buffett's annual letter straight ahead. it's monday, february 24th, 2025.w. >> good morning everybody. >> welcome to squawk box right. >> here on cnbc. >> we're live from. >> the nasdaq. >> market site in times square. >> i'm becky. >> quick along with. >> joe kernan and. >> andrew ross sorkin. >> happy monday everybody. here we go again. >> with the. >> wild threesome. >> we are. >> back and. >> we're back together. >> yeah. let's take a look. >> at the us. >> equity futures. >> at this hour. you saw on friday the worst

in warren buffett's mouth but warren buffett is clearly poised and ready and preparing for a moment when and if there is a correction. you are too, what would you buy what is on your shopping list right now. >> we still think the cyclical volume are not giving up on tech so we like a barbell as we head into the back half of this year you may not have the same growth that you are expecting out of the mag seven that's why think you're going to see the broader tech spectrum catch-up it's looking at the broad equally awaited cues that the better way to take a stance on the tech backdrop but at the same time things like financials you get to see the deregulation of the big boom as well as the discretionary still working you're going to get slowing on the jobsite but i don't think it's enough to crater, discretionary will be as well on that. >> i bring you back to warren buffett he is buying stocks he is buying stocks he bought constellation which is stars it is a consumer company. it is liquor and drinks. he bought domino's pizza and he bought pool corporation which is pool equipment. he

we should just put buffett's head on scrooge mcduck. that said, are you reading anything into the overall economy by what warren buffett may or may not be doing? or is he literally his own thing? >> i do. >> sense that there is a little bit of a wait and see in the general public. we're hearing from a lot of clients that we talked to across a multitude of sectors, that there's so much uncertainty right now as to the direction of trade, policy, regulation, immigration, even the fed's next move, that there's a little bit still of that wait and see approach until there is more clarity. businesses still want to drive growth, but they're going to be focusing on the assets that have the greatest return on investment in that type of environment, where interest rates remain quite high. and let's be honest, the fed now is very much in reactionary mode. it's essentially adopted this hawkish conditionality where it's not going to be easing rates rapidly because it wants to see sustained progress on inflation. so we're likely to be in this higher i

warren buffett's annual letter to berkshire hathaway shareholders was out over the weekend. always makes for great reading. the big headline is the firm sitting on a record cash pile of over $334 billion. but buffett assured investors his love for buying stocks hasn't changed. and it won't change, he wrote, in a reference to the fact that there's high stock market valuations right now. quote, often nothing looks compelling. very infrequently, we find ourselves knee deep in opportunities. joining me to discuss is longtime berkshire shareholder bill stone. he's cio of the glenview trust company. bill, do you take it as a bearish sign or. i mean, look, warren buffett talks about it could take us a year to build a position in companies. sometimes there's just not they can't be that nimble. >> yeah. i don't. >> know. >> if it's. >> necessarily bearish. >> i think it is. >> to your point. >> when you read off that quote. it's you know, clearly not enough looks compelling to him at this very moment. you kn

[laughter] you have spent so much time with warren buffett.letter. >> i still have bite marks from if being in that scrum where the press just surrounds him at his annual shareholder meeting. even if you don't agree with some of warren buffett's theories on what what -- whatever it may be, politics, taxes -- yeah, look at this. he's got security, all kinds of media. even if you disagree with him on that, he is at least honest in that he talks, as you pointed out so rightly, charles, mistakes. in fact, he said from 2018-2023 he used the term we made mistakes, 16 different times. charles, i read through this saw 15-page shareholder letter that just came out on saturday is. i counted, and and i'm not even specific here, seven times he used the term mistake. he says that this is why he reads other companies' annual shareholder letters from the last page to the front, he says because today bury the bad stuff in there. warren puts it right up front. what is he like? he has very sharp elbows. he does have that folksy, you know, nebraska thing about h

warren buffett, his foundé ease as now alongside philanthropist warren buffett, his foundé ease withonts approaching the north west of scotland, blustery here, but across south—east england, east anglia, a touch of frost through the night. possibly some rather large waves overtopping at times. brightness across eastern scotland, a nice slice of sunshine developing for wales, up through northern east anglia and south—east england, so the weather fronts eastwards, introducing some outbreaks of rain, some of our temperatures will even be in double figures. and eastwards, introducing chillierfeeling air behind it we'll to see a few w showers we'll start to see a few wintry showers over higher ground but conditions up nicely they l’ngynnl ' " ' l’ngynnl lg; ' " ' l’ngynnl is an; here, they will be some sunshine, staying rather grey but staying mild for south—east england, this the colder air england, this is the colder air behind the cold front which will be clearing away as we had three tuesday night and into . we see three tuesday night and into w we see pressure wednesday. we see high

