the truth is that i regard berkshire hathaway sort of like the way a painter regards a painting. being that the canvas is unlimited. so there is no finish line at berkshire. and it is a game that you can continue to play. david: any words of advice that you give to a young investor who would like to emulate you? what would you recommend they do to build something close to what you have done? mr. buffett: i think you should look for the job that you would want to hold if you didn't need a job. you're probably only going to live once. shirley maclaine may differ with that, or a few people, but you do not want to go sleepwalking through life. and you really -- whether you make x or 120% of x, it really isn't remotely as important as to whether in most cases you marry the right person and you also find something that you would do if you did not need the money. i have had that job for, you know, 50 or more years. and i was lucky in that i sort of found early on what turned me on that way, but don't settle for something if you can possibly -- don't worry about making the most money thi

three hours with berkshire hathaways warren buffett live from berkshire's annual meeting, plus charlieger and bill gates will sit in for the 8:00 hour. that's monday at 6:00 a.m. eastern on "squawk box." predictable is one thing you need in retirement to help protect what you've earned and ensure it lasts. introducing brighthouse financial. a new company established by metlife to specialize in annuities & life insurance. talk to your advisor about a brighter financial future. i can't wait for her to have that college experience that i had. the classes, the friends, the independence. and since we planned for it, that student debt is the one experience, i'm glad she'll miss when you have the right financial advisor, life can be brilliant. ameriprise it's been over 100 years since the first stock index was created, as a benchmark for average. yet a lot of people still build portfolios with strategies that just track the benchmarks. but investing isn't about achieving average. it's about achieving goals. and invesco believes doing that today requires the art and expertise of high-convictio

revenue for berkshire hathaway came in above forecas. would have been a gain of 14%, number on the forecast. fact that revenue comes in 65.19, is big increase from this quarter last year. and total shareholder equity, how much value berkshire hathaway has, in hands of its shareholders. 296.3 billion dollars. still coming out with the break down to see why the earnings per share missed by such a wide margin. we know that berkshire hathaway is telling us this has a 27.8 billion stake in wells fargo, that controversial, warren buffett took heat from criticism because of scandal involving the fake card accounts and overall accounts that is something he will be asked about tomorrow, among many other topics, the headlines are streaming across the screen, a lot on get into. david: thank you very much, $250,000, that is not a mistake that how much one share costs. melissa: amazing. >> they were a hundred bucks a share back when. melissa: open season for airlines, kicking parents off flights. getting rid of leg room, there has never been a more u

on monday, warren buffett will be joining us for three hours, live from the annual berkshire hathaway meeting in omaha. berkshire is the largest owner in many of these airlines. also also be joined by charlie munger and bill gates for the 8:00 hour. that is monday at:00 a.m. eastern. >>> in other washington news, president trump says he is considering breaking up the nation's biggest banks. it's a promise he made on the campaign trail but put it on the back burner. major averages slipped and rebounded on the news, while government bonds hit the highs of the day. bank stocks dipped and then rallied with investors taking a win-win view that breaking open

warren buffett is our guest this morning, he's the chairman and ceo of berkshire hathaway, this is his first interview since sitting down he spoke to 40,000 or so berkshire shareholders over the weekend just across the street here. warren, thank you very much for joining us this morning. i've been kind of thinking back, it's been years now since the annual meeting. and the annual meeting has changed over this course of time. what did you think? >> people continue to have fun. it's half mardi gras and half annual meeting when they come, and we see thousands them in the steakhouse last night. a couple hundred there, they're all smiling. you know, there were planes that didn't fly, a few things, but a few inconveniences, but they had fun. and they meet a lot of people that that they saw in the previous year. as a matter of fact, we went to the steakhouse, the directors all went there, the same guy that picked up our check has probably picked up for ten straight years. i'm trying to today -- >> so that you can buy him lunch or that you can show up and get another free lunch? >> everybody i

and giving berkshire hathaway investors something to talk about at the annual meeting this weekend. shares tumbling today after the disclosure. is the friday payroll report that is dominating things today commodities discussion-wise. what about the markets, and they don't -- abigail doolittle? abigail: another day of unchanged trading for the major averages. the s&p 500, if it closes fractionally, the gains it has right now, it would be they at about where the s&p 500 doesn't .2%.a move up or down five remarkable given the macro events we have out there. a better-than-expected payrolls report. perhaps investors are treading water, on hold ahead of the french presidential election. right now we're looking at unchanged markets. this could be a bit of a rebound going into today. copper was down 3%. this is concerning investors. on copper rebound, we have freeport mcmoran trading higher. we are seeing a bit of a pop chemical.e to dow and a bloomberg intelligence analyst told me not so long ago that what this has to do is the fact that court is trading higher on the day by 2% and investo

the berkshire hathaway meeting just finished. foxbusiness is the owner -- only post boardroom meeting. >> give me the headline you just ran out of the meeting. it was a pretty consistent place over time. i guess they rehired me. and i hope that some big news. there was an entire section this weekend in the omaha world herald which you own by the way that was entitled after warren. it is a subject we spent a lot of time on. usually not today that would be the one that we would spend the most time on. you kind of gave a little window you said maybe my successor might take over while i'm still alive. at some point you're not out of there. and i know what that record is but i don't want to break the record. what changed about the succession plan in the meeting today. it just so happens that the present choice as that. there is no reason why a female can do this job. it was a wonderful woman. we should look at berkshire hathaway. down half a% right now. in the wake of earnings it fell short of analysts expectations. it sat at $247,163

