is that what berkshire hathaway great?>> it gives us something to work with. >> rose: all right, these are pearls of wisdom. rules of investment. number one: never lose money. number two: never forget rule number one. (laughter) and career advice this is important. i always tell college students to take the job you would take if you were independently wealthy. you're going to do well at it. you and i, true. >> that's absolutely true. you know that in most companies merit is recognized and so what you need to do is to get into a company and show how good you are and you will get pushed up. >> rose: that's exactly what i say. >> i moved to new york when i was 23. we had a child, we another one on the way and i took a job with ben graham, who was my hero. and i do not know my paycheck until i got -- my pay until i got my first paycheck. i never asked what the salary was. i just knew i would love the job. >> rose: he and your dad still remain the people that had the most influence on you in terms of -- >> well, they were huge

>> i've held berkshire since the early -- the early '70s.year that john bought originally, he did sell once in the first year, but other than that, we have never sold a share of stock. >> those aren't -- >> well, no, thankfully they're not. >> and do you have a -- i'm trying to get to the bottom -- i'm trying to get to the bottom of this. >> no, i think we could not. as a matter of fact, i think i've forgotten a lot of the details. that's very good i've forgotten them. >> carol, you first wrote about warren back in 1966, you put one line into a story you were working on about alfred winslow jones. >> that's right. >> and as you've watched hedge funds over the years, what's surprised you about the way the industry has evolved? >> well, it's grown way beyond anything i could have expected. as a matter of fact, the second time, though we do need to mention that the first time i wrote about warren, i misspelled his name. and left off the second "t." but then, four years later i was writing a story called "hard times come to the hedge funds." and

berkshire hathaway and "fortune" magazine. we'll be right back after this. (cheers and applause)

berkshire hathaway and "fortune" magazine. we'll be right back after this. (cheers and applause) (cheers and applause). >> jon: that's our show, join us tomorrow night at 11:00. neil young will be joining us. here it is, your moment of zen. >> well, i don't know what i'm going to do if i can't stick a straw in a twinge key an captioning sponsored by comedy central captioned by media access group at wgbh access.wgbh.org

berkshire cutting by 11%.oeb takes 5 million share stake in kraft foods and we don't know what he may have done after it became two companies. a aploosa taking new stakes in jpm and ms. more capital in wells fargo and jp morgan. moore liquidating his holding in the citi. berkshire cut their stake in j and j by 95%. the take away could mean warren had a stake in that. there is a new stake in precision cast parts. i think the biggest take away right now, guys, is a couple of big names going big. >> also new positions in some of the financials. thanks for giving us the round up on that. you like to watch green light capital. >> really one that looks like he sold sometime during the quarter about 350 odd thousand. that is not the exact number of shares. about a quarter of his apple which still leaves him with a very sizable position. i think it is still his biggest or one of his biggest positions. >> that would have been a well time saled. >> it could have been as of september 30. >> we don't know. >> that is when

this is going to save you $250 with a group-on deal with berkshire family dental in the cathedral section of upper northwest. >>> 901 restaurant and bar has an offer with deal city. pay just $12 and get open bar for two on a friday or saturday night of your choice from 9:00 to 10:00 p.m. or pay $45 and get open bar for you and 14 of your best friends. if you have an offer for our viewers, i would love to hear from you on facebook. i'm jessica doyle, 9news now. >>> there is some good news for residents in far western maryland. garrett county sheriff now says about 95% of the state and county roads are open. that is after 30 inches of snow. last week, maryland governor o'malley toured the areas hit hard by sandy's blizzard conditions, and nearly all residents now should get their power back on by midnight tonight. that is going to be a little chilly. >> reporter: a lot chilly. lots of 20s out there tonight. then wednesday gets really interesting, in a sense. we are going to have a nor'easter, going to bring us some rain and there are hints some of the rain is going to change to snow across

from the coast and the mountainous areas of the poconos and the cat skills and it ends into the berkshires. that's a look at the national forecast. now here's a look outside your window. well, today's forecast, besides the nor'easter, it's actually a pretty nice day out there throughout many areas of the country. we will see early morning rain around baltimore, washington, d.c., wet snowflakes, no major accumulations expected. so, lynn, the good news about this nor'easter, it looks like it's in and out in 24 hours and a nice calm peefrd for everyone trying to recover in areas of the northeast. >> we'll hope for that. bill, thanks so much. >>> well, there were some very big congressional races all across the country. we'll tell you all about them. plus, it was finally the first night in over a year where the political ads, the nasty charges, and grandstanding had ceased. the sight of the winners basking in their victories with family and their friends, democracy at work. you're watching "early today." i was once used for small jobs. and i took on all the bigger, tougher ones. but with mr. c

we would prefer to play through the b shares of berkshire than owning any of these banks outright. especially something toxic like a bac that we just, franklying don't know what's there. >> housing recovery that we got more evidence of today? >> yes. i can get the same exposure through buffett and through the holdings he put on both on a private basis and public stock portfolio. i rather play that way. by the way, stock is working really well. >> let's check the market here. session highs. more optimism lawmakers in washington will rise above and get a deal on the fiscal cliff. there is a look at the dow industrials. apple leading the charts. stock up about 5% or so. on the way, most secretive firm. first, intel's ceo, paul otellini planning to retire. what this could mean important the stock. one of the nation's largest home improvement chains ups its forecast. traders give us the speck oslos. company shares are climbing. up 7%. those stories and many more when we come back. sometimes investing opportunities are hard to spot. you have to dig a little. fidelity's etf market tracker

the high elevations of maryland, pennsylvania, the poconos, up through the berkshires, the white andreen mountains and the adirondacks. for the areas really affected by sandy, the coastal zone from did he delaware to connecticut, long island and new york city and, of course, the jersey shore, it will be windy, rainy and cold. we could get large waves doing additional damage at the coast. we could have winds gust high enough, 60 miles per hour, that we may get additional power outages. that's wednesday afternoon, evening, into thursday morning. so it doesn't affect the election but it's not what this area needed, not at all. >> it's affecting something a lot more important, the cleanup which is almost impossible to begin with. thank you so much. >>> the undefeated atlanta falcons hosting the cowboys on nbc. pick it up in the fourth quarter, score tied at 6. michael turner punches it in from three yards out. 13-6, falcons. the only touchdown of the night for them. atlanta wins 1 -13. they are 8-0. cowboys fall to 3-5. >>> giants hosting steelers. a loot of people fighting here in the h

this is with berkshire county dental. >>> let's go have some fun. 901 restaurant and bar has an offer with deal city. pay $12 and get open bar for two on a friday or saturday night from 9:00 until 10:00 pm. get open bar for 15 people, start a little party. >>> if you have an offer you have sent, i would love to hear from you on facebook. >>> the presidential candidates are crisscrossing the country during their final day of campaigning. >> could the election end up with irregularities that marred the presidential race? a former white house aide turned author has nor. >>> -- has more. >>> sam shepherd is 6. tatum o'neal is 4 -- is 49. and kevin jonas turns 25 today. >>> good morning and welcome back to 9news now coming up on 57:00. howard has lots to tell us about the weather so let's get right to it. >> reporter: yeah a nor'easter coming midweek. it will bring rain and wind and potentially a little bit of white stuff. if it gets cold enough, it is not set in stone, don't freak out yet, just want to tell you the possibility exists. here's your bus stop forecast on this monday morning.

some breaking news here, an update on warren buffett's berkshire hathaway filing its 13-f, filing with stock holdings. take a look at this. new holdings in deere and cutting entire stake, reporting no holdings in vcs the drugstore chain, cvs caremark and out of dollar general and doubling down if you will on coca-cola holdings. biggest shareholder. doubling down on coca-cola and increasing national oilwell varco and, liz claman, i know you follow the company more closely than most others here. another company, wabco, a new stake, a company i'm not familiar with. vehicle and safety control systems for commercial vehicles. a stock up 36% so far year-to-date. ticker is wbc. warren buffett may be unearthing something different and cutting his stake in conocophillips as well, down 16%. we'll continue to follow the story right now sending it back it you. liz: i would say the deere purchase is pretty interesting. that is bet on country coming back, heavy industrial, adding to the cvs purchase. maybe wabco what is happening in auto industry but a side window play. >> you never know. reading th

owens corning and berkshire hathaway.ould extend, even appliances and paints, again old favorites, whirlpool and sherwin-williams. this one is so big it could move the needle for caterpillar, definitely united rentals. we'll hear numbers being bumped you will for all these companies as they furiously try to get the inventory where it's needed. just hiring contractors, a newfound labor shortage and wipeout, it will be difficult, but this event will provide multiple quarters of growth, and growth you must invest in during every dip during the next four to eight weeks. it's ironic the housing and construction business was just beginning to come back on its own. witness this morning's strong pending home sales number, but sandy damage, you get sharply better than expected quarters for companies that have serial disappointers, a major change, one that will become the story for the first half of 2013. stick with cramer. >>> some kind of stunning news. we got a bad number from yum. why? because kentucky fried chicken, one of the

. >>> up next the chairman and ceo of berkshire hathaway. along with carol loomis. here to discuss her new book about the oracle of omaha. but first, bill karins. >> here is bill. he's great. we love him. >> that's it? there's no catches? there's nothing else? these bi-polar weather teases keep my on my toes. >>> snow it moving into new england. this is reading, pennsylvania. pennsylvania, so far so good. the roads have been wet. a little coating on the grass. this is what we'll see through new jersey. temperatures continue to be above freezing. so this is almost like it's raining anyway as far as your impacts on travel. let me show you what it looks like. any spots with accumulation on the road, up in the poconos, southern portions of the hudson valley and near allentown is where we could pick up two to three inches and the roads would be slick. the white shows you where the snow is. and it looks like that rain line over philadelphia to newark to new york city, again, those areas continue to be in the upper 30s. so far so good at the airpor

. >> berkshire hathaway cutting their stake by 95% down to 492,000 shares from 10.3 million.ngraded to hold from jeffries earlier this week. >>> petsmart is next on the list. higher on a big earnings beat. >> coming in 12 cents ahead of consensus. >>> netapp up 11%. however still down 17% year to date. it was upgraded to outperform by raymond james. >> cablevision downgraded. >> goldman sachs downgraded to a sell. you don't see that much from neutral. the target cut to 11 from 15. this was upgraded october 22nd. >> one of the hottest stocks this year cooling down. vri vringo. >> revenue was a record. they filed a lawsuit in germany over allegations patents were infringed. this is really a patent play, by the way. one of those names, it runs or dies on the headlines. >>> well, how can you protect yourself in these uncertain times? right? there is a lot of uncertainty. let's talk to chuck -- or rather to bernie. bernie clark, executive vice president and head of schwab advisors services. bernie, lot of questions out there about tax rates, the fiscal cliff. give our viewers one

oh, and we heard after the bell that warren buffett's berkshire hathaway sold its cvs stake back in septemberen though it was before all the good news could weigh on the stock tomorrow. second, cvs's stock has been hurt because of bad results of some of its competitors. on the pharmacy benefit management side, express scripts reported an absolutely dismal quarter. talk about a party pooper. what are these, titanium balloons? anyway, that made people worry about caremark. on the pharmacy side walgreen's reported disappointing numbers. people are extrapolating from walgreen's and express scripts and assuming therefore cvs must be bad too. that's insane! that's insane. i mean, cvs just reported a terrific quarter. their pharmacy benefit management business was especially fabulous. the obvious conclusion is cvs is taking share from the competition. bad news for express scripts and good news for cvs. when juniper and hewlett-packard were off of cisco doing well and cisco was killing them. come on. innocence by association. speaking of walgreen's and express scripts they're a big part of the reason

