who will run berkshire after buffet is gone? he says the ward has picked a individual to succeed him and two backup choices. those in the know speculate the leading candidates is ajit jain who runs the insurance division, matt rose the skr-rbgs eo of northern - radio, tony nicely of geico or greg abe hr-frpblgts buffet says there is a reason behind the secrecy. >> if we said who it was today and we bought a company with a wonderful ceo that person could be the number one candidate. >> uncertainty weighs on berkshire's stock. money managers are divided on what happens to the stock once buff set tkpwofpblt. >> i think it's a big issue and means a lot to the stock. no way anyone can do what warren buffett has done over the past 47 years. >> berkshire hathaway hags established value for 30, 40 years. that won't change. >> most say whatever happens they're big believes in berkshire hathaway and the oracle of open omaha. >> i'm not concerned. he has a team lined up. >> 525,000 percent appreciations since the creation of berkshire hath

it was not part of berkshire.their live live hood threatened by a bunch of radio people blasting away at them and triping to interrupt the showings they were making and that's sort of thing. >> guys, one of the big conversations we've freakly had around the squawk table has been centered around paul krugman, the "new york times" columnist. we talked about how howe he's been pushing for main less. and listen to what he had to say about that. >> the crooked lawyer, that kind of thing disintegrates the body politic and affects how well these economic principles that he believes in works. that said, i think paul krugman is one of the smartest and most articulate people we have and he's very often right. >> that gets us into a broader discussion, especially after this weekend when we see a lot of the elections in europe pointing away from austerity and toward more fiscal spending. what do you think of the idea of stimulus? have we done enough? is there more that needs to happen? >> we are doing of stimulus, spenlding a

berkshire, sad to say gives us none. the hyundai genesis.w, faster-acting formula. s tio-y siin lxtes zemethan a porsche panamera s. the 429 horsepower genesis r-spec. from hyundai. the teacher that comes to mind for me is my high school math teacher, dr. gilmore. i mean he could teach. he was there for us, even if we needed him in college. you could call him, you had his phone number. he was just focused on making sure we were gonna be successful. he would never give up on any of us. with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> seconds away on "kudlow & company," team obama unveils its first ad called go, but the election referendum on the stagnant now ec

yes, berkshire's undervalued.

that said, there are a number of ways that berkshire could change things.huge dividends. look at verizon and at&t. it could break itself up. but warren buffett hates both alternatives and is set in the ways of warren attitude. will preclude any type of the growth in this market. spinoffs and break-ups that the market wants shows that he's been out of step for more than a decade. the market loves growth. that's facebook. it hates stagnation. that's berkshire hathaway, which has become basically and closed-end fund. those qualities have nothing to do with stock appreciation. you grow, you bring up value. you pay a dividend. that brings you value. you've got to give us one of those, warren! berkshire, sad to say gives us [ male announcer ] this is the at&t network. a living, breathing intelligence helping business, do more business. in here, opportunities are created and protected. gonna need more wool! demand is instantly recognized and securely acted on across the company. around the world. turning a new trend, into a global phenomenon. it's the at&t network

and berkshire is our second largest holding.orrow. >> you heard what he just said about the banks and the bank earnings. have you given much thought to that? >> yeah, we owned a couple banks that we actually sold in the third quarter of last year. we thought we owned some of the better banks in the tough neighborhood. but the neighborhood's pretty tough. so we sold those and moved on. but with wells fargo and goldman sachs warrants, there's a nice little bank kicker in butch at the time's portfolio about they do better than what we think they'll do. >> you will be listening for a lot of things tomg, but what's the main point that you would like to have addressed? >> i would like six hours of minutia in all the businesses, particularly the ones that are driving the biggest transformation within the noninsurance side of berkshire, particularly burlington. it has been significant in changing the path of revenue growth and particularly the underlying profitability of the noninsurance subsidiaries. so anything and everything with bur

that said, there are a number of ways that berkshire could change things.ay a huge dividends. look at verizon and at&t. it could break itself up. but warren buffett hates both alternatives and is set in the ways of warren attitude. will preclude any type of the growth in this market. spinoffs and break-ups that the market wants shows that he's been out of step for more than a decade. the market loves growth. that's facebook. it hates stagnation. that's berkshire hathaway, which has become basically and closed-end fund. those qualities have nothing to do with stock appreciation. you grow, you bring up value. you pay a dividend. that brings you value. you've got to give us one of those, warren! berkshire, sad to say gives us i found new ways to tell people about saving money. this is bobby. say hello bobby. hello bobby. do you know you could save hundreds on car insurance over the phone, online or at your local geico office? tell us bobby, what would you do with all those savings? hire a better ventriloquist. your lips are moving. geico®. fifteen minutes coul

he shot back, with he we started berkshire hathaway, berkshire hathaway was trading at $15, gold wass at $1,600 an ounce and berkshire hathaway is $120,000. >> take that. >> becky, thanks so much. great time with warren buffett. tremendous interview this morning. let's get insight on the berkshire meeting. jeffrey matthews is a berkshire hathaway owner and author of "warrant buffet." and james altucher, author of "trade like warren buffett." you say there were dozens of questions about the guts of warren buffett's business. that is a change why. do you think that change happened this year? because of the recent underperformance of the shares? >> it's a combination of that and the fact he had three analysts asking questions at the meeting. those analysts were all insurance analysts and they all focused on the guts of the business, which is in insurance. it was very unusual. it wasn't warren buffett the new age spiritual guide people always went to to ask questions about what should i do with my life? it was warren buffett the analyst. it was very interesting. >> i'm curious what your

. >> susie: the economy is one topic for warren buffett here in omaha, ahead of berkshire hathaway's annual shareholder meeting. >> tom: that and more tonight on nbr. we begin this evening with the april job numbers. the u.s. economy added just 115,000 jobs last month, that's way below what economists had expected. it's the slowest job growth we've seen in six months. the unemployment rate did manage t fall slightly down to 8.1%, as more people dropped out of the work force. wall street though didn't like the job numbers at all. the dow fell 168 points, the nasdaq lost 68. the s&p 500 off 22. sylvia hall reports. >> reporter: while the economy added jobs in april, it wasn't nearly enough. for the second month in a row. >> the recovery continues, the private sector is continuing to generate jobs, but it's muted. >> reporter: professional and business services, including temporary workers, picked up the most jobs in april. t government lost jobs, so did the transportation and warehousing sector. >> inventories have been rebuilt, we don't need as much of that activity, some of those sto

here holder meeting for berkshire hathaway is a quick learner in omaha nebraska it's been called the with. the shareholder myself i've attended and unlike any other shareholders meeting i've ever been through. a weekend full of barbecue and q. and a time with warren buffett and the partner carly monger so what's new this year is that analysts will be able to ask warren buffett questions reportedly for the first time ever i guess in the past shareholders and a few journalists have been able to so the big question what would be the good questions to ask janet you got anything for me just to see his response to ask boxers or briefs. come on. all right dimitri well didn't we get a viewer underdressed the regular viewer you know i did tweet this out today and i did my favorite response was from man at many many i don't know if i pronounce that right he said i'd ask warren which room he prefers to sleep in when he's at the white house regardless of who is president. going to the one that's the lincoln bedroom. and he would be he would be holding obama in his arms talked about the before of

five hundred berkshire hathaway has been trailing for the third year in a row and i don't know what you think but my experience when i was an analyst i was i was not a sell side analysts are the reputation of sell side analysts were that they parrot whatever management says and they just go around and you know spin that so maybe he's just trying to get them on his side just been good p.r. for berkshire hathaway's a spirit he's a spin machine machine he's a spin machine so that's nothing that's why you know. there's a political the printer is no longer a businessman ok he's in the business of politics there you go there you go so we'll leave. you with that and that's all we have time for thanks so much for tuning in don't forget to follow me on twitter as more and lester and you can also give us feedback on the show at youtube dot com slash capital account i will read some of the best tomorrow on viewer feedback until then from everyone here at their so thank you so much for watching come back tomorrow and have a great night. mission . critical you should treat. your chargers. arrangemen

but remember what warren said at the berkshire meeting. he said i'm investing for five to ten years. so it tells me that what is going on in europe is not clouding warren's judgement about investing for the next five to ten years. the next five to ten months, that's a different story. >> tom: with that in mind you mention some of the blue chips with dividend names. how else are you approaching this market and just know wag we reported at the top of this program, the trading losses that is going to hit the market tomorrow with jpmorgan? >> well, we don't have a big plug of financials. we do have financials in the portfolio and it speaks to the kblexity that lenders and other big banks have in this derivative market. they are very complex instruments. at time these are unpredictable in how they behave. and today we are seeing in spades, you know, the jpmorgan and di pond being tested. but the way we are playing with multinationals, let me give you a good fact. 15% of our gross domestic product comes from the export business which is growing

if i was going to invest in berkshire, you're investing in my opinion solely on berkshire. >> what have they missed the last three years? >> well, we think that the domestic story is the story in the next three to five years. it's an optimistic play on the recovery of the united states of america. a lot of people have overloaded their portfolios towards what is going on internationally, whereas the leverage comes from what is going on in the united states of america. so i appreciate what your other guest says but you look back five years from now and feel brain dead. >> it doesn't mean there are plenty of reasons to avoid the stock right now. so why do you like it here? >> you can take his existing portfolio of private and public companies and you bet you would outperform without additional management. >> so what happened in the last three years, then? >> he defended people's capital in the meltdown and you all remember t was a massive dash for trash. he's not trash and if you take out the dash for trash -- >> is it possible he's not being patient enough with warren buffett? this guy kn

and gold is now 1600 and berkshire is 120,000. i think gold is a great thing to sew into your garments of your family. but i think otherwise self liesed people don't by gold. >> gold up almost 5%. it is of course down today so are the men of berkshire right or completely off target? gentlemen, welcome to our depot. tom, let me start with you. you are the bear in this debate. it is quite interesting the way gold has done a switch aroo. because this time last year when we were seeing european problems it drove gold prices to record highs and now it's not dpog anything at all. >> gold ran from 282 bucks up to $1900. that's the buffett and munger you don't have to own anything forever. off of 1900, what en$1900, what happening? the dollar hit a low in 2007. the dollar is trash, but it's been coming back since 2007. gold has been coming -- the physical bold hasn't been bad. the equities have gotten killed. the xau is back to 2007. the bottom line is the dollar wants to go higher. it wants to get to 82, 89, gold is priced in dollars. an

your take on berkshire. >> i think it's a pretty good buy. the companies that they own are doing extremely well. i think his health is a little bit of an issue. his age is an issue,s as well. but he's put it in place i think a pretty good team to take over when he exits one way or another. what's more interesting about his current focus is he's really moving in to the public policy arena, which i think he should stay out of to be honest with you. berkshire hathaway has 80 or 90 portfolio companies and warren buffett is talking about raising taxes on the wealthy. but i assume that every one of those companies has a pretty significant tax department who spends either whole day trying to figure out ways to not spend taxes. so i think tlihere's a little i hypocrisy in his statements. >> do you think there are more being a way six acquisitions down the line? >> absolutely. he looks at what is the intrinsic value of the company's buying and is he paying less thant in-frin sick value. clearly on almost any metric, u.s. companies are very cheap right

a result in the berkshire hathaway in the omaha meeting this weekend. stay tuned. i went to a small high school. the teacher that comes to mind for me is my high school math teacher, dr. gilmore. i mean he could teach. he was there for us, even if we needed him in college. you could call him, you had his phone number. he was just focused on making sure we were gonna be successful. he would never give up on any of us. for a hot dog cart. my mother said, "well, maybe we ought to buy this hot dog cart and set it up someplace." so my parents went to bank of america. they met with the branch manager and they said, "look, we've got this little hot dog cart, and it's on a really good corner. let's see if we can buy the property." and the branch manager said, "all right, i will take a chance with the two of you." and we've been loyal to bank of america for the last 71 years. >>> berkshire shareholders looking for an update on warren buffett's health when they hold their annual meeting this weekend. should they be more concerned with the company the performance? shares at b

that offer had the backing of warren buffett's berkshire hathaway, which was helping the fragrance company finance the deal. avon has been under pressure to turn itself around after weak earnings, federal bribery investigations and a management shake-up. long-time c.e.o. andrea jung stepped aside, but remains as chairman. after making its first offer earlier this year, and increasing the bid last week, coty's chairman wrote to avon saying, "two months is enough. it is time for coty to move on". coty's last offer valued avon at $24.76 a share, and with coty pulling out, avon shares fell hard, down 10%. >> tom: little talk of that avon deal on the part of berkshire hathaway as everybody focused on dividends and protection with all the concern about greece. take a look at tonight's market focus. essentially we saw another choppy session. session on the heels of the weak april retail sales data. selling was concentrated in energy and materials. both sectors dropping one and a half percent in the session, and they are the worst performing sect ords this month in the pullback we've seen. analyst

. >> in omaha i was at the berkshire hathaway meeting. uncle warren invited me -- >> reporter: who?er: uncle warren? >> yeah. >> reporter: turns out warren buffett, a ping pong enthusiast has known ariel since she was 9, when along with her coach she received a coveted invitation to his 75th birthday party. >> there was a table set up. i got to play against uncle warren, uncle bill. >> reporter: uncle bill is? >> mr. bill gates. >> reporter: in an e-mail that praises her talents, buffett told us, bill gates and i are still searching for a way to get a point off her. but they have made one point -- affecting her future plans. >> before i wanted to be a teacher or maybe a doctor. now that i've been to three berkshire hathaway meetings, i think, oh, business sounds really fun. >> reporter: some day ariel may handle returns on investments but for now, these are the returns that matter most. john blackstone, cbs news, san jose, california. >> wish i had uncle warren and uncle bill around. >>> coming up after your local news on "cbs this morning," the latest from chicago in the nato summi

when birk berkshire takes a position, it's not on anybody in the space, but berkshire is not trading the stock. he is making a call on the management team and on a devaluation and that is what we have at gm. >> i think tim is 100% right. this was a $39 stock january of 11. you have to wonder under what circumstances does it. valuation is interesting and your risk reward sets up as fals. you are looking at north of 28 and you are risking $20 on the downside. to me that's probably fair at this juncture. >> i hate to be the 1 to bring this up, but how much do we invest given his performance and he's a long-term investor, but he hasn't been up there in terms of the returns. do you follow him into a general motors which has problems and europe which is a trouble spot? >> few people as warren buffett said, he allocated the $60 million into an asset. i don't remember which stock, but very few people have the financial wherewithal to approach from that standpoint. you get a significant pull back like you are getting right now of close to 5%. the evidence suggests you have to be far more tact

. >>> berkshire hathaway taking new stakes in viacom. increasing the stakes in walmart and wells fargo we will let you know if any other companies are on the list here. as you can see, the -- here we go with new yorkh mellon and shares in the extended hours. we're looking at movement here. small rallies as berkshire hathaway decreases the stakes in intel and kraft food and pag and we'll look at selling going on on the heels of decreasing stakes from berkshire hathaway. we'll take a short break and then go back to that trade. plus, high frequency traders trading at the speed of light. to average investors stand a chance against this technology? feds opening an investigation into jpmorgan's trading loss. we get reaction on that and a lot more from former chief white house chief of staff bill daley. he's with me exclusively. and our twitter question is, is jamie dimon still the right guy to be the jpmorgan chairman and ceo? we'll tweet your answers coming up on the "closing bell." then there was a moment. when i decided to find a way to kee