. >>> warren buffett is the cho of berkshire hathaway, the world's second richest man, and one of the most successful stock market investors. when i sat down with the oracle of omaha earlier this week i asked what makes the most sense for people right now when it comes to saving for retirement. >> i think it's the same thing that makes most sense frankly all of the time, and that is to consistently buy an s&p 500 low cost index fund. keep buying it through thick and thin, and especially through thin. because the temptations get -- when you see bad headlines in newspapers, maybe to say well maybe i should skip a year or something. just keep buying. american business is going to do fine over time. so you know the investment universe is going to do very well. the dow jones industrial average went from 66 to 11,497 in one century, and since that century has ended, it's more or less doubled again. american business is going to do well. the trick is not to pick the right company, it's to be -- because most people aren't equipped to do that. and plenty of times i make mistakes. the trick is

ibm news, warren buffett telling our becky quick that he sold about a third of berkshire hathaway's sharesn big blue. becky asked buffett if it was based on the revenue decline or its cloud business not growing as fast as expected. here is buffett's response. >> well, it's based on a lot of different types of businesses but the earnings have been obviously disappointing. i mean, five or six years ago i think they were earning 20 plus billion pretax. and maybe it's $13 billion now, i don't think the quality of earnings has improved so it's -- you know, it's been a period when it -- i'm sure that it's been tougher than they thought, than i thought, i don't blame them. i get paid to make my own decisions just like an an apple or something of the sort. sometimes i'm right, sometimes i'm wrong. i think ibm is a big, strong company but they have big, strong drm competitors too. >> some he stays in some names for a long time and some he gets out of quickly. this is not a coca-cola, but not one of the names where he was sort of in and out with relative speed. >> right. when we saw him last, when h

but berkshire hathaway shareholders are long-term thinkers.not too interested in one quarter's results. they want to see what profits can do over the long haul. you have seen how many more chinese it seems every year ago to listen to him. in terms of investment in china and asia, we know about byd. has he found anything more in asia? >> that is a great points. as i landed here at the airport this year, you see a lot more chinese speakers. the interest is definitely there. as you point out, there is not a lot of investment that has been going into china with the exception of byd. when you look at that investment, on the scale of the berkshire balance sheet it is not a lot. there is a lot of interest of their. whether that is translating into action so far, that story is not quite materialized. know how popular warren buffett is in china. is that the big reason why there is so much interest from chinese investors? overace is on a coke can there. e bye agreed to help cok putting his face on the cans. but i think people are attracted to success, w

. >> i've been studying berkshire hathaway way for almost 20 years. he'll be out of this whole position in my opinion. i don't know overnight. he's not that sensitive where he has to be completely out. he's done a swap. it's apple. one of the largest shareholders of apple. he's not a tech investor. not the janice funds of the '90s, so it's rare for him to have a large position. you bet on the wrong horse, now, he thinks he's in the right and by the way, the dividend argument doesn't sway me. on a total return basis, ibm is up 113% from 2009. that includes dividends, the xlk is up 365%. even the s&p is up 311 and if upg about ibm as a long-term investment back to 1999, this stock on a price basis is only up 11%. it's been a terrible stock. you did much better pretty much everywhere else. s&p 500 up 141% since then and that's with 250% crashes. what he said on this show when they reported earnings, it broke below the 200 day moving average. that was your sign that a, there are large sellers here who want out and b, the up trend is over and then the sebl

we're going through not just 3g but other stocks that berkshire hathaway owns.including apple. american airlines, american express, coca-cola, kraft and 3g. ble we're going to talk about the fed and interest rates. at 8:00, when question sit down, a bit of a summit. three of the most intelligent and informed people out there when it comes to issues like health care. when it comes to issues like health care reform. and philanthropy. it is coming up in about eight minutes. guys, you don't want to miss that. >> sounds like an interesting summit, becky. what did warren buffett say -- had that comment about plumbers versus hedge funds -- what was that about? >> well, you know, he's been a longtime believer in the idea that average investors are not going to be getting a good deal from the hedge funds or, frankly, from any fund that's charging a premium for performance. his point is there are only a few number of managers in the worlds 10 to 12 people that he has met in his lifetime that he thinks can beat the averages over a period of time. an you're paying a good bi

