mr. buffett laid it out is the right way to do it. it's all about the what the companies are and what they represent and how you feel about that. if you don't want to be involved, you don't have to. there's a lot of stocks out there. >> would any of you buy gun stock? google or what not, does that change your mind >> the political correct answer is no under no circumstance. the short answer is yes. >> that's true. >> got it. up next final trade. well, it's earnings season once again. >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings too

mr. buffett. that , he wasn't the only benefited from those tax cuts. one of the wall street companies, mor fan stanley, did an analysis of the corporate tax cuts. ich about $1 trillion of the $1.5 trillion tax cut went to corporations. so what did the american corporations do with that $1 trillion windfall? morgan stanley just this last week reported that their of that s that 62% trillion dollar windfall will be used by the corporations to buy other companies. mergers and acquisitions. about 19%. and 43% will go for buybacks of stock and dividends. oh, all the talk about the employees benefiting. well, let's see. about 13% is headed for bonuses and raises. just 17% of that $1 trillion is expected to be used to increase the size of the business, not through mergers and acquisitions which usually result in layoffs, not in new jobs, but rather in what are called savings. in other words, known as layoffs. just 17%. so where are the jobs? give you an example. nine of the large pharmaceutical companies in america have already announced that they're going to

mr. buffett is amazing but he is in his 80s. he has tons of energy and he lives every day, so course it's 55 and 47 cents planning for your business size trying to pin down exactly which one of these people actually push him to say apple is worth that, i'm gonna come back to that, i just want to show you this chart first because it is up something crazy and if you look, 49% since they establish that position in 2016 so way exceeding the nasdaq in that time. according to my sources they say a position this size, with the access that this team has, more than likely it was both. >> both he and combs who advocated for this position and what he told me, he said just remember, i don't need to remind you of this he is so powerful, he has access that people don't have. his top lieutenants, the photos that were looking at right now on the screen, they have access in a way that even large investors do not have. this color, this context, speaking with tim cook in the entire management team so my sources listen, it's not rocket scientists,

mr. buffett was set they didn't do anything to get the 29 million to keep in their pocket. comment that i have respect for warren buffett and without getting into specifics of various companies tax situations, part of this is because we have lowered taxes. his company is getting the benefit of that. it is a reduction of what would have been a future tax liability. i know warren buffett has a lot of cash and he is looking for deals and i can't speculate as to what he is going to do. yes created hundreds of thousands of jobs, so as i said before, if we get more money to companies. we expect them to do two things, one, it will increase wages. cuts that atax middle-class now, and step two is lowering business taxes so businesses campaign more. you are seeing that in the impact for way, and step number three is that owners of these companies have more capital to invest, whether it is a small business owner the lowest tax rates since the 1930's or mr. buffett can the play that capital, hopefully in manufacturing, service industries, opportunities to employ more americans and bett

mr. buffett said, it's not for the faint of heart. teey need to do it very carefully, stcally, and well thought out. but you know, companies are a collection of humans and i think we forget that. it's not a disconnected entity ceos are a humans. and, you know,hey have the entire and responsibility to really satisfy demd and employees are demanding that ceo, company, that their that their leader speak up and speak out. >> and it is important that it comes, whatever the messageis, from the ceo herself or himself, ther than putting o o inting ou release or a statement? >> i absolutely believe, thsue, it is. we need to hear this, nod from a black ite press release, that is so long that most of us won't read past the first two sentences,ut from a human, where they can tell a better story, they have passion, they have, you know, inspiration and opinions. >> we set this segment up with a sound bite frombu warren ett, and he obviously was referring to the debate that is ragrog the country right now on gun control. it is a highly charged debat

mr. buffett, it is a big deal. he was asking questions of mr. buffett.-term investment for mr. buffett. is are going to say, that what we want to do long-term. anddo you avoid the shock the immediacy of the volatility? steve: a good idea is not to sell volatility when it is at a record low price. we have to remember that article stock market of 2017 was not usual. unfortunately, the story is different in 2018, where we are dealing with two things that once. one is tighter monetary policy, that is competition for savings around the world, and the stronger earnings environment. i think this is a good environment for investors, but the returns will not be a strong as 2017. francine: ok. are we expecting more volatility? and does it hit other asset classes? steve: the important question is that what happened in early february where you had to a certain extent, a small amount of market failure in terms of volatility products and so-called the efficient markets, where the equity markets had tremendous volatility relative to every other asset class. that was an