liz: exactly and warren buffett says and shareholder letter comes out tomorrow. going on in his mind because he's been a seller of stocks waiting to have that dry powder. so it'll be very interesting to see we get the pce and any predictions? >> yes, i think the month to month numbers for both headline and core will be higher but the year over year numbers will be lower and find that downward trend continues. liz: sam stovall, always nice to see you. week to date numbers and everybody is in the red. rough day today. but we'll be right back here on monday to do it all again. that's it for us. kudlow is next. larry: hello, folks. welcome to kudlow. i'm larry kudlow. stocks are swooning and charles payne's going to help us out in

david: have you ever met warren buffett? nicolai: no. david: no interest?ai: i would love to meet him, but -- david: he has not called you for ideas? nicolai: i have not met him -- well, i met him briefly. david: is there one person who is a role model for you? if it is not warren buffett, maybe it is even though you haven't met him, is there anyone that you would say that you have a role model in the investment area? nicolai: i think it's difficult not to mention bill gates as a role model if you are a philanthropist. you make a lot of money, and then you are very organized and structured in the way that you give it away. i think that's really impressive. ♪ haslinda: this is nita ambani, the powerful matriarch of asia's richest family. she is a key player in one of corporate india's biggest conglomerates, reliance

david: have you ever met warren buffett? nicolai: no. david: no interest in meeting him for advice?ai: i would love to meet him, but -- david: he has not called you for ideas? nicolai: i have not met him -- well, i met him briefly. david: is there one person who is a role model for you? if it is not warren buffett, maybe it is even though you haven't met him, is there anyone that you would say that you have a role model in the investment area? nicolai: i think it's difficult to not mention bill gates as a role model if you are a philanthropist. because you make a lot of money, and then you are very organized and structured in the way that you give it away. i think that's really impressive. ♪ the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways.

and, you know, of course warren buffett feels the same way.t's always a positive. >> i mean, it doesn't hurt when warren buffett backs you up. i want to talk to you about the climate in the market. that was your word of the day. climate. right now, we're seeing at least year to date where the s&p equal weight and the s&p they're trading very close together. it kind of signals a broadening in the market. as we look at that broadening. are there certain areas of the market that you're excited about. potentially going forward. and especially after these fed. minutes where i think. >> it was really. >> a hawkish tone. >> all fomc members not a. >> surprise. >> but all voting. >> for a pause. so a lot less clarity about when cuts could be coming. >> yeah there's so much going on here. you know what's interesting is the equal weight s&p. the rsp etf is matching the s&p 500 year to date. this time last year if you looked at it this time last year the s&p 500 was outperforming the equal weight fivefold. so it was up 5% versus 1%. so we're kind of look

buffett's annual letter straight ahead. it's monday, february 24th, 2025. squawk box begins right now. >> good morning everybody. >> welcome to squawk box right. >> here on cnbc. >> we're live from. >> the nasdaq. >> market site in times square. >> i'm becky. >> quick along with. >> joe kernan and. >> andrew ross sorkin. >> happy monday everybody. here we go again. >> with the. >> wild threesome. >> we are. >> back and. >> we're back together. >> yeah. let's take a look. >> at the us. >> equity futures. >> at this hour. you saw on friday the worst performance. >> for the averages. >> all year. >> this morning there. >> is quite a bit of bounce back. >> the dow. >> futures indicated up. >> by almost 300 points. >> nasdaq futures. >> up by 80. the s&p up. by close to 30 points. >> and guys it's been. >> 35 sessions. >> in a row. >> since you have seen the s&p. >> 500 drop by more than 1% for more than one session in a row. just this theory that as soon as things sell. >> off. everybody jumps right. >> back in. >> to buy things up. >> i think there was. >> one

