our special guest today is warren buffett. we are here at oriental trading and we come out for -- this is the sixth or seventh year we've been doing this to come out and talk to you after you put out your annual letter so shareholders. you did that on friday. people have a chance to look at that and come up with questions that we have for you. why don't we start off how you started your annual report. kind of hard to match that all up. >> yeah, well, if it's going to be a disappointing year, i like the fact we made 24 million. i've regularly measured the performance of berkshire by the change in book value versus the s&p 500 with dividends added back. i mean, you can buy a -- an index fund, a very low cost index fund and get those results. so unless we're delivering something better than those results over the years, we aren't doing anything. and it's true now that our -- the real value of berkshire is considerably greater than book value. but year to year, book value knot a bad tracking measure of how our intrinsic value is.

warren buffett did weigh in on washington. he talked a lot about the grid locks there and what he thinks is causing it. he came up with an interesting analogy where he talked about how when you get to negotiation in business you have to have two sides who both kwum to the table and are able to go ahead. are able to o go ahead and negotiate on both sides of it. both sides, he says, needs to be able to say with authority that we are they are ne negotiating with both parties back to 2011 when things really went wrong. he said it doesn't do any good to rush to people with teleprompters and that is a problem in washington today. >> what does he think the market impact will be if any at all, if indeed two sides can't get this done quickly. can't come to some sort of resolution. did he talk at laul about the possibility of the volatility of the market or the economy? >> he didn't get into where he thinks it goes once we get to continuing resolution. but he said for right now, he agrees with the market's reaction which is basically a

warren buffet unplugged, next. first let's look at today's winners and losers on the s&p 500. >>> you asked and warren buffet answered. we asked you, our viewers, to send in questions for the oracle of omaha. the questions poured in on everything from what can be done about the national debt to how to save for retirement. becky quick sat down with the ceo of berkshire hathaway and here's what he had to say to you. >> susie, thank you very much. we are with warren buffet just outside omaha, nebraska at the fulfillment center for oriental trading. this is one of berkshire hathaway's most recent acquisitions, not the most recent. that would be heinz. but oracle trang was purchased in the fourth quarter back in november for about $500 million by berkshire hathaway. and again, we are fortunate enough to be sitting down with mr. buffet. warren, we've had several viewers from nbr who wrote in and have questions for you. if you don't mind answering a few -- >> let's do it. >> let's jump right in. the first question comes f

we begin with perhaps the most famous investor of them all, warren buffett. his fame extends far beyond wall street, his oldest son, howard, not so much. and yet he's the person warren buffett wants to succeed him as chairman of berkshire hathaway, the mega holding company that buffett built. for most of his adult life, howard has been a corn and soybean farmer in nebraska and illinois. and as lesley stahl first reported in december of 2011, howard doesn't live the high life, and he loves getting down in the dirