers. liz: each on the days where the markets were moving higher such as yesterday, what happens to warner brother discovery? first of all, do you own it? that stock cannot get out of its own way. >> well, part of the problem is that zaslav understands how to run are it -- liz: david zaslav -- >> david, and basically taking -- what happened is at&t

dumped 1.7 billion shares of the company with 700 million outstanding. so you have 2.4 billion, and now this investor saying, oh, what am i doing with it, i've got a piece of paper, and the etfs are selling it. liz: i'm sorry, it also has 40 billion in debt -- >> that's okay. liz: how is that okay when interest rates are rising -- >> he will. they've got good cash flow. he's got to be more practical with regards to expenses, and he's got a certain knowledge of how to spend money on content, and he's done it with the channel. so, for example, stopping cnn+, you know, is an example of how we would cut costs. i would think section -- zas as a short-term hiccup, the stock is going to absorb this volume, and you'll step back and say i've got 2.4 billion shares of a $20 stock, so you want to buy it on this weakness.

liz: all right. it's $18 right now. warren buffett, we're here. it's ironic that we're here and talking about cash flow which is something he has always said was the way to go with good management and low cost minus cap-x. warren buffett took a hit, he probably didn't care, but you heard peter thiel recently who called him a psychopathic grandpa for not being up for, obviously, cryptocurrency. do we have the sound bite? yes or no. because we did -- we asked warren buffett a couple of years ago because charlie munger a few years before that he kind of dissed it. so listen to this, and then we will get your reaction, warren buffett in 2015. five years ago we asked charlie munger, you were sitting right there, what he thought of bitcoin, and he said rat poison. back then it was about $100 plus for bitcoin, today it's 9,000. is it still rat poison? >> well, probably rat poison

squared. liz: so is he a psychopathic grandpa? what do you say to that? >> i think you've got to look at it more practically. first of all, we need to have blockchain. that is very important to get stuff bought today and settled today, and that's going to happen on an accelerated basis. but telling me something is in short supply like bitcoin because they can't produce anymore, that is a phenomenon that we don't accept because right now, right now, today you can buy a baseball team called the atlanta braves for half the price that it'll be sold at in two years, and they ain't gonna produce anymore baseball teams, so why would you rather own a baseball team than crypto? liz: although maybe vegas gets a franchise. >> they're going to buy one of the existing teams. the atlanta braves are $26 -- i i know you're a dodger fan -- liz: i am not. i'm a cleveland indians -- the okay. so, mario, before we go, and i don't mean this to be an indelicate question --

>> oh, darling. liz: if warren buffett, when he steps down and whether that's from the company or in life, will you sell your berkshire shares? >> the answer to that, i think, greg abel has been identified as the successor, and he's going to do it quite well, and he's identifying someone perhaps with the allegheny purchase that will help in the insurance area. beyond that you have a potpourri of smaller companies and it does have to be scaled up, but don't forget one thing. the market cap, 1.5 billion shares times 500,000, as you said, you've got 750 billion, apple, apple, there's 20% of that. so he's already migrated througe other stuff. so there's a lot of hinges going on. liz: i would only say, mario, it takes four people right now in the future to do what warren buffett if did -- >> well, don't ignore charlie

munger, he's 98 years old but a rookie. [laughter] and he's an l.a. guy like some people are. liz: like me. it's good to see you, mario ga abeli. warren buffett owns planes, he also owns trains as in burlington northern. yes with, he owns an entire railroad are. and, of course, as you see, he does car insurance. but did you know he bought just a couple of years ago the nation if's largest privately held automotive dealership group? yes, it was called -- [inaudible] coming up first on fox business we've got the ceo and now, of course, berkshire automotive. we're going to ask him about prices of cars and is the this the death of haggling? we're live in omaha, nebraska. we're coming right back. ♪ ♪

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♪ ♪ liz: ooh ooh, look at the dow jones industrials. this is not a pretty picture. we are just plumbing the depths of today's session. biggest drag on the dow, intel. take a look at intel shares. ceo path get singer came out after the earnings call yesterday, and it was kind of a shocker was he -- because he did say, and we've heard that a lot of the chipmakers have said this is going to be a chip shortage that we're looking at through 2022, 20 the 23. he comes out and says it will last, the shortage, well into 2024. and intel's new automotive chip division not giving the sector a boost, of course, because chip shortages have been one of biggest drags on rising car prices. and the problem with the supply chain. now, what once was the largest privately held, you know, car dealership in the nation, warren buffett bought it back in 2014.

boy, does that look prescient now. it's now known as berkshire hathaway automotive with 100 plus dealerships in 10 states. with me now first on fox business right with the gecko from the geico insurance company, auto insurance, is president and ceo of berkshire automotive, jeff ray core. thanks for being here -- jeff rachor. >> so great to see you, liz. liz: if you could compare, because everybody's talking about suddenly slowing demand, slowing demand because rates are going up, it costs more to maybe get car insurance, what kind of demand are you seeing this year, but as compared to pre-covid, 2019? >> certainly. well, liz, we have not seen any moderation in demand. liz: okay. >> in demand. in fact, we compare all of our numbers against '19. a lot of noise in '20 and '21 because of the disruption. and every way we measure demand

at retail, we're still seeing a very resilient and strong consumer. obviously, we're unable to meet that demand because of the supply shortage. we believe that the demand fill exists -- still exists to sell significantly more units in our industry than what were posted in the first quarter. sales the first quarter9 of our industry down about 16%. that was all driven by supply. w plenty of demand there, in my opinion, to significantly outperform the previous year. liz: you know, it's almost like the housing market, the inventory is so thin that the sales numbers go down. but back to pat get sinker and intel, he says the chip shortage is going to last well into 2024. you deal in just about every model, mercedes, jeep, dodge, toyota, everything, right? if bmw. now audi is shipping cars with what are called -- did you guys

hear about this, i think we talk about it -- semiconductor-free packages where they're cutting back, and they're shipping cars that don't have certain semiconductors that run certain things. like the charger for your phone within the car. people are still buying them without those packages? >> well, those are recent developments. but first up, let me acknowledge that the chip shortage continues to be a senate challenge. liz: is it the worst challenge, is it the worst challenge for you guys? >> well, it's certainly the most disruptive challenge to supply. and as you just suggested, it doesn't appear to be improving materially. in fact, while we may see some nuance or moderate improvement over next few quarters sequentially in our industry, we think it's well into the back half of '23 before there's material improvement where we start to trend back to what we'd

consider normal production and inventory supply in our industry. liz: we've got core pce numbers, inflation, let me just ask you about this because the price of new cars jumping 35% year-over-year. used cars -- sorry. 12.6%, used cars up 35%. and on top of it we have very high gasoline prices. tell me about the death of haggling. can might be come in and try -- can anybody come in and try and haggle? >> certainly the imbalance of supply and demand has had an impact on pricing. our manufacturers don't dictate pricing, they offer a suggested manufacturer retail price, and our organization doesn't dictate pricing. we allow our dealer partners in the local markets to make those decisions. but this has been inflation of the price in new cars. some of that is consumer preference is shifting towards vehicles with more content --

liz: how about electric? >> electric is another -- liz: you guys have pre-owned teslas. >> we do, we do. liz: how are electric vehicles selling, and what's the most popular? >> it's an exciting time in our industry with all the development around electric vehicles. we today the are just selling pre-owned teslas, but as you're aware, a number of our legacy manufacture partners are introducing a complete lineup of exciting new electric products. this year there'll be 24 new models that are fully electric that are introduced in our industry. most of those are being introduced by the incumbent oem partners in that we're honored to be fran cheesees of -- franchisees of, so we want to acknowledge our manufacturer partners for their persistent and -- persistence and trying to resolve the chip supply shortage and the creativity like you

mentioned with audi, and again, we want to take our hat off to them for their bold investment and development around evs. i will tell you that i think in the end the consumer's going to determine how quickly evs are adopted. because at the end of the day, they're going to be the winners. at berkshire hathaway automotives we don't care if they're evs, hybrids, ice engines, we love selling cars and trucks. we want to give them a great customer experience. at the end of the day, the consumer's the one in the driver's seat here. liz: can you tell this guy's in the auto dealership business? great to see you. >> hope you have a terrific weekend. liz: thank you, you too. berkshire automotive. yeah, it's always fun to see the geico gecko right there. look at the dow jones trillion industrials, down 746 points, very close to the lows of the

session. up next, buffett's bestie, vice chairman charlie munger is9ing -- 98 years old. if you listen to the chatter around here, he has been the man at buffett's side all this time. he is back, but is this going to be his last in-person meeting? coming up, we're going to talk about the performance that charlie and warren have managed to put out there over 57 years of the existence of berkshire hathaway under warren buffett, and it is pretty stunning. you have to stay tuned for that. and greg abel, right? the man who would be the guy who has the keys to the buffett kingdom. coming up, we are going to attack all of that that and more. and a bit later, the see's candy ceo. there's something very special that we are going to tell you. "claman countdown" is coming right back. s&p down 126 points, we do have the nasdaq down 424, percentage laggard.