taking a page out of the buffett playbook. tweet me if you think you can guess it. the stock sell off more broadly is gaining steam. the dow down more than 700 points the ten year around 4.42. the exchange is back with more after this. >> tech check is sponsored by comcast business. powering possibilities. >> individually. each of us is great. but from here you can see we're one big team. at atlassian, we believe real progress takes all of us working together on new sources of energy. cars that drive to the future, even pizza deliveries. together we can go beyond where we've ever been. collaborating from anywhere on everything. from anywhere on everything. atlassian your shipping manager left to "find themself." leaving you lost. you need to hire. i need indeed. indeed you do. sponsored jobs on indeed are two and a half times faster to first hire. visit indeed.com/hire i had the worst dream last night. you were in a car crash and the kids and i were on our own. that's awful, hon. my brother was saying he got life insurance from ethos. and he got $2 million in covera

warren buffett is 95.isn't he? liz. liz: i don't think. >> who else? public company. liz: i don't know. if you'd given me the homework, i would have done it. >> i did. who else? liz: larry fink is the second oldest ceo? >> absolutely. ing jamie's in his late 60s. brian moynihan, 64. but he's not in his 70s. bear stearns used to have the oldest, but i'm telling you, he -- i'll eat my hat if he's not the second oldest. [laughter] liz: turns out, there are more than a dozen fortune 500 ceos and, yes, people in the financial services who are older than larry fink including, well or, we've got everybody from pensky's autos, roger penske, capital one's richard a fairbank, disney's bob iger, and not to to forget, our good friend mario gabelli of the the ga a mco funds. your choice to, balsamic or barbecue sauce. i've got the hat, and i've got the sauce. >> eat the hat. liz: i'm going to make you eat the hat. [laughter] >> eat the hat, eat, eat the hat. they're eating the cogs, they're eating the hats. i couldn't

home sales and we look ahead to warren buffett's letter to shareholders on saturday. us see how much value is alive and well in this market. from new york, that does it for us. same time, same place. this is bloomberg real yield's and this is bloomberg. ♪ vonnie: welcome to bloomberg markets. let us get a check on the markets. on the face of things not a lot is happening but the s&p 500 is down a little bit. the stocks are moving en masse. we have a lot of earnings ries and the chip stocks blowing as the wind takes them. so the philadelphia semiconductor index about have higher and have lower. we have the 10 year at

he tells me, alongside philanthropist warren buffett, his foundation has now spent billions.etty nice, actually. katie razzall, bbc news, seattle. he had been nominated, including both song of the year and record of the year. emma vardy has the details. the grammy�*s isn'tjust about the awards — talked about — looks. not a garment you would want to spill your espresso on. not what'nent you would want not what lient you would want not what i did you would want not what i did there? uld want she won best pop solo performance for her album for short n' sweet. jean—paul gaultier number, inspired by artist edgar degas's depiction of ballet dancers. and makeup — so much makeup. she looks it caused a bit of a stir at the venue and online. i even that, to each the first black woman to do so. it definitely was a long time coming. her name, knows that this has been well—deserved. which is very fitting for black history month. absolutely, yes, she knows how to do the marketing. kendrick lamar a — brilliant performance there, in terms of grammy wins, winning everything he's nominated for

thank you, warren buffett, for verifying that. china obviously on fire. plus 20%. >> and us. >> well, if the president, the first president cared about the dow, i think. >> if. >> you looked at the. >> averages. >> david, what. >> you would say. >> is people are very. >> confused. >> particularly in the. >> russell 3000. >> which is small business. and they don't want as they're just certainly less happy about things. and they're taking out that lack of happiness on the market. yes. friday. i thought friday was a really bad day. >> i mean, it was. >> i came home, i wanted a cocktail. i spent a long time. >> you're not alone. >> i mean, last. >> week was. >> a rough week. any number? yes. it was. you know, people i speak to. oh, just a second. you were. >> in miami beach. was rough. see, it. >> was -20 here. >> no, it was. >> beautiful there. >> it was beautiful there. so how could it be rough? it was rough in the markets, my friend. okay. it was a rough day in the markets. it was. >> were angry. but. but, you know, candidly, no one could point to anything

david: have you ever met warren buffett? nicolai: no. david: no interest?s not called you for ideas? nicolai: i have not met him -- i met him briefly. david: is there one person who is a role model for you? is there anyone you would say you have as a role model in the investment area? nicolai: it is difficult to not mention bill gates as a role model if you are a philanthropist. you make a lot of money and you are organized and structured in the way you give it away. i think that is really impressive. ♪ whe ya headed? susan: where am i headed? am i just gonna take what the markets g no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management the way i approach work post fatherhood, when has really trying toith understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of co