. >> in omaha i was at the berkshireate hathaway, uncle warren invited me. >> who. >> mr.>> uncle warren. >> yeah. >> it turns out warren buffett a ping-pong enthusiast has known ariel since she was nine when along with her coach she received akoff eted invitation to his 75th birthday party. >> there was a table set up and i got to play against uncle warren and uncle bill -- >> uncle bill. >> yeah, mr. bill gates. >> in an e-mail that praises her talents, buffett told us bill gates and ri still searching for a way to get a point off her. but they have made one point, affecting her future plans. >> before i wanted to be a teacher, or maybe a doctor. now that i have been to three berkshire hathaway meetings now i think oh, by sound-- business sounds really fun. some day she may handle returns on investment, but for now these are the returns that matter most. john blackstone, cbs news, san jose, california. >> jeff: that is the "cbs evening news" tonight. later on cbs, 60 minutes. i'm jeff glor, cbs news in no. scott pelley will be here tomorrow. good night. captioning sponso

> one man who knows a great deal about the economy, billionaire business man warren buffett, the berkshire-hathaway is hosting the annual shareholders meeting in omaha today, fox business news anchor liz claman is there and he had a chance to get an exclusive one-on-one interview and we'll get back with her on the other side of the break, after this. [ male announcer ] what's in your energy drink? ♪ wer surge, let it blow your mind. [ male announcer ] for fruits, veggies and natural green tea energy... new v8 v-fusion plus energy. could've had a v8. the world needs more energy. where's it going to come from ♪ that's why right here, in australia, chevron is building one of the biggest natural gas projects in the world. enough power for a city the size of singapore for 50 years. what's it going to do to the planet? natural gas is the cleanest conventional fuel there is. we've got to be smart about this. it's a smart way to go. ♪ but when i was diagnosed with prostate cancer... i needed a coach. our doctor was great, but with so many tough decisions i felt lost. unitedhealthcare offered us a specially

berkshire hathaway's meeting is kicking off tomorrow.eting since warren buffett announced he's been diagnosed with cancer. becky quick is there live and she's already had the chance to speak with warren buffett. welcome. good to see you. what were the key takeaways from your talks with warren? >> you're right, brian. this is the first time we've seen him since he made the announcement about prostate cancer. he looked great last night. he said he felt great too. people want to know what the oracle of omaha is thinking. i know today the markets are down, but earlier this week you're looking at the dow at a four-year high. that got us thinking about things, wondering if he really loves stocks still. now, he does like stocks, but there's another investment he likes better. take a listen. >> i think stocks are attractive, but houses are down a lot more than stocks are down. i love owning stocks. and i can't own thousands of houses. i can't manage one very well. but it's a very attractive way to borrow money for 30 years. you can't go out and

we talked about the unusual style of investing at berkshire.warren buffett told us last november he had been investing in ibm. it's now the second largest position berkshire has in outside stocks. this was something buffett told us he had been doing on his own. he hadn't even told charlie until he was about even into. we asked charlie if that made him uncomfortable. here's his response to that. >> i was perfectly okay with it. it's a very buffett-style play. >> how so? >> well, it's simple. they announced what they were going to do and why they thought it was going to work. you can see how entrenched ibm was in many places, including the building and railroad. >> he talked a little about the markets overall. again, munger and buffett don't normally make comments about the market. he doesn't think it's as cheap as it usually is, but a good place for bargains. david einhorn pointing out he thinks gold is a good investment, charlie has not really bought into that. at least not yet. more on that when we return in "street signs." but, tyler, he also

do you think that berkshire has made some bets that, you know, you would want to follow?ire has made some bets that, you know, you would want to follow?leiras. do you think that berkshire has made some bets that, you know, you would want to follow? >> our time frame is about a year. to think in his terms is something that we don't normally do, but we always pay attention to what he's doing or what they're doing. it's always interesting. what will be more interesting is how and if the company changes as they transition to a new management over the next few years. >> horacio, let's talk about this fiscal cliff in the u.s. how concerned are you about this impacting the shares and performance over the next couple of months. >> you know, kelly, i think it's fascinating subject because we seem to have these cliff, you know, different cliffs coming up at different times, but our estimate is it's the entire contract, spending cuts, somewhere around 3.5% of gdp, so not too far from the goldman calculation. however, we're going to have to take this hit at some point, whether we tak