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♪ liz: when you see these kinds of numbers on the lower ticker, you've got to look at the vix, or the volatility index. it's the fear index. did you know, and my team just told me this, the vix is up 90% year to date, 9-0. it's up just about 9% at the moment, 10% right now for cboe market volatility. sure, there is a lot of fear in the markets. as we look at the moment you can see dow, nasdaq, s&p are all flagging here. it's the nasdaq that has the biggest percentage loss, down about 3.5%. that, of course, attributable to intel, amazon. those two are big laggards today. we're over here at orient9al trading n. 2012 warren buffett

decided that a berkshire hathaway needed to buy this company. look, this is flo, the flamingo. we won't -- do i have that right, gerri willis? if. [laughter] in the newsroom. >> i've got to tell you, liz, you look great out there. great job. love it, love it. we're on the markets today for you. honeywell trading higher a after reporting better than expected first quarter adjusted earnings while also raising guidance for full-year earnings and revenue. transport and general aviation sales grew by over 25% as air travel continues to improve. and chinese stocks are on a tear today as beijing plans to end the crackdown on big tech names in an effort to help the suffering economy there. according to the state-run muse if agency, the government said it would roll out policies to support the economy, stabilize consumption and invest invest effectively to support growth.

and robinhood is rebound after the brokerage drop nearly 10% following a first quarter report that showed declining revenue and monthly active users. robinhood says the company saw its customers with smaller accounts trade less when the market sells. and shares of verisign losing bigtime after the company reported first quarter earnings of $1.43 per share below analyst estimates of $1.50. bayer cut it target price to 2.10. all right, let's go back to liz in omaha. back to you. liz: thank you very much. i want to show you something here. so oriental trading has these shirts on sale. the boys are back. that, of course, right there on the left -- or on the right depending on which way you're looking at it, charlie munger, his long time pal. these two are like pee mutt

butter and chocolate -- peanut butter and chocolate. what a partnership this has been. the 800-pound bull in the room, let's call it that, because warren and charlie are big bulls always about investing, will be if this is charlie munger's final in-person year at the meeting. and i only bring that up because that's what a lot of investors here have been asking me, do you think, we wonder. you know, there is growing speculation that perhaps this could be the 98-year-old's last sort of in-person here. it's, of course, the first first in-person berkshire meeting since the two years of the start of the coronavirus pandemic and what a unique one. now, while this could be -- we don't know yet because munger at 98 is still killing it, right? but while it could be his current, you know, the current vice chair's last meeting, what about the man who is to be the one who take over the greater portion of all of this, right? all of the consumer names that

are out there whether it's dairy queen or net jets, etc. that would be greg abel who, of course, is the vice chairman right now. at this certain point we talk specifically about what greg abel and when greg abel is going to take over, you know? you look at exactly what warren buffett and charlie munger have been able too old together, and there is a little bit of nervous if although greg abel has been widely telegraphed. he wan berkshire hathaway energy, brilliant when it comes to operating. but the oracle of omaha himself has absolutely not said or announced any if immediate plans for stepping down. in fact, in a recent interview, he was asked about that, and he said is, sure, it's going to be greg, but he's not even warming up yet. so that makes me wonder, okay, buffett a's holding on to the scepter pretty tightly there. and when you talk about warren and charlie, that these two are

the draw. these are the two things that oriental trading is offering and the big with, popular one through the years have been the two oriental trading ducks. this is warren and this is charlie. but again, tomorrow when the shareholder meeting begins, the questions are going to fly, people will ask charlie, is in your last year. hale want to know about how both of them see the economy and what are they doing with the gigantic cash pile. they have of a huge cash pile that has not been put to work yet. yes, hay bought allegheny insurance which you heard mario gabelli talking about. hay made a $6 billion investment in hue let hewlett-packard, a big investment in occidental petroleum. these are all questions that will be asked of both warren and charlie starting tomorrow. all right, inflation. they'll be asked about that too. it has been hitting commodities and the entire food industry very hard. berkshire subsidiary see's candy

has an outsized exposure. sugar, corn for corn syrup, nuts. warren buffett bought see's in 1972. first and favorite company, he's always said that, because he bought it for 30 million, it's made $2 billion over the years, and he's been taking that money and use to purchase all these other companies. all right, coming up, do they have a milk chocolate moat? we're speaking exclusively to pat eagan of see's candies, the ceo, when we come right back. don't go away. ♪ muck . jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis.

