and charlie munger is here, too. he's here early. so we may put him on set early. >> good!ions. >> andrew, we'll send it back over to you. >> thank you, becky, and thank you, warren. >>> coming up, a lot more from warren buffett on this morning's market sell-off, which has people concerned as we head to break, take a look at how concerned folks are right now. the dow looks like it would open down about 452 points. nasdaq looking to open off about 150 points and the s&p 500 looking to open down about 47 points we're back with becky in omaha tharn fft jt a moment ♪ ♪ ♪ each day, brings new possibilities. that's why you need a partner dedicated to helping your company reach its goals. u.s. bank -- the power of possible. >>> still to come on "squawk box" this morning, a very big morning. we are counting down to a huge hour a billionaires round you can't afford to miss it. berkshire hathaway vice chairman charlie munger, microsoft co-founder bill gates, and warren buffett all joining becky quick live from omaha, fresh off the berkshire hathaway annual shareholder meeting. and so

this is charlie munger, boy wonder, and warren buffett as kind of i guess super-man. yeah. want to show you right here, this is a little teeshirt, berkshire hathaway shareholders meeting by garanimals. this is going to be new. warren told me about a week ago he was going to make a big deal of this, that he is running for his chairman position against charlie munger and charlie, vote for charlie, it's my turn versus stick with the proven vote warren. there's a big battle between all of them. when i talked to warren and charlie in the golf cart, they were rolling their eyes, he was rolling his eyes, warren. warren is sort of the playful one. charlie is the serious one. boy, people come and they flock here to see an 88-year-old and a 95-year-old speak for six hours onstage. that will be tomorrow. by the way, facebook.com/foxbusiness all day tomorrow, starting in the morning. you've got to just park it there because we will intermittently be going live from there. we are watching this all very closely. we are your all-access pass. they will make news. >>> meantime, first quarte

honest mistake do you somebody and they investment business are you ashamed when someone like charlie munger be smirched as your industry in such a way. for a 1000000 with all the facts regarding what wells fargo may have done with respect to cost of earth but you know i do agree with monger and with more and buffett about some things i certainly agree with them when it comes to big point you know they have the same problem with it that i do and you know what warren buffett's a good stock picker i mean he knows how to analyze a business i mean i could take that away from him but i do think a lot of the stuff he's been saying about macroeconomics has been wrong and in fact once upon a time i mean he you know he was a buyer of gold he was worried about inflation and big budget deficits he said that himself he said that you know he used to be concerned about the budget deficit but now that it's gotten so big now that the national debt has gotten so large and we haven't seen a problem you know now we no longer worries about it well you know i think just because just because a problem gets bigger

. >> i want to make sure becky knows she's on national television that's charlie munger, obviously, onf cart as they're working their way around the annual meeting but maybe a comment or two from charlie. becky, are you ready to go >> you've got a lot of areas of expertise. >> no, i don't i just stick close to the ones where i have it. >> tom, tom watson sr. said that he said, i'm no genius but i'm smart in spots and i stay around those spots. and that's a very good thing to keep in mind, and we don't try to jump over 7 foot bars, we try to find 1-foot bars that we can step over. and charlie happens to be the world's greatest architect >> i also find that other people are very intelligent, have isolated patches of massive stupidity and we just avoid those. >> yeah. >> such a simple formula >> actually, i don't avoid all of them, but charlie avoids all of them. >> but we avoid more than most >> yeah. so, what's an isolated patch of stupidity that you've avoided and steered clear of >> we don't think we can solve our problem of being terribly competitive business by buying one which is l

both charlie munger and warren buffett made investments in china. one who really spent more time, more time traveling to china and more time with the chinese administration working on all kinds of projects including world health and other issues that the foundation has dealt with and his own investments as well. when we sat down with him today, we asked bill gates for his perspective on what the chinese perspective might be on this entire situation >> it is a dilemma when it appears you're reacting to an ultimatum. in the chinese case, there is no elections scheduled. so their leader won't be unelected simply because they had to take a tough stance on trade negotiations >> now, none of the three were surprised by the market's reaction to this news. just talking about it, all of them said the same thing, gates said it the best, until recently, the market has been figuring this would be a slam dunk, it would be done, a trade deal would be reached. that looks less likely today gates said, look, it is the logical thing to do to actually reach a deal and