berkshire hathaway is holding its shareholder meeting this weekend.iz: people were waiting to hear how the result came out. when it comes to a company that's 50 years old. we are looking at the earnings. they had operating profits down 27%. a lot of that had to do with a big decline anyone investment gains. but his other companies, the surprise was that burlington northern, his big railway did very well. it helped propel the earnings a lot higher. so this was one of his big operations. you can see the toy trains bring in gigantic money when they are real trains. there was a cyclone in australia, but revenue still beat overall for berkshire. $65 billion in revenue the estimate. 's a lot of money. liz: you have got big interviews coming up monday, what's going on. reporter: it's great to be with the richest men and the richest minds on the planet. bill gates is on the board, he's on microsoft. those three, we'll talk about everything from the economy to what's going on politically. warren buffet supported hillary clinton, but since donald trump won his

liz claman sitting down with the men behind berkshire hathaway, what warren buffett and bill gates told about president trump and the economy. that's coming up next. ♪ online u.s. equity trades... ♪ ...you realize the smartest investing idea, isn't just what you invest in, but who you invest with. ♪ listen up, heart disease.) you too, unnecessary er visits. and hey, unmanaged depression, don't get too comfortable. we're talking to you, cost inefficiencies and data without insights. and fragmented care- stop getting in the way of patient recovery and pay attention. every single one of you is on our list. for those who won't rest until the world is healthier, neither will we. optum. how well gets done. . david: we are still monitoring these hearings on capitol hill. nator trick leahy from vermont is doing the questioning right now. that, of course, is sally yates, former acting attorney general, james clapper is on as well with her, the fermer head of intelligence for the united states. there is senator leahy. clapper denying he leaked any classified information to the media. sally yates

. ♪ emily: ahead of its annual shareholder meeting, berkshire hathaway's ceo announced he would be -- warren buffett announced he would be tricking his influence. one point trading at its lowest level since november. for more i bring in cory johnson in new york. what is your read on this? cory: the fundamentals of ibm are not the kind he likes. he is not afraid to step into a business to turn around and make progress. if you look at ibm's progress -- his first purchase was of a lower-level. he bought a lot of stock when it was at its all-time highs in 2012 and 2013. it has been a money losing position for warren buffett, a difficult one. the corporate results reflect a business that is contracting, not growing, which is what buffett wants. emily: how much has he lost? cory: we do not know what he has paid for the stake itself. fundamentally, it is a reflection of ibm's business. if you look at the sales figures, they have been drinking every year. they wanted to grow the bottom line. but if you look at the even audit growth, there is not been any. it has been falling 5%, 7%, 11%. it i

the berkshire hathaway annual shareholder meeting will be selling lots of coca-cola with the bottles.e first. the meeting kicks off friday in omaha. you i will head straight there after the show thursday. it will take over the entire city three straight days. i have live updates about anything said about united, coca-cola, wells fargo and more throughout my entire "weekend with warren." you can follow me on twitter. live tweeting @lizclaman. we're 84,000 followers right now. austin, you were with me back when we had 30,000. >> yes. 5000 i think. liz: he is not impressed at moment. he wants to see 100,000. >> more claim. liz: help impress austin, my floor director, get to the 100,000 mark. follow lee @lizclaman. tell your friends and family. exclusive material is on lizclaman.com. friday live from omaha, my one-on-one interview with nebraska governor pete ricketts. oh, look at that stamp. a little custom liz stamp. charlie monger, you warren buffett and bill gates sit down with my, richest minds on the president trump, economy, health care, investments. all the ideas on the table. don'

i got to see it at the berkshire hathaway shareholder.t could double its gains over the next year and a half, even if warren buffett steps down. is the president gaining some political momentum during his trip? here to talk about it horizon investment chief global strategist and democratic political analyst cathy. gregg, when he left his approval ratings were not great. but something tells us that they will be better upon the return because he so far is looking very presidential, he's fair, going both to the palestinians and the israelis and to the pope. what do you think is going to happen? >> well, the big thing is that nobody is talking much about russia, and i think we have several days until that cools down. we get comey testifying in another week or so, liz. but i think for now a little hiatus on russia helps him as well. liz: kathy, there's a deal that has been struck, and that is certainly good news for u.s. companies. but what jumps out at you from this trip? >> well, he has been presidential, and we haven't been hearing much abo

and what he was really trying to say, you know, berkshire hathaway's named after two textile companiesway from massachusetts. he understands road kill better than anybody else and his point was you have to educate people for the new opportunities that come along. you can't stop what runs in front of the truck on the road. just have to adjust and people have to change. people have to learn. a lot going on. >> it's happening in retail. as we speak. >> sure is. >> thank you. good to check in with you. rick helfenbein from the american apparel and footwear association. >> let's get a news update with sue herera. >> good morning. defense secretary jim mattis enrived in copenhagen and he said that the u.s. will look at russia's plan to create several safe zones in syria. >> we have to look at it -- the devil is always in the details, right? so we have to look at the details to see if we can work them out. see if we think they'll be effective. can we actually execute them? >> pyongyang university releasing a statement on the recent detention of an american citizen saying the arrest of kim hak

and giving berkshire hathaway investors something to talk about at the annual meeting this

that's pretty shocking because berkshire hathaway was the largest shareholder and shares of ibm thattrolled about 9% of the shares outstanding. buffett told us they went from 81 million shares down by 25 million. they still hold more than 50 million shares, which means there is still a major shareholder. the news is coming out next week, his hand would have been forced with an s.e.c. filing of 13-f filing that was going to be coming out. he told us about it now because he didn't think he could go through the shareholder meeting and not be forth right with telling people what was going on. you see where the stock got above $180, that's when he started selling shares. he says at this point he has stopped selling shares, the stock is back below $160, got there after the earnings came out and disappointed investors last week. so he stopped selling at that point. says he wouldn't be selling additional shares at these levels and says that in fact shares continue to go down, he might actually buy more shares. but take a listen to what he said about why he sold those shares. >> it has been a

warren buffett's berkshire hathaway is seeking federal reserve permission to own as much as 25% of americanxpress. and amex representative says berkshire is not buying additional shares but is applying to retain the stock. ofhas been growing because amex stock repurchases. it sought approval for $4 billion worth of shares this year an additional $1.7 billion this year. shares of the largest duty-free retailer jumped today after a makerluxury goods bought a 5% stake. betting in changes of technology allow people more travel time. ducati is attracting private interest from private equity firms as owner volkswagen considers a sale. that is according to people familiar with the matter. ducati could be valued at more than a billion dollars. a sales process could kickoff in the next few weeks. cory johnson sat down with and the virgin sports ceo at an event in san francisco. branson said he may get back into the u.s. airline business months after alaska airlines said it would dump the virgin america brand. branson has tussled recently with alaska about how long they will pay royalties to use the

she was there for the berkshire hathaway annual meeting.e of the richest minds, warren buffett, bill gates, charlie monger on the show. she talked to brooks running ceo. and informed us that mr. buffett still, god bless him, uses a flip phone. come on. watch all the exclusive video clips and interviews on lizclaman.com, check that out. lizclaman.com. closing bell, seven or eight minutes away now as we continue. the dow is down 51. looks like we're kind of settled into that range. we'll track it here for the last few minutes of trading. "guardians of the galaxy" 2 meantime, second film, that marvel franchise, debuted last weekend at number one. raking in $145 million. will movie magic prevail over the some of the problems at espn. layoffs and cord cutting, what you need to know ahead of disney's second quarter report coming out after the bell. details what to expect here on "countdown." when they thought they should westart saving for retirement.le then we asked some older people when they actually did start saving. this gap between when we

berkshire hathaway and cbs. congress could vote on healthcare as early as next week. monday puerto rico faces a deadline to restructure $70 billion worth of debt. bankruptcy is looking like a possibility there. coming up next week, the must-see interview with the ceo of nasdaq. don't miss ""mornings with maria"" where my special guest will be treasury secretary stephen mnuchin. i'll be live from the conference in los angeles. first, bob massey fit show, property bob massey fit show, property for 35 years i've been practicing on living in las vegas. ground zero for the american real estate crisis. it wasn't just i guess i was at heart, lives were destroyed from coast-to-coast. as the economy tanks, now, it's a different story. the american dream is back. and nowhere is that more clear than the grand canyon state of arizona. so i had up from the strip to the desert to show you how to explore the new landscape and live the american dream. i will help real people who are facing major problems explain the bold plans that are changing

the berkshire hathaway annual meeting said he avoided tech stocks because he didn't know how they madeey. he passed on amazon as well. >>> now, nbc bay area's microclimate weather certified most accurate in the bay area. >> the most accurate weather station in the bay area. this is a big accomplishment. one we're proud of. especially coming off the wet winter we just had. the scientists found our microclimate weather team has the most accurate information when it comes to rain, wind, thunderstorms, fog, even predicting accurate high and low temperatures. that's critical around here in the bay area to get that information and make sure that it's right. >> he was predicting it all in the same week. >> that's right. >> tonight we've got waves, strong winds at time, and maybe wet weather in the hills in the east bay and south bay. the waves made for a gorgeous sunset view. look at that view from pacifica. you can see the sun setting there. big waves in the foreground. it was a blustery evening on the coast. this picture from this evening. bone-chilling wind, it was worth it, but the waves

scarlet: berkshire hathaway 2163.ed first -- if you look at the range of estimates, berkshire's first-quartere lowest estimates. in terms of net income, i am looking for the business lines. earnings did increase. underwriting revenue operating -$263 million. shares not moving a lot in after-hours trading, off 2/10 of 1%. the shareholders meeting is this weekend. likely facett will questions about his stakes and airlines and wells fargo and ibm. investors will vote on resolutions he opposed, including such are halfway disclosing political donations and holdings in companies that produce fossil fuels. joe: always love hearing the folksy wisdom out of omaha. julia: we look for quotable moments. scarlet: a professor of economics at uc berkeley, we get his thoughts on the house's obamacare repeal bill. this is bloomberg. ♪ joe: "what'd you miss?" house republicans finally got what they wanted for seven successful vote on the repeal of the affordable care act. how big of a win was as for the trump administration, and what will come next? i want to bring in brad delong, professor of economics at uc