. >> gold has many detractors including berkshire hathaway warren buffett but it's having another good year 2025 up over 10% to nearly $3000 an ounce one factor driving it is central bank buying russia and china, that's been a positive factor. a new wildcard that came out in the last week or so which is a potential reevaluation of u.s. gold reserves much of which held in fort knox the u.s. has the most cultivating country about 260 million ounces of gold that's been carried in 1970s evaluation of $42 an ounce it's revalued to market the $750 billion that could be something if they could do something with it. another area interested in gold are the gold-mining stocks they have been big loggers in the past year like newmont industry leader treated in the mid 40s has not really change much at all in the last couple of years. >> there are all these stories like lawmakers going to fort knox and sending the gold over from europe to the united states. it is a hot area we will see if that will continue to go up but it's a big game this year already. >> gold is having a good year and the doubte

. >> reporter: perhaps a prophecy from the oracle of omaha himself, warren buffett.ge amount of its stocks at the end of last year. the firm's cash holdings are now more than $330 billion. elise preston, cbs news, los angeles. >>> the price of eggs has jumped more than 15% in the past month alone after an outbreak of bird flu dramatically lowered supplies. cbs's nancy chen shows us how consumers are looking for alternatives. >> reporter: each week they seem to go even higher. with relief not expected anytime soon, shoppers are turning to the source itself, the chickens. across the country several hatcheries we spoke with told us they're seeing significantly more interest in buying chicks. >> chicken sales have gone up dramatically for you will at the people i know that sell i can chens. >> reporter: ron goldsmith says sales of feed for chickens at his new jersey pet store have more than doubled since october. even renting hens has taken off, with one company lending out their chickens for six months at a time. still, as charming as they are, keeping chickens isn't al

during the fourth quarter, warren buffett's firm also pared back 15%, or it pared back 15% of the b of to hold roughly $29.9 billion. in. the firm also sold, down 74% of its stake in citigroup to hold about $1 billion worth of that name, and it sold 18% of capital one to hold about 1.3 billion of that name. at year end. you can see those shares down a little bit in after hours trading, but they did make a move on this filing revelation. in terms of other positions, other holdings during the quarter, berkshire took a new stake in constellation brands that was worth more than $1 billion, and it bumped up its exposure to domino's by 87%. both of those consumer names getting a boost in after hours trading after berkshire showed some love to each of those, notably constellation up about 7% in after hours on that new stake there. tyler. >> take your money out of the bank and go to domino's. all right. thanks, leslie. >> appreciate it. >> meanwhile, yeah, he could buy a lot of pizza, by the way. meanwhile, casino stocks hitting the jackpot this week, draftkings leading the pack soaring more t

[ambient noise] >> and jimmy buffett is officially in the bay or at least with the bay this stith and now has, of course, a dominant scorer on his side. now with jimmy butler now making it official, although he was reluctant to come to the worries it first. jimmy butler is now one of the highest-paid players on the roster signing a two-year 121 million dollar deal to join forces with say it's curry. now the dubs they gave up andrew wiggins schroder kyle anderson. lindy was the 3rd and a top 10 protected first-round draft pick in the 2025 draft to make this move. now stepping into the all-star break at this point in the season, the warriors, they made it clear that they are working to get back into playoff contention if they're able to do that, that's when this trade could really make some money is play out. jamie could be what the warriors need to be competitive in the postseason. more so than they have been in the last couple of seasons since 2020 is been jimmy butler who ties with luka doncic and devin booker for the most 40 point performance is in the playoffs with 8 of those. and

still ahead berkshire hathaway hitting a record today following the release of ceo warren buffett's annual investor letter. we'll discuss when we come back. >> sector sword is sponsored by sector spider etfs. sector spider etfs. visit us on the web at sector spiders.com. >> this is the emirates premium economy seat. economy. perhaps they need to call it something else. >> michael lost 20. >> pounds with life md. >> i've always. >> wanted to lose weight. >> but i never figured out the right way to do it. >> i did a cleanse. >> and. >> i said, i can't do this anymore. and i asked. >> a couple buddies. i said, how do i lose this weight? and the guy goes, life. md got on the computer immediately and. >> probably the easiest. >> thing i've. >> ever done. >> the medication comes. >> in the mail. >> and. >> it's very easy. >> to use. >> i've been. >> able to. >> live my. >> nor do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our ret