market early this morning but the trade conflict with china doesn't have berkshire hathaway's charlie munger too concerned. >> if we end up with some trade settlement, tariffs on both sides, i don't get excited about it at all. i view it as part of normal life generally speaking i think a settlement is better than a world war. >> up next becky will join us with more trade talk with charlie munger warren buffett and bill gates >> still ahead, we'll tell you which companies have highlighted china tariffs as a potential issue during earnings this quarter. woman: my reputation was trashed online, i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. they were able to restore my good name. if you're under attack, i recommend calling reputation defender. and consider joining their groundbreaking campaign to give every american the right to remove old, inaccurate search results by going to righttobeforgotten.org. vo: if you have search results that are wrong or unfair, call reputation defender at 1-877-492-6705. >>> trade return the topic of discu

ok so americans are like well we don't care because the warren buffett says it's a good idea charlie munger loves it so there are unseen b.c. that must be ok so the currency is in freefall there is no gold standard there's no way to reconcile this in the in the world so every other country is competing it's a race to the bottom at the same time it's fair to say that there is now several countries that you could i think characterize as being on a war footing so the u.s. by saying well we don't have a recession anymore and we don't have any any pre the election to defend our currency value in any way they are opening the door in a big big way to extremely violent global conflict ok that's what the u.s. is stoping what this forget about the economics for a second they're stoking an incredibly violent reaction more it has never been possible we've covered this the safety statements about gold and how that at least made war more difficult to do if you wanted to engage in war you had to give up all your wealth here there is no wealth there's no wealth creation isn't an objective anymore in our ec

never made any money and i grew a little four-inch charlie munger on my shoulder when that happened andm, but he's on my shoulder every time i'm pitched a deal like lyft or uber and charlie says only one thing -- if it has no cash flow, just say no. and i have listened to my little charlie ever since the late '90s, and i've been right 100% of the time. this company is valueless. it doesn't have any cash flow. it's a speculation there's no different than putting your money down on red or black in vegas than giving money to one of these losers. >> or like the way i like to think about it, like setting up a storefront and selling dimes for a nickel might as well be doing that at this point. >> actually, you think about this, it's really one of the largest transfers of wealth. maybe it should be elizabeth warren should be the ceo, because every time you get in an uber -- >> they're subsidizing our rides. >> exactly, by about 30% i use it all the time. and lyft the same way, going up and down collins avenue in miami -- >> so it's the investors subsidizing, softbank and now anybody buying int

over the weekend at the berkshire hathaway shareholder meeting and berkshire's vice chairman, charlie munger system listen to what he had to say. >> this system is out of control. the deductibles in ordinary corporate health insurance are ridiculous if you're a poor family and you've got a $5,000 bill for a baby, you don't have medical insurance. they just changed the system and then if you take the elderly unnecessary treatment, where people find a way to tap into these government streams of money and do a lot of unnecessary work, like prolonging inevitable death and all kinds of ghastly things they do, i would say we have a pretty disgusting system. >> joining us right now to talk about this is former aetna chairman and ceo ron williams, author of a new book called "learning to lead: the journey of leading yourself, leading others, and leading an organization." and we want to get to talking about all of the lessons that you learned as a leader and for so many of our viewers who are leaders. but we want to talk a little bit about the health care industry and really given the comments that c

you know, brian, we've heard from hours and hours of conversations from both warren buffet and charlie munger, even with that there are news items we haven't been able to tackle and dig into berkshire hathaway has an annual meeting on saturday. it put out the earnings statement an hour before, maybe it was an hour and a half before they both took the stage a lot of heck techness, a lot of things, a lot of running around. there was an interesting surprise in that earnings release from berkshire it said it had not been able to compute the earnings from kraft heinz although the earnings had been reported had not been finalized. it filed the 10k and as a result berkshire was not able to put in any figure on its bottom line for the earnings that it was reporting to show from kraft heinz as well. it put in a zero line. this is pretty unusual we were trying to add some lines. i did get to ask him about it and here's what he had to say. >> i'm not surprised now because i knew in the last few weeks it could be coming. they have not been able to file their 10k which was due around march 1st and since t