so the top ten we're going to look at, it's berkshire hathaway is number one.l 500 command $21 trillion in market value. that's about a third of the gdp of the entire planet. berkshire hathaway, apple, jpmorgan chase, three. wells fargo, four, bank of america, five. exxonmobil, ge, walmart and microsoft round out the top ten. it should be pointed out that berkshire hathaway has invested in four of the other top players in the top ten. stuart: i'm still waiting to see what apple does with its quarter trillion in cash. >> berkshire hathaway's kind of a fund of a fund then. >> a hedge fund, yeah. stuart: they got bad names back in the 1970s. >> yes, i do. i remember that well. stuart: bernie cornfeld. >> a brit. stuart: thank you very much. [laughter] i am an american. okay? check that wig -- that big board, down four as we speak. however, the real action is in the nasdaq, home of all those tech stocks, earlier it hit an all-time record high. five of the big names that we watch most frequently are at all-time highs, never been higher. we will be back. ♪ ♪ time's u

ibm lower on warren buffett cutting his stake through berkshire hathaway. bernstein's saying the shares should not be bought on weakness. downly, goldman sachs 0.66%. to talk about apple again for a moment and as it relates to the s&p 500 more so, right now, thus far, we have seen apple rally in along with the s&p 500 -- rallying along with the s&p 500. this has been supportive for the s&p. on the bottom, we have the correlation. we are really seeing a lot of the time, a majority of the time, the two moving in tandem. if apple does continue to rally, that would not be bad news for u.s. stocks. headlinese to monitor out of the stone investment conference. the howard hughes corporation up by -- up after bill ackman reiterated the support for the company. he has held shares for six years and is the largest shareholder for howard hughes, a real estate company. this is not a new position for him. we will keep monitoring those headlines to see if there are any other stock or market-moving news coming out of it. scarlet: good stuff. thank you so much. investors ne

and we're going to show you the book i'm reading that seven people at berkshire hathaway shareholderg said you have to read this book. >> president trump lecturing european leaders paying their fair share. we have the former ambassador to canada. he is standing by live to tell us what things he may demand from the world's economic powerhouses and what they should demand. more "countdown" on the way. ♪ ♪ predictable. the comfort in knowing where things are headed. because as we live longer... and markets continue to rise and fall... predictable is one thing you need in retirement to help protect what you've earned and ensure it lasts. introducing brighthouse financial. a new company established by metlife to specialize in annuities & life insurance. talk to your advisor about a brighter financial future. liz: president trump in the air right now en route to sicily. but when he lancz, still not -- lands, still not going to be sort of pussyfooting, i use that term, that is what people expected at the nato meeting, and he wasn't going to do that. he would simply call it like he saw it. n

his vice chair munger best friend 55 years, and bill gates board member of berkshire hathaway know going to senate maria we are going to ask them what they think about that, by the way, charlie munger sat on boards of hospitals a way of looking at things 30,000 feet we are going to ask with from what you can tell of house plan are preexisting conditions covered we will talk to warren about tax plan as well much, much more -- 3:00 pm eastern. >> there for big interviews thanks so much enjoy rest of your time from omaha final thoughts from this all-star panel next. ♪ all right, all right ♪ ... ♪ >> welcome back, what a great show today. final thoughts, all-star panel, lee carter. >> i was so excited for the time we spent with the congresswoman. i was glad to hear they were trying to get americans better health care, what that means and how this is playing out in the bill. maria: that's important and i think you gave them a couple of tips, it sounded like. >> in terms of messaging, i will say what i was staying in the break, and i was listening to the pod cast and guy ritchie bro

and one stock the chairman and ceo of berkshire hathaway has mentioned is apple. shares of apple reached a market cap of $800 billion in trading. making the world's most valuable publicly traded company worth even more. becky quick interviewed mr. buffett this morning following his company's annual meeting this weekend in omaha. >> there's a lot warren buffett says he doesn't know. he doesn't know where it will close a year from now and where interest rates are headed. but there's one thing he's certain about, and that is that stocks are a better investment than bonds. >> i would say anybody that prefers bonds to stocks is making a big mistake. i've been saying that year after year after yea now, i won't say that under all circumstances. but it is ridiculous, in my view, for somebody to buy 30-year bond, and some countries 50-year bonds and so on at these rates. in preference to buying stocks. stocks will bounce around a lot more, and they can go down 50%, but a 30-year bond can go down 50%, too, at these rates. bonds are a terrible choice against stocks. >> he al

i believe even within his berkshire hathaway operation he's built up a huge cash hoard. >> so if you need a decent return, not stellar but a decent return, and you want to stay within the bond universe, what would you recommend? >> well, we think a number of areas are attractive. if you are concerned about the fed raising rates, which we do think will happen this year, at least once, probably twice, then floating rates, securities, whether they be government or corporate oriented, are very attractive. many of them are priced against libor, so they'll move if rates move up in the short end of the yield curve. inflation protected securities are appropriate. even in spite of tax reform, we think if you're a high income tax bracket investor, we beli. e >> i'll believe in tax reform when i see it, but be that as it may. people talk about bond as a way to hedge against rising interest rates. can you get them in mutual funds or etfs? >> you can get them in both of those varieties , also as individual corporate bonds. a lot of banks, for example, actually issue floating rate debt. so whether