mr buffett, who is chairman and chief executive of berkshire hathaway, says the tax changes have benefitedckage was a huge and unaffordable giveaway to the wealthy. he's said in the past that the rich should pay higher taxes. britain is set for its coldest february week in five years — as freezing air, dubbed the beast from the east, arrives from russia. the cold snap will affect the whole of the uk from sunday night, with temperatures expected to drop to —8 in some areas. simonjones reports. the gritters are gearing up, as britain braces itself for a big freeze. the so—called beast from the east is sweeping in from siberia. the met office, in conjunction with nhs england, has issued a level three cold weather alert for the whole of the country, the second most serious level. that means there is a 99% chance of severe weather, icy conditions or heavy snow, between now and thursday. there are additional yellow severe warnings for snow early next week covering most of eastern britain. that could cause travel problems and power cuts. it's certainly not the first snow we'll have this winter. b

mr buffett, who is chairman and chief executive of berkshire hathaway,has long argued for higher taxestions are taking place in italy, a week ahead of the general election. the anti—immigrant party is holding a rally in the city of milan, while several thousand took part in an anti—racism protest in rome. security has been stepped up across both cities. three days after an attack on a south african police station, officials say they have shot dead seven of the suspects in a gunfight at a church. they say those killed had been hiding there since carrying out wednesday's attack in the eastern cape. the armed gang killed six people and stole weapons and a police van. today, ten other suspects were arrested. stay with us on bbc world news. still to come: in sport, scotland rejoices after beating rugby six nations champions england. prince charles has chosen his bride. the prince proposed to lady diana spencer three weeks ago. she accepted, she said, without hesitation. as revolutions go, this had its fair share of bullets. the name of the sanctuary itself symbolising one of the cruellest r

mr buffett — who is chairman and chief executive of berkshire hathaway — has long argued for higher taxesen called ecuador‘s pablo escobar, but today, prado alava has been extradited to the united states. colombia accuses him of being one of the region's biggest drug lords. prosecutors in washington claim he has smuggled more that 250 tonnes of cocaine into the us. stay with us here on bbc news, still to come: one of bollywood's superstar leading ladies, sridevi, has died. we'll be talking about her rich legacy. eight days before italy votes in a general election, thousands of italians have marched in rival demonstrations, focusing on differing views of migration. in recent years, 600,000 migrants, many from africa, have landed on the country's shores. our italy correspondent james reynolds reports from rome. these demonstrators have a simple message — we reject fascism. the fact that they feel compelled to say this more than seven decades after italy's fascist government fell says a lot about the atmosphere in this country right now. translation: our family has told us what it was like.

mr. buffett both in his letter and to you said.e should point out the legacy reassurance businesses that actually remain with ge after they spun off genworth and erc back in '04 through '06. so these were a long time ago, but what has really heard them is this long-term care book. they started to take a look at their -- they evaluated all the a ac actuarial assumptions. there were $3 billion in the first quarter this year and $2 billion annualry, the total of $22 billion, becky from what buffett said, they may not be done there given he has some real view into that business as well, because of the long-term reassurance business they have. >> he didn't spay specifically he admitted what he was saying was only what he has been reading and seeing with the company over time. he knows that the annual letter for general electric was just out. he was going to sit down and it may take him all day to dig through. i don't know that he has additional insight into the particular happenings at general electric i just know he's familiar with the

mr. buffett, you can't build a railroad from l.a.chicago tomorrow, you can easily add a flight, the railroads also have to fund all that capital the airports are really public infrastructure, so very good business just not getting the valuation in the sector right now. >> so if you were to advise mr. buffett, brandon, and he asked you, hey, brandon, what airline should i buy, what would you say? >> we're very biased here at barclays, we have our top pick on american airlines but we like the management team and structure of returns at delta airlines we could argue maybe delta has the better international network with their joint structures globally, but out of the four carriers, it's hard to pick one. southwest has had the tried and proven business model, but arguably, all four offer such tremendous value and we saw the railroads trade at five times ebitda going back ten or fifteen years ago that's where the airlines are today, and the sectors are similar in that regard >> we're looking at american, southwest, united, delta, all havin

mr. buffett any questions? >> i think i have to submit them to becky, right? >> you can tweet them as well. >> i think she shows all of the relevant questions he's always kind of bullish. you wonder if he's not negative about the markets. >> i want to get his take of ge. especially since he told out and we had the 10k filing. it's obviously a company fraught with disclosures >> one that he no doubt has followed for years absolut absolutely >>> and the companies cutting ties with nra continues to grow after the school shooting in florida. landon dowdy joins us with more. >> good morning. big business is pushing back in a big way following the february 14th shooting that left 17 people dead. we told you about the first national bank of omaha cutting ties with the nra. since then, the number of corporations cutting d ting tieh the gun lobby has ballooned. and over the weekend, and delta and then hours later, united followed suit. rental car companies reacting, aveis ends in march. hertz and alamo ending theirs as well health and insurance and tech firms are takin