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♪ liz: yeah, we are looking at a market that is shaky in part because prices for american consumers have hit fresh 40-year highs. the commerce department announcing today today that march's personal consumption

expenditures rose 6.6% year-over-year, the highest since january of 1982. and if you strip out food and energy, the core pce which is the federal reseven's favorite inflation index, it rose 5.2% year-over-year. now, while energy made a big impact in the core pce -- well, pce, soaring 33.9%, food did some real damage. food soared 9 92% and, of course, that increase impacts everything from companies that have to raise their prices and, of course, consumers who have to today poem. -- pay them. what about the price of sugar? corn for corn syrup, nuts for, yes, peanut brittle, i am here at see's. warren buffett bought this in 1972. this was the california candy company that he bought for $340 million, and it has -- 30 million, it has thrown off, it's made $2 billion in profit, $2 billion in profit. he's taken that money, and he's

spent it to buy a lot of other companies. joining me now, only the third ceo in the history of see's,. pat: eagan. great to see you. >> great to see you, liz. liz: show us the new items. >> we actually had it last year and we reproduced this year, it's a series of coins, we've got warren's image, mary's and charlie as well. these are our berkshire coins. millions and millions. [laughter] liz: chocolate. how many pounds? because every year you bring in a lot. this year -- we've been off for two years -- >> when i saw you last, it was 10 years, this year it's 11 ton- liz: do you think there is going to be a record crowd here? >> absolutely. the booth is a little bigger, and people need their happiness, right? where else are you going to come but see's? liz: i already checked, your prices have gone up. >> they've gone up a little bit, yes. so what we've seen is, actually,

demand has increased. we've seen more and more customers coming in and buying the product, and part of that is, as you know, just like any business, recovering the cost, putting money back into the business as we need to. we've got equipment and facilities and inflation like everybody else. liz: yeah. but, you know, sugar -- which last year hit an 31-year high -- 11-year high, agriculture.com says this year it could hit a brand new peak. >> yes. we are not looking forward to that. so, yeah, no, all of our commodities, we've actually done a very good job, i think, in managing our procurement costs we brought in the forward market, but it's definitely a concern for all of us. liz you know, it's interesting that you say that, actually, demand is up. hershey's just came out x they said that they are doing better because of these high prices and the demand. so, you know, americans love hair chocolate. >> americans love their chocolate -- liz: hey, not me. yeah, totally. where's my peanut brittle? >> there you go.

liz: they will be eating it tomorrow on stage? >> their own special batch. but, yes, absolutely. >> i interviewed you two years ago, and you had about -- you said that you wanted to have a lot more stores. you went from something like 100 to now how many? >> well, we had at the time the, liz, a little less than 240, we have a little more than 250. we've added about 10 stores each of the last several years, we have another 15 or so we'll probably add this year. we're opening in van vancouver, washington -- liz: but, pat,s you saw what happened with amazon yesterday. amazon said they ramped up too much, their stock is getting killed today because they said too many warehousing during the pandemic that that they built up. do you find you may be in that position with your brick and mortar stores? >> i don't think so. we take a very long time to select our stores. our vancouver store next week, i scouted it personally last summer. and in that place we're replacing one shop for another, closing one location and opening

another. so we're taking a go-slow approach. and every store we select we want to be as good as our candy. liz: great to see you. pat eagan. i'm sorry, i need this for research. [laughter] all right. i do just want everybody to know one thing. $1,000 invested in berkshire hathaway's stock back in 1957 when warren buffett took control of what then was a failing textile company today would be worth $43.9 billion. 43.9 million. if you held it, work. -- of course. berkshire east compounded average gain, 20.1% every single year since 1957. we're coming right back. ♪ allenge. and everyone on social media is trying me. i'm trending so hard that “hashtag common sense” can't keep up. this is going to get tens and tens of views. ♪ ♪ ( car crashing ) ♪ ♪