berkshire hathaway chairman warren buffett sold a third of his stake, saying simply ibm hasn't performed the way he expected when he started buying shares six years ago. in an interview with becky quick, he further explained his decision. >> the earnings have been obviously disappointing. i mean, five or six years ago, i think they were earning 20 plus billion pretax. maybe it's 13 billion now. and i don't think the quality of earnings has improved. you know, it's been a period when i'm sure that it's been tougher than they thought and tougher than i thought. but i was wrong. ibm is a big, strong company, but they've got big, strong exerts too. >> at the end of 2016, mr. buffett owned 81 million shares of big blue, making him ibm's single biggest shares holder. he started cutting his stake in the first and second quarters of this year and has since stopped selling but still owns more than 50 million shares. in trading today, ibm fell 2.5% to just about $155 a share. buffett purchased shares of ibm at an average price of roughly $170. >>> so if mr. buffett is selling some of his ibm share

we'll watch it, berkshire hathaway earnings are coming out after the bell, liz is there for the meetingat about the earnings? >> we'll be here covering those earnings and watching ople's reactio massive amount of revenue. it is supposed to be up 17% year-over-year. we're watching every company, they will break down at least some of this here including the huge portion of heinz that he owns, a big catsup and mustard selling here. and they are selling these, jell-o bowl, which warren buffett specifically asked for, 3:00 p.m. eastern fox business monday, big interview, richest minds warren buffett, and charlie munger, his wife. and bill gates. cofounder of microsoft will be here with us, fox, 3:00 p.m. eastern, set your dvr now. and the shareholder meeting on tomorrow, the biggest on the planet, 38,000 plus people, not to mention all that is selling right now, connel, back to you, live from omaha. >> a lot of eating going on there. we're going here from last few minutes of trading week, talk to our closers. we have with us ward mccarty and ron weiner. we start with you, idea that hovering

the results of berkshire hathaway reduce the date —— announced the day before its annual shareholderracle of 0maha's company will cost you about $249,5a0. there you go. joining us is maike currie, investment director for personal investing at fidelity international. afamiliar a familiarface, a familiar face, good a familiarface, good to have a familiar face, good to have the withers. the black stuff, oil, around $47 a barrel. —— good to have you with us. google will fundamentally is a case of supply and demand. as soon as 0pec brings in production cuts, the us shale producers romper production and there are always the other prejudices, russia. they are producing at record levels. 0ndemand, a year ago we saw the oil price languishing in the first quarter of 2016 at around $30 a barrel, there was global growth slowing, concerns around china, lots of that has disappeared so it is co nsta ntly of that has disappeared so it is constantly the of that has disappeared so it is co nsta ntly the bala nce of that has disappeared so it is constantly the balance between demand and supply. we had

on monday, warren buffett will be joining us for three hours, live from the annual berkshire hathaway meeting in omaha. berkshire is the largest owner in many of these airlines. also also be joined by charlie munger and bill gates for the 8:00 hour. that is monday at:00 a.m. eastern. >>> in other washington news, president trump says he is considering breaking up the nation's biggest banks. it's a promise he made on the campaign trail but put it on the back burner. major averages slipped and rebounded on the news, while government bonds hit the highs of the day. bank stocks dipped and then rallied with investors taking a win-win view that breaking open the banks would offer smaller firms opportunities. when that headline crossed, you saw the immediate reaction t lost a half percent on the s&p financials. >> but time stopped within the corner offices of wall street at the same time. the algos did this, but within big wall street, there was a freak out moment. >> until they went back and looked at it and realized this is not something he was intending to roll out or talk about. we heard

i just came from the berkshire hathaway shareholder meeting. shire is wells fargo's largest shareholder. what warren buffett said, he understands the first mistake. it is the second mistake that the second the ceo finds out this is happening, there was no discovery. heather bresch was one that drove much of this, then you fix it. especially if you have a pr maelstrom going on here. what do we need in the health care plan that the house just passed, that the senate may change would maybe keep this kind of thing in check? >> first of all i don't think it was mistake on the part of mylan. this was very intentional to jack up price of these drugs on kids. when it comes to companies like this one monopoly in place. barriers to entry are very high. companies trying to bring auto-injectors on the market, was restricted mylan filed lawsuits for patent infringement. everybody day they were able to delay another company coming on the market they earned an extra $3 million. they used the legal courts to try to prevent and block competition. so i think, if