mr. buffett saying that wells fargo created bad incentives but he has confidence in the company and ceo tim as a lifelong fan, this one disappointed me. i feel like he kind of gave them a pass, but you know, it's new management now and new incentives, so maybe they'll get their act together i just find that he would probably not have the same attitude if he wsht the largest shareholder, if it were another company. >> we know about his airline holdings united, delta, american, southwest. he said he wouldn't rule out owning an entire airline >> which is an interesting thing to float out when he's got 2 billion in every stock he also compared it to railroad and how different it is. completely different businesses >> okay, so he told becky quick on ge, he made money in the investment, but there were mistakes made and the accounting has not been a model you think? >> that's what he said >> and obviously they're trying to correct that. leslie sideman joins the board she's an accounting specialist so you hope that creates a little bit of a positive story that they can turn around, but listen there

mr. buffett's face and words on quite a lot of campaign advertising this fall.ould think so, whether he likes it or not. managing director. you can get that story and many more to get your day going in today's addition of daybreak. it is also available on mobile in the bloomberg anywhere app. you can customize your settings so you only get news on the industries in the assets you care about. this is bloomberg. ♪ yvonne: i'm yvonne man in hong kong. betty: i'm betty liu in new york. a quick check of the latest business flash headlines. higher tv and movie spending by netflix and amazon have forced youtube depressed cause on its ambitions. googles holding you to read expenditure at holding levels for next two years, causing people to criticize the strategy. google often makes multiple investments in the same injury and waits -- the same industry and waits to see which one works out best. yvonne: black panther has joined an exclusive group, and becoming one of the only horror films to earn $100 million its second weekend in theaters. it took $108 million at the nor

mr. buffett to do is start to think like a millennial.hard for the genarian to do, but we have to start investing in products and services and companies that millenials are using we've got to get our - >> he did buy apple. >> he did buy apple. >> he has two -- his chief lieutenants, to bill's point, are much younger and they identified names like apple. on the investment portfolio, that's one thing his outright acquisition list, i guess, is another. >> well, yes, but sometimes you may want to start with, you know, putting your toe in the water with some of these companies. and -- but for $116 billion there's a lot you can buy out there. again, i just think he's got to get his mind out of, you know, what worked 20, 30, 40 years ago. we see ge isn't working. we see a lot of the financials really aren't working. i don't know why he still has money in wells fargo i think that's the most -- the most crooked bank in the world >> well, how about -- what should he buy? any for-instances? >> i think he has to look at some internet, app-related sto

mr. buffett thinks about real estate, especially the luxury markets in the northeast impacted by high propertyof all the deductions. >> i don't really know we'll find out and then i like the business over time. i like home opener ship. i mean, i bought my house 60 years ago. and it's been an important part to the family's happiness. but i haven't got the faintest idea >> considering warren and charlie were both already strong minded and confident in their own abilities, how did they click? >> it is an interesting question we had been together in 1959 and grew up less than a block from each other we did not know each other until he was 35 and i was 29 and went to dipp dinner. in five minutes, charlie was rolling on the ground at his own jokes and i did the same thing so we knew we were made for each other. we have never had an argument. this whole time, we are strong-minded. we disagree on a few things but agree on most things and we have a great time together. >> you respect each other. >> absolutely, totally. >> joe, you had a question, too? >> you know, we don't have time, but working -- wat

mr. able. liz: it will not be both of these guys? >> warren buffett is very good identifying great managers. come back to me. i will say this on camera. >> you are better looking than they are. liz: they will, come back to me? i'm making a prediction. it will not be ajit jain it will be greg able. why do i say that? trust me, something i feel. not because anything ajit knit. from my sources he does not want it. if i'm wrong i will die my hair brand. it will look horrible. it will not be ajit. he doesn't want it. he is great at what he does. >> a little bit older. he is 10 years older. liz: what else. talk about the cash pile. >> he has to talk a little bit about taxes. he has didn't an big supporter over time of donald trump. having said that, mr. trump put $31 billion of book value with his tax changes on the books of berkshire hathaway. talking to a very happy shareholder by the way. liz: i would imagine? the changes also incorporate 14%, according to morgan stanley analysts for increase in earnings for berkshire hathaway. liz: here is another reason why. put this up one more time? berkshi

mr buffett — who is chairman and chief executive of berkshire hathaway — has long argued for higher taxesfilipino maid found dead in a freezer in kuwait have been arrested. the 29—year—old was found frozen in her employers‘s apartment more than one year after she was reported are held on