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♪ liz: all right. the s&p 500 at the moment is at session lows. take a look, folks, we are down 143 points. we're 3.33%. the dow jones industrials down more than 800 points, so it is a very rough friday. this is the exact same thing that it felt like last friday where people do not want to go in the weekend long stocks. of course, last day of april for trading, and here we are in omaha, nebraska, at the annual berkshire hathaway shareholder meeting. and right now we do have to -- you know, he has invested in electric cars. look at tesla. tesla at the moment is flat, flat. it had been higher, it's lost all of its gains. this after after elon musk showed he has been on a selling spree of this stock, okay? is he told $8.5 billion worth of the ev maker's stock in the past 72 hours? right? to help fund his bid for twitter. and still the must be that he's

getting for that -- the money that he's getting for that not quite enough. charlie gasparino, you're talking evs. we're right by the net jets display, and i know you're all about private jets. >> i'm going on a -- no, i'm actually flying commercial tomorrow. [laughter] liz: yeah. us too. >> yeah, yeah. here's how you know that musk is getting much, much closer to achieving his dream or his goal which is to take over twitter. you know, the $8.a 5 billion worth of shares gets him almost to that $21 billion number. i mean, that's the amount of equity he needs to put in. a lot of people believe all he has to do now is pledge shares against that, he doesn't have to sell anymore shares, or he can get other investors. so this is looking more and more doable despite the fact that we have been reporting, liz, about how the arbs out are there are saying he might not go through this, that's why the stock of

twitter is not quite at his $54.20 bid right now. but still there's lots of signs that this thing is going to happen. the numbers are one of the facts that tesla didn't sell off too much the, the fact that twitter's up a little bit. i mean, tesla was with up most of the day. i think people are starting to take some gains right now, signals that people have more confidence in this and he's not going to sell any more stock. and here's how you know it's going to happen, you hear from california all the way to new york the howling of despair from the people who work at twitter and are just worried that someone who's going to level the ideological playing field, their algorithms, is going to take control and they're not going to have the run that they've had in terms of restricting free speech as they had. they are coming to the conclusion that they're all going to, that either it's get with the program or go, because elon musk has said that he's going to get rid of management. and i can tell you, management will go.

apparently, i just read a story in the post, liz, the chief -- i guess their chief censor there who's essentially the general counsel, sort of benchmarks for what is acceptable speech on twitter, makes $17 million a year. unless i read that number wrong, that is an astronomical amount of money to make for this company which barely makes money and actually doesn't make money. so i can understand why they're worried right now. he's going to come in, he's taking them private, he's going to do what you generally do with privatizations, that's you slim it down. and, you know, just as cnn+ was an easy sort of thing for david zaslav to lop off in his quest to essentially save $4 billion as he merges warper media with his discovery -- warner media, you know, lopping off salaries of people who make $17 million a year on a money-losing company is pretty easy. and that's what's going to go on at twitter. and if programmers don't like

it, my guess -- again, this is a guess, but you kind of hear it from the grapevine -- is he may just move out of san francisco and open in texas. governor abbott is welcoming him with open arms. i think the arbs are starting to come to the conclusion that the likelihood, the greater likelihood is that elon finishes this thing, closes the deal in october. back to you. liz: thank you very much, charlie. and while charlie was talking, we hit a brand new session low, a loss of 940 points for the dow jones industrials. you can see this red on the screen. let's take a look for the month because, as i mentioned, this is the last trading day of april. you can see what the percentages have done here. it is not a pretty picture. it's been a very rough month, the worst month for the nasdaq in, i believe, since 2008. that was the last time that we looked just a couple of days ago. we've got the nasdaq out 13.25% for the month of april, the s&p down 8.7%, the dow down 4.8%.

of course, everybody was worried that there was too much demand. the fed's coming in. her going to raise rates -- they are going to raise rates again. the meeting is next wednesday, the announcement is next wednesday. quite frankly, the big conference is right during "the claman countdown." what does it mean here in omaha, nebraska? i am joined right now by bill stone. bill stone, of course, is a longtime market watcher. he's -- oh, i like this. >> all decked out. liz: yeah. you're with glennview trust company, chief executive officer, what do you want to know from buffett? >> because berkshire hathaway is so is broad and, you know, warren and charlie don't sugar coat things, i think it'll be really good to hear how things -- what they're seeing right now and really how much pricing pressure's coming through because, obviously, that's part of some of these disappointments we're seeing in some of the earnings out there. so i think that'll be really good to hear.