this is specifically for berkshire hathaway. know how i was talking about what is happening in terms of technology versus financials? the graybar, financials, is down 1.8% of the first quarter. but on the flipside, look at the orange. technology up 5%, and we have been talking about how apple was one of the big pushes. 72 million shares is what berkshire hathaway's put in. we are looking at serious holdings. -- switching over, the greatest financial three technology is orange. we are seeing this give and take. forthomas a cold and -- another holdings, financial down during technology up 5.5%. the biggest push is gilead atrip, andse snapple. anchor: coming up, protecting against cyber attacks. we will get some advice from mcafee. this is bloomberg. ♪ betty: this is daybreak asia. i'm betty liu in new york. shery: i am shery ahn in hong kong. a quick check of the latest business flash headlines. top analystsy's revised the projections of how much cash they will burn through as more prosperous rivals encroach on his business. adam

stockpiling show that share -- berkshire hathaway spent a first quarter fine-tuning investments in airlineantac, pulling back from 21st century fox. holdings in american airlines and southwest increased. warren buffett previously disclosed any boosted bets on apple as he pulled back from ibm. aoomberg is being told that hong kong billionaire is exploring options for a phone business, including of potential sales. sources say hutchison global communications is gauging interest from a range of potential buyers. they offer customers access to the fiber-optic network. it could fetch $1 billion u.s. market.'s get back to the asian markets on an oil high tracking record gains in the u.s. open. i want to bring in the head of multi-assets at baring. great to see you. i'm a little speechless when i talk about these markets. it feels like there's a sense of fragility and a sense you could get a correction or the next ratcheting up higher. you say any kind of correction we get at this point is going to be shallow, and investors will be looking for these. >> yes, we do. i think about the middle part o

berkshire hathaway continuing to fall in the wake of its earnings report late friday and is shareholdereeting over the weekend, at which warren buffett talked about failing to pounce on tech stocks. both at confirming he sold a third of his stake in ibm. bernstein this morning saying don't buy ibm on weakness. he says the success of the company's turnaround effort is uncertain. we have a lot of m&a activity. forlair buying tree been $3.9 billion, tribune trading higher by 6%. coach agreeing to buy kate spade for $2.4 billion, lower than some of the highest estimates for that deal, but shares popping 8%. straight path communications, a bidding war between at&t and ve rizon, now trying to outbid that company. amon, elliott management closing a stake in the company, so popping as well. vonnie: thank you for that. attempting ton heal divisions after his victory over marine le pen. i would like to say a few words to those who voted for madame le pen today, don't doo them -- boo them. they have expressed their anger and belief and i respect those as well, but i would do everything i can in th

cap in the world, and look at amazon, the fourth-largest at about $480, phabet ando have al berkshire hathawaythose are the largest market cab comanies there. emily? you, abigail doolittle, for that report. by a guestjoined from seattle. what is your take in this? it is a big milestone, and arbitrary one but one that people still get excited about, and they are up about 41% so far this year, about triple the pace of the s&p 500, so it is definitely a standout stock, and categories, big like apparel and groceries, that investors are hoping they will be successful there, like they have been in books and electronics, and then the other business line that is exciting investors is the cloud. this is another thing where they position, and those two things have investors excited. emily: i wonder, is it any one that is the whole driving this, whether it is cloud for prime or investment in brick and mortar or the fact that amazon has all of these that's placed in so many lines placedall of these bets in so many lines of business? >> they are pruners. cant shows promise, they put a lot behind it, or if

nicole: around liz claman sitting down with work shy or hathaway sitting down with berkshire hathaway's -- warren buffett, telling us they think should be the top priority of the president of the united states. >> the most important job is to protect us from weapons of mass destruction. they are the most important person in the world, put the emphasis on that. nicole: charlie munger simulates president trumps david on china. >> i am a great admirer of the trump change of mind about china and making an ally of china instead of screaming about their trade. the big admirer of trump when he changes his mind and i think he'll do a lot more of it. that's a good thing. nicole: bill gates also brookshire member says the u.s. must continue to look down the road. >> we've got to invest in the future with its research to make sure pandemics.com to get get us in helping other countries. nicole: gait sagging u.s. economy in the u.s. are about doing well. lauren: let's get caught up in global market action overnight. stocks ended the day in a shed. you can see the shanghai composite in china up sligh

the stock rose and berkshire hathaway's boss became one of the top shareholders.of the biggest makers of lubricants and flame retardants. yvonne: a pharmacy interested in buying the body shop that has without up for l'oreal price tag of more than $1 billion. they have been invited for a second round. inreal not the body shop 2006 -- bought the body shop in 2006. pretty slow going, the nikkei 225 flat. down a 7.5 points on the board. we saw a tighter labor market and unemployment still at 2.8%. household spending was another side of the miss. retail sales were on a beat. about into the kospi, up 0.2%. seeing weakness and flatness and australia here today. betty: india's prime minister says his tour of europe -- could this signal a pivot? this is bloomberg. ♪ innne: it is eight: 30 singapore, half an hour away from the opening of trading there. going, noady slow lead in coming out of the u.s. as well as the u.k. markets. the china and taiwan markets coming online today. hong kong closed for the dragon festival. we will see how things go. but i think pretty boring is