best thing to buy on a given day >> i can't think of a time when we've ever done it >> that was charlie mungerourse weighing in at the ends of that. again they are not in favor of ipos in general. when i asked buffett what he thought about the stock market overall, he said if interest rates stay at these incredibly low rates then the equities market is extremely undervalued. that's a very big if, in terms of whether interest rates will stay at these levels. >> becky, great stuff. what a weekend thank you for bringing us some of these comments around tech and apple specifically becky quick in omaha. >>> joining us now, whitney tillson as well as apple employee number 66, bruce. gentlemen good morning to you. whitney i will start with you. you were at the berkshire meeting to tefr weekend, too some of the comments about apple or even some of the other tech names like amazon and google, what was your take >> look, it was my 22nd consecutive annual meeting i have been a long time berkshire and buffett and munger fan. generally i loved what i saw people asked me what changed over the years in many

earlier today we actually caught up with warren buffett and charlie munger who were also making theiray along the floor. they were checking things out and taking the time to really see what each one of these companies is all about but they also stopped and talked to us for a little bit about what the secret to their success is charlie says it's very simple. >> we don't think they can solve our problem of being a -- by buying one which is less competitive at an enormously high price whereas everybody else thinks that will work wonderfully of course it doesn't >> yeah, we don't think -- and we also don't think we can analyze every business or we don't think we can analyze 90% of the businesses or 80% of the businesses >> yeah. >> and if you ask those who watch this, maybe try five >> we mentioned so many of these companies are here we're standing here in front of the kraft heinz booth. obviously there's going to be some questions about kraft heinz and what we've heard from the company with some of the stumbles along the way but they're here they've shown up and they're already drawing a

speaking of flooding, people have flooded in here all day at the arena where tomorrow, charlie mungerarren buffett will take to the state. this is not even the day of the shareholder meeting. this is fruit of the loom which berkshire hathaway and were about to have owned for many years. they will do millions of dollars of business from selling everything from t-shirts to billy bars which bob that owns as well. $1000 invested in 199065 when he took control of berkshire hathaway, it would be worth $60 million. speaking of cash, i am always interested to know what the cash pile counts into a berkshire hathaway in this meeting and that is what i was able to ask warren and charlie when i caught up with them unexpectedly just a couple of hours ago. listen,. >> it's about the same -- it's pretty close. it goes up 100 million a day, a business day. reporter: can you imagine if your bank account fluctuated $100 million a day. they have 112 billion in cash, tomorrow we will find out what they're spending it on. let's listen to what he had to say about the current situation of nebraska flooding.

all under the setting of what could potentially be a lot of news tomorrow, because that's when charlie munger and warren buffett take the stage and answer questions from shareholders coming in on a variety of topics. we had the chance to catch up with warren buffett earlier and ask him about what he's buying and selling. obviously, the markets are always concerned about that. if he's buying into something, oftentimes the stock price will surge. if he's selling, people have questions about that, too. he did tell us that berkshire hathaway has been buying shares of amazon, but he had some clarifications for that about who was behind the purchase. listen in. >> i'll tell you one thing you'll see in the 13f, which comes out in a couple weeks, which may cause you to ask me that question in two weeks but doesn't really -- is not significant from my standpoint one of the two other fellows in the office that manage money -- >> todd and ted? >> todd and ted. one of them -- some amazon -- but, so, it will show up on the 13f. it is not true to say that i am buying amazon. it's true to say that berkshire