liz: he would say he's elbow deep buying stocks right now on a day like this where, as we see, the dow is down 962, and the s&p, you know, getting -- cratering at the moment. >> yeah. liz: but he has $144 billion cash pile at the moment. >> right. liz: and yet i'm sure some of these investors, because i've heard from them, aren't a real a happy that he hasn't deployed it. it's parked in, you know, short-term treasuries which are making bupkis, right? there's going to be some angst there, don't you think? >> i think so, but i would say he got, he's getting money deployed in allegheny when that deal closes, he's got, obviously, he bought a large stake in occi, all the things he would have liked to have gotten in earlier, but the nice thing is with a large cash amount, as you mentioned, interest rates are going up, so it does help the insurance side of things. liz: we should put up the 10-year yield.

do you think the fed, when it sees a couple of days like this, pretty dramatic selloff, it thinks, you know what? we're going to have to pivot? what do you think? and maybe not be as sort of two-fisted aggressive hiking rates? >> i actually don't think so ye- liz: neither does -- [inaudible] >> well, with inflation this high, i just don't think they have the option anymore. before, they had the option to do that. i know inflation's going to come off of 8.5%, but it is going to stay elevated. in the past we say they come to the rescue, i don't necessarily think they, frankly can. liz: now the dow is down 971. what's in the psychology and what would you be advising right now? >> you know, i still think there's a lot of opportunity to long-term buy. obviously, i think it's a good time to think about things as companies and look for opportunities. i will say, you know, already because you had to say when the curve inversion happened and all that you started the clock on a eventual recession.

things you're not going to worry about going out of business during a recession, but long term are going to make good money. i think that's really where i'd be going. liz: you have been a market participant watcher for a long time. at this meeting, the california public employees retirement fund wants buffett to give up the chairman job, keep the ceo job. they want to see a split. they're going to put that forth. he, of course, is 32% voting share. it's it's not going to pass, but there is the belief that when with you have two different people doing the two the jobs, it's better for a company. >> yeah. i mean, i'll just be honest, i view that as a check the box kind of thing. they just automatically say that. a number of companies automatically say that. at the end of the day, the reality is he's delivered clearly for hair -- shareholders over the long term. i don't think it makes any sense to fire him now up off of even one job. liz: are you worried that this may be -- not worried, but this may be charlie munger's last

in-person meeting? >> i am a little concerned. i think if health allows it, he would drag himself here and do it if he could. i just don't know, right? i mean, leaving daily journal, that certainly raises the alarm this might be it. liz: a loss of 999 points, we may go down a thousand. folks, we've got about two minutes left to trade. bill, overall, u.s. dollar has -- except for today -- strong. yeah, now we're down about 1,000, there you go. yeah. is it better just to sit tight at the moment with a portfolio like that? >> i would say other than to look through and say, you know, if you have some companies that you think if we, in fact, get a significant downgrade in the economy might be in trouble -- liz: okay, can i stop you? are you worried about amazon? can we throw up amazon? amazon shares are -- it's getting obliterated. >> i'm not worried about them

making it through a recession. the decision point on them is the cloud business looks very good, the e-commerce business is the issue. they spent a lot of money to expand, they've got some costs. but if you believe that it was a good investment of money as it historically always has been, this is probably a good opportunity in amazon. liz: i'm glad you're bringing that up. down 14, obviously, it got hit, and we're looking at the price at the moment, $2,746, the last time the dow close down 1,000 points was june of 20. it's not this bad, correct? >> i don't think so. i think we have at least a year before any sort of real recession. i think there's enough underlying demand. i just think you've got this, in many cases, mismatch between costs and demand sometimes. so we have some time, i think. liz: good to see you. bill stone, nice to see our old friend here. we are going to be live, of course, here in omaha, nebraska,

all weekend long. follow my tweets on @lizclaman. we're also going to be on tiktok,@red fox liz. we've actually got a couple right now. and, yes, we'll be talking to people about the very difficult market here. here's the closing bell. the nasdaq closes at its worst april in 22 the years. markets close lore for the month. that's going to do it for "the larry: hello, everyone. welcome to "kudlow." i'm larry kudlow. the biden administration has set up the digs information governance board and it will be led by nina jankowicz who has a history of spreading disinformation. she made claims claims about christopher steele's