he tells me, alongside philanthropist warren buffett, his foundation has now spent billions., the government has promised the uk government has promised 90% of british will come 90% of british energy will come from renewables, nuclear and 90% of british energy will come from rer in'ables, nuclear and 90% of british energy will come from rer in five s, nuclear and 90% of british energy will come from rer in five years' lear and 90% of british energy will come from rer in five years' time. id -- 9596. and for some people it will mean new pylons, near their homes. our climate editor justin rowlatt has been to suffolk and aberdeenshire to find out more. there's no going back. is being levelled. 0h, here we go. renewables and nuclear power already generate over half the government wants to raise that to 95% by 2030. this is deeside against pylons headquarters. eileen says she wants green electricity, from her home. if the line was going somewhere else, you probably wouldn't be complaining, would you? no, we don't want we're not nimbys. we're noobys — no—one's back yard. is about s

and unfortunately, i think it's warren buffett as a great quote. it takes a lifetime, build a reputation and second to ruin it and, i think especially for brands, so to speak, that are in commoditized industries and there's other products that most american consumers can't distinguish from. i, i would like to think of myself. i can distinguish between a bud light and miller lite and of course lite. and i think of that brand. is it uniquely tasting different? but a lot of people just can't. and unfortunately then when a brand loses sort of its essence what it was, who it was targeting the emotional feeling it had, then all of a sudden people will go elsewhere very, very quickly, you know, and i wonder also if you talk about the challenge of managing a portfolio of brands because of course we talk about people are sort of loyal or have positive ideas about companies like nike. but that's an entire giant corporation. and anything with the swoosh can be can be nike. but if you look at anheuser-busch, ab inbev, they dozens if not hundreds of of brands i

now warren buffett has north of $330 billion in cash sitting around. and that buffett indicator, which is not a timing mechanism, is now north of 210%. so as much as there. are things to be, i guess. optimistic about, there are a lot of things to be concerned. >> about on the metric. >> side. >> karen, again, we're seeing these defensive names obviously catching a bid today. consumer staples higher but not not like what we saw on friday. still i mean anything fundamentally changed for you today. >> no i don't think so. i mean it's interesting to me the air coming out of some of these things. so palantir at 90, it's not shocking that it's at 90. it's shocking that it was at 145. oh right. to me carvana at 285. it's not shocking. now it's at 215. >> at 110 maybe, maybe. >> i mean i'm long, so of course that was. >> just fine. but you're right. >> it was, you know, too expensive for it. >> so there's a. >> lot of. >> those names that i still. read it. for example, dan, i don't know, $50 or more a firm which i, that. the last two quarters were spectacular.

but how can you not speculate when it's warren buffett and berkshire hathaway? you know, bob, the other thing that jumps out to me today and certainly this week, is the activity in china tech, alibaba a pdd, jd i mean you can throw some other names in that basket too. just as the conversation about investing outside the united states is really percolated. yeah. >> this is a very interesting moment to get mean reversion. and a lot of people we had a big debate about this earlier in the week on etf edge. why is europe suddenly outperforming. why is china and particularly china tech outperforming. but even in some emerging markets like like poland that are outperforming at this point. and the early speculation has been that this push for global deregulation would make some kind of difference. we also saw xi jinping, the head of china, meeting with people like jack ma this week that, to a lot of people, was a sign that perhaps he's gone too far in the other direction. he's now having to court these people that he previously had shunned. so i think a little bit of ho

you talk to warren buffett that that is the thing, you know, and that's partly why we fund our nuclear threat initiative. but it shouldn't be taken off the list of things to say. now, this could be a problem in the idea of making fissile material. there are now techniques for making fissile material using lasers that are completely undetectable. so it's different than when you have to use centrifuges and things that require a lot of energy and and fairly unique steel alloys to do. now, a non-state actor can make an atomic bomb quite easily. in the book you say at the end you say that, you know, today, you know, if you were growing up today that you might have been diagnosed as on the autistic spectrum or or something. peter thiel in his books, you were the one said that autistic founders do better because they you know, they're contrarian and they don't pay as much attention to what other people think and so on thought. oh, peter's a contrarian. i will grant him that. and you know, for me, the the ability to concentrate, you know, to get fascinated with something and really dig in to i