everybody should channel their inner charlie munger right now because what he says is, if there is no cash flow, just say no >> but that goes to my overall point. all of these ipos that have come to market -- not all, most >> you've answered the question. >> have what some suggest are questionable valuations. >> joe if i may -- >> i'll make this point brief. don't you think it would have been different part of this is they are paying -- they are paying a penalty for the poor culture of the last couple of years the poor culture -- >> what's lyft paying? they didn't have a poor culture. >> but it's different. >> did they deserve the valuation they got >> it's different in the sense of, if you didn't have the culture you did at uber, the ipo would not have had a 2019 date probably a 2017 date and maybe it looks a little bit different to the marketplace i'm not saying from a profitability standpoint it does >> maybe it's different. >> the culture issues that existed at uber, you really don't think that had anything to do with the performance of the ipo, do you? >> i think it allowed them

curves and buildings and -- >> he has some ideas about what -- there's a charlie munger aesthetic, if you will >> excellent 3w08 a.m. eastern. the number to watch is 190,000 that's how many jobs that wall street is expecting to see remember, last month's number was way ahead of what the street was forecasting showing a strong bounce back from february's drop-off in hiring we'll see. u.s. equity futures after a couple of triple digit losses in the dow. some weakness. a losing streak in the nasdaq we haven't seen in quite a while. the dow has indicated up 37 points it was up about 60 first thing when i got in, and those gands a little bit nasdaq indicated up about 34, as can you see, and the s&p indicated up six and a half. overnight in asia, exchanges in tokyo and shanghai were closed for public holidays. a stock was higher by half of 1% stocks in south korea fell by .three-quarters of 1%. take a quick gander at that. mostly green except tore italy, and then treasuries, i looked when i got up 256 go or so. >> we want to get back to becky quick who was in omaha getting ready for the big

investors continuously trust warren buffett and charlie munger given the track record but these guysnd not as much in the public spotlight wasresident monger, so it important to have time in front of shareholders. paul: the subject of share buybacks came up a lot. why was that? katherine: it is an interesting topic because many companies, millions of share buyback every has --t berkshire companies as well as acquisitions. so they changed their policy last year which opened up the avenue more. -- not that many opportunities for well priced acquisitions around so it is an important lever for him to be able to pull. what did they say about the recent investment in occidental? katherine: it wasn't much of the time which was surprising to folks. about howalked important the bill -- the deal was. it is this -- it is his classic playbook, invest, get some stock and generate a high return. he said he would like to see more deals, he is known for doing financing like that with goldman sachs and bank of america. if we were to see him do more of these deals, investors might calm down on the con

normally isn't out there talking, but he was sitting there in a golf cart drinking a coke with charlie munger you know, what about amazon. there they are. i'm telling you, they were sitting there and they weren't talking and fans were around them and i said you guys must feel like zoo animals. neil: you and i get that everywhere we go. liz: everywhere. yeah. we're just mobbed. neil: munger is amazing. what is he? liz: 95. he's hilarious. when i said look at you, you're 95, you're running around here, he said i'm slowing down. neil: let me get a sense. the crowds that come out for these things obviously want pearls of wisdom. what did they leave with? liz: they left with something extraordinarily important. buffett basically in a way for his buffett-ology gave the biggest signal ever he knows who is going to be taking over this company and he hinted who it is. fox business has always been saying it would be greg abel of berkshire hathaway energy. greg is a canadian originally from alberta. very low key, very buffetty in that way. doesn't need the spotlight. there he is. we caught up with him.

we caught up with charlie munger, and 95 years old yesterday.sitting in a golf cart and drinking coca-cola. these guys and their energy level is unbelievable. they'll go another five hours or so through the weekend. i'll send it back to you. it's incredible. i'll save you a dilly bar if it holds. neil: outstanding. you go, girl. lizzie clayman gets access to everyone. and two very big cheeses. and in the meantime, where is the beef? the meatless craze sweeping across america. we are going to put it to the test. we taste, you decide. , i appre the invite here. as my broker, what am i paying you to manage my money? it's racquetball time. (thumps) ugh! carl, does your firm offer a satisfaction guarantee? like schwab does. guarantee? (splash) carl, can you remind me what you've invested my money in? it's complicated. are you asking enough questions about the way your wealth is being managed? if not, talk to schwab. a modern approach to wealth management. who wanted to get away who used expedia to book the vacation rental that led to the ride which t