then facebook and berkshire hathaway. those of the world's largest market cap companies there.ly: thank you, abigail doolittle, for that report. sticking with amazon's share price bill and we're joined by a guest to that covers the company in seattle. what is your take in this? >> it is a big milestone, an arbitrary one but one that people still get excited about, the main thing is that they are up 41% so far this year. about triple the pace of the s&p 500. it is definitely a standout stock. it is a push into new, very big categories like apparel and grocery, that investors are hopeful they will be able to be as successful there as they have been in books and electronics. and then the other business line that is exciting investors is the cloud. this is another thing where they -- amazon has a dominant position and a lot of tailwind behind it. and those two things have investors excited. emily: i wonder, is it any one piece of the whole that is driving this more than any other -- whether it is cloud for prime or investment in brick and mortar or the fact that amazon has all of t

up by 7% as berkshire hathaway top one of the company's six shareholders.rming itself into one of the leading makers of lubricants and flame retardants. a chinese pharmacy is interested in buying the body shop, which has been put up by l'oreal. the brazilian cosmetics firm and private equity bidders are said to be among those invited for a second round. l'oreal bought the body shop from an entrepreneur in 2006. betty: the australian council is calling on companies to do more to diversify gender on board. they will vote against the reelection of the incumbent director starting with the chairman of asx 200 companies which have no women on their boards. joining us from melbourne is louise davison, australian council. thank you so much for joining us here. on thisou had been campaign, so to speak, to expand diversity, and it has been changing, albeit slowly. tacticsow switch the and start saying you will be voting with your shares on this? >> we started this process eight years ago, and we were talking to companies -- we have been talking to companies for long

general electric is falling today. 4.6%puts the down tally of and berkshire hathaway.right spot of the week has been mostly technology. the nasdaq is continuing to make consistent records thus far this week. even though it is only up about .25 percent this week. apple is trading at a record as well. is moving up 22% and amazon is also continuing to strengthen. as we see the strengthen and technology, we have been talking about evaluations with tech stocks. looking at evaluations in the s&p 500 and comparing it to the tech bubble. that is when we saw a huge run-up in the tech about relations -- tech devalue asia valuations. on the historical bases they are on above the average, but, nonetheless, not as lofty as they were back then. even as we see apple and other large capital peers at records as well. thank you for bringing us up-to-date. andn: up next, roger stone what he has to say about the fallout and firing of james comey. this is bloomberg. ♪ vonnie: you're watching bloomberg markets, the white house press briefing is underway and sean spicer has taken the podium.

that question certainly resonated through the berkshire hathaway meeting today.n gave you one way to look at stocks, the traditional measure versus bonds, he found bonds pal try. even though the market may value a company's stock at what seems like a high price, that stock may still be cheap to a company that wants the whole business. today we got not one but two examples that confirm the negotiation that stocks could be cheaper than we think. sin claire's billion dollar purchase and these deals were rumors, 6.4%, and 8% respectively. but tribune stock had run from $29 to $49. more important, from the point of view of the overall market valuation, sinclaire stock jumped on the news, even though it pulled back and ended up slightly in the red. why did they go up so much at least at first? sinclaire took advantage of the recent decision to relax the concentration rules. this is a classic example of how important agency deregulation from the presidency on down. president trump's people simply don't fear increases in -- tribune media gives sinclaire tremendous reach

buffett and five hours answering questions through shareholders, journalists and analysts at berkshire hathaway'sd meeting in omaha, nebraska over the weekend. liz claman miscarriages at the meeting highlights an investor reaction. >> hey, guys. greetings from omaha, nebraska where the throngs of shareholders had mostly left town but that is the chairman and ceo warren buffett made still making waves. the world's largest shareholder meeting picked up saturday. 35,000 as the truth that lies above the companies. he held up the limited edition fruit of the loom boxer shorts but this out and then shot and stabbed by the model train set but the real railroad coupons, burlington northern that he thought back in 2009. buffett said the shipments on the railroad have been proved that only because natural gas is slightly higher than $2 per unit. as soon as it goes to $2 or below, watch out. coal will be coming down. considering he has a lot of retail can the fruit of the loom, buffett told us the proposed border adjustment tax is not something he supports. >> you won't be a companies in the end they get hu

berkshire hathaway ceo warren buffett still very much in charge of the company he took control of inotes of the companies on meeting. one of the proposals would have required the company to sell stock investment linked to fossil fuels. buffett and the board of directors opposed the proposal saying it could hurt the company's investment returns. and 143rd running of the kentucky derby. the three year old colt covered a mile and one fourth in just under two minutes and four seconds. he was out of the starting date been taking the lead at the fourth turn and finish line. always dreaming is the fifth consecutive favorite to win one for the road. i am anita vogel. for all of your news log onto ♪ ♪ www.foxnews.com. ♪ [music] >> much has been made about the president's first 100 days in office but to be fair, let's look at the democrats first 100 days. that is the subject of tonight waters words. the democrats have spent the last five months question a theory. that went up in smoke when they put up something syria. listen to what dianne feinstein said. >> you have evidence of their was in f