berkshire-hills-bancorp there. this is "today in the bay." >>> 6:30. i'm jon kelly. everybody. >> and i'm laura garcia-cannon. we've been following breaking news this morning. police remain staked out in a palo alto neighborhood after a woman woke up to mind a stranger inside her apartment. police have been searching the area near hawthorne street and high street less than two miles from the stanford campus. the woman woke up and found a man standing in her apartment. she screamed and called police. the man ran off. marla tellez has been at the scene all morning long. she's gathering new information and will bring us a live update in about 15 minutes. >>> also new this morning, a san francisco parolee behind bars again after a standoff with s.w.a.t. officers. this all happened in the cities bernal heights neighborhood. the man barricaded himself inside a home after trying to run from those officers. they say he hit a patrol car as he drove off. an anonymous tip led officers to that home on appleton street where the parolee surrendered peacefully. police say the man w

again, sometimes called the mini berkshire. also being very opportunistic. at the holders, shareholders, come on in here. of a company like leucadia, when a transaction like this happens you have to assume management controls about 20% of this company. outside institutions control close to 80%. you look at the largest holders. fairhold capital. these are the june 30th datas. vangua vanguard. first manhattan. they've probably been there for 20 years. blackrock institutional, an index holder. what you need to recognize is that while leucadia shareholders liked them being an investor and taking advantage of things l jeffrey, i'm not sure the leucadia shareholder base wanted to own 100% of the investment bank especially given where return on equities are for these companies on this day and age. >> interesting what they built over there, gary, between manufacturing and now financials. we'll get to see how they -- get a look how they do down the road. talk to you in a minute. >>> brian shactman has a market flash on boeing this morning. >> boeing is the top perfor

shares of berkshire hathaway are up higher. >> you said it earlier in the show, jim. where the money is going. >> i think it really is. i have s.a.p. on tonight. we're all familiar with the company. keeps going higher. when i had sales force.com on "mad money," mark said france starting to do really well. germany starting to do well. seems to be an upturn. >> record unemployment and all of the other metrics tough to figure. >> market up five. when we come back, facebook and zynga changing the terms of their relationship that would allow the social network to make its own games. brings to us this morning's squawk on the tweet. come up with a unique relationship status for facebook and zynga. first thought is it's complicated. tweet us and we'll get your responses throughout the morning. people are going to have to sort out net-net and whether or not this is good or bad for the company. for either company. >> right. it's funny. you are trying to push metaphor of open marriage making the case that -- >> my point is, i mean, this is one where -- look. zynga has facebook.

and the ceo of berkshire ha hathaway affiliate, ron peltier.ier, that's the most sophisticated talks about a big bet on the housing recovery. >> "squawk box" is rising above partisan politics. we're asking business leaders. >> they don't have a lot of choice, do they? they have to do this. this is something they can't let occur. >> market pros. >> it's going to be something that keeps the market active for a little while. >> and you. >> if you don't rise above, you know what you do? >> sink below. >> you sink below. >> to join us in calling on washington to solve the crisis that could send our economy into a tailspin, head to riseabove.cnbc.com and get your exclusive rise above pin, and show washington that you want something done to keep america great. >> i'm buying a pair of suspenders. >> "squawk box" on cnbc. rise above and profit from it. >>> welcome back. we've been keeping on eye on the futures and after four down weeks for the markets you'll see green arrows this morning. dow futures are 83 points above fair value, s&p futures up by alm

from the coast and the mountainous areas of the poconos and the cat skills and it ends into the berkshiresthat's a look at the national forecast. now here's a look outside your window. well, today's forecast, besides the nor'easter, it's actually a pretty nice day out there throughout many areas of the country. we will see early morning rain around baltimore, washington, d.c., wet snowflakes, no major accumulations expected. so, lynn, the good news about this nor'easter, it looks like it's in and out in 24 hours and a nice calm peefrd for everyone trying to recover in areas of the northeast. >> we'll hope for that. bill, thanks so much. >>> well, there were some very big congressional races all across the country. we'll tell you all about them. plus, it was finally the first night in over a year where the political ads, the nasty charges, and grandstanding had ceased. the sight of the winners basking in their victories with family and their friends, democracy at work. you're watching "early today." i was once used for small jobs. and i took on all the bigger, tougher ones. but with mr. cle

people described as a mini berkshire.t does that mean for banking quixotic here is the thing, i think this says something about what will go forward. this is an environment, the dodd-frank, the market sentiment that demands capital. they do trading. they will have issues. what does this mean for the big wall street firms, if you look at the smallest, it is warm and stanley. this is a firm to watch. i really respect james gorman. a great guy. they still have a capital markets arm. this is what i think will go on at morgan stanley. they will shrink that. they were talking about selling various trading components. i think there is no dow that that will happen did they are the smallest of the wall street players. whenever you hear something about the market, that trading are still there and so taking risk, people sell the stock. you have to worry about people lending you money. watch work and stanley going forward. see how much they adopt the brokerage model. if they stay in the middle here, they will have problems. lori: are

>> at berkshire hathaway we're investing $9 billion in plant and equipment if 2012. that's a record for us, 10% more than we did last year and last year was a record. so i've got great confidence in america. it's always uncertain. december 6th, 1941 was uncertainty but we didn't know it. >> if a guy like mr. cote is saying he's not hiring because the fundamentals of the economy is being wrong, but washington is wrong. that's a difficult situation to fix. >> it may, but it's manmade and can be man corrected. we've had plenty of times when people have gotten upset with congress, although i'll add mitt we're at a new time high on that. >> as we come to the fiscal cliff in the next month or so and one of the sticking point, tax rates for the wealthy, you favor a minimum tax rate for the wealthy of 30% for taxable income between $1 million and $10 million, 35% for income over that. do you see the political will in washington right now to accomplish that and come up with a compromise? >> i wouldn't be surprised if it happens. >> that deal? >> that deal could happen, sure.

berkshire hathaway ceo warren buffett says he hopes she will r run.te, i can't see how you would have anybody better qualified. >>> 16 people are dead in the latest round of fighting between israel and the palestinians. according to the interior minister in gaza, more than 100 people have been hurt, including dozens of women and children. israel is releasing video of its deadly air strike on youtube and twitter. it's a tactic the israeli military has been using for quite some time. in fact, the israeli military has its own official youtube channel. if you go there today, it explains how the israeli military tries to protect palestinian civilians. >> despite the fact that hamas operates from civilian areas, idf has consistently taken measures to minimize casualties to civilians, placing phone calls, recorded warnings, all intended to alert civilian bystanders. >> that's just a bit of it. international human rights lawyer, and author of the book, "islamic pacifism:global muslims in the post-osama era," arsalan, god morning. >> thank you for having me he

poppy harlow sat down for an exclusive interview with the founder of berkshire hathaway. >> i was shocked answered me. you'll hear from him in a moment. he's the only ceo i know, i was just talking to christine romans about this, that holes this position, that maybe we're being too alarmist. he thinks it's a big deal, one we have to solve but he wants the president to take a very hard line. what is the likelihood of the united states falling into a recession if we go over the cliff? >> i don't think that's beginning to happen. if we go past january 1st, whether it will be january 10th or february 1st but we are not going to permanently cripple ourselves because 535 people can't get along. >> even if we go over for two months, does that dip this economy back into recession? >> i don't think so. >> you don't think so. that's interesting because the cbo believes that. >> well, we had hurricane sandy which disrupted the economy for a period. we had katrina many years ago. there are things that will disrupt the economy. i mean, 9/11, you know, was an extraordinary case. but we have a very resi

>>> cnn's poppy par low just conducted an exclusive interview with warren buffett, ceo of berkshire hathoppy harlow joining us now from omaha, nebraska. poppy, first off, what did buffett tell you about the fiscal cliff or at least his interpretation of it? >> reporter: i think this is very important, fredricka, his answer really surprised me. so many have been very, very alarmist about what it will mean for the u.s. economy if we do go over that fiscal cliff and see the massive spending cuts and massive tax hikes. he's worried about it. don't get me wrong. he's not as alarmist as many. take a listen. what is the likelihood of the united states falling into a recession if we go over the cliff? >> i don't think that's going to happen. i think that if we go past january 1st i don't know whether it will be january 10th or february 1st, but we are not going to permanently cripple ourselves because 535 people can't get along. >> even if we go over for two months, does that dip this economy back into recession? >> i don't think so. >> you don't think so. that's interesting because the cbo beli

we'll be talking about the berkshires, the adirondacks, again, the highest elevation snow. the low elevation snowfall we leave will be limited. but we want folk to be aware of the rain and wind and coastal e erosion. again here is our case in point system which is very much on the move between today as well as tomorrow. right now not a whole lot happening across the northeast. it's going to be a sunny but cool day with p its till running about 10, 12 degrees below average. meanwhile in the west, it's a huge temperature divide while much of the east coast is seeing the cool temperatures. the west is very warm with 10 to 20 degree above average numbers. so as we go into wednesday night, we're still going to be talking about the rainfall and the gusty winds for locations closer to the coast. and then of course the snow showers, calling for more interior and high elevation spots. mountain snow extending down into west virginia. so we'll have to keep tabs as well on whether or not the smokies could see a little bit of light snowfall out of this. thursday night, the system looks

oracle, berkshire, es este lauder. >> if you want to get it done you have to announce pretty soon.e have seen if there's large insider ownership. when you have a ceo that does not have a lot of stock, they don't want to do a dividends, they want to do a buy back. they have options, but when you have ceos who have a lot of stock, they prefer a special dividend. one question i continue to have, though, is was it in the plan or is it something they considered and only now, and why not now, because the tax rate is going to go up so much. they're shoring up the balance sheet, right now they're paying so little. but it's interesting to question that. >> costco is a big one. i'm going to give you two that aren't on our list. i think visa and mastercard, they're brimming with cash, they can do whatever they want. they are fantastically run companies. >> that's not on any list. >> they're my dark horse, breeders cup finishing last perhaps picks, but i like visa and i like mastercard. >> companies that could borrow or issue debt in order to pay a special dividend, so they also screen for on

leucadia for its part, said to be sort of like a mini berkshire hathaway. investment company with stakes in mortgage services and things of that nature. it will be a much larger company hcht hanler will be running. but an important deal to jeffries. can't imagine there will be too much opposition given that leucadia owns 28.6 of jeffries and the two gentlemen who have been running it all of these years both on signature stakes, as well. cumming will step aside when the deal closes and the company's presented will become chairman. expecting to close the deal in the first quarter of next year. 23% premium. a bit of a premium to book value at jeffries. all stock transaction expected to close first quarter of 2013. expected to close first quarter of 2013. >> i remember as you do, david, a lot about jeffries. you said this is the gentleman that built it. i met and interviewed boyd jeffries with the steel blue eyes, i remember him, he ran into problems at one point. i remember a lot about it, he had an unbelievable house in la jol jolla. >> i remember that, your

investor with workshare hathaway for 50 years and that of the partnership and kept his investment of berkshire hathaway. i think is right for a bill in a billion dollars. the essence of investing, find the well-run come to me, make sure it's properly compensated and benefit from this performance. another question behind you. i apologize if i went over. i can't be late. >> and mike dunbar, also super fund manager. i was honoring commensurate or expense to invest in china, how did she get around issues of transparency? >> different question. i have no investments in china. i have one investment in asia. iota aia committee asian insurance come me, which is currently rapidly. use to be controlled by aag, but in their financial problems this back to the public says the rapidly growing come any bigger attractive valuation. but i'm not a big investor in china. as enough in western europe canada that are not as global as some other people. >> after leaving goldman, why did you start omega instead of taking a more traditional mouth working for the treasury or another government agency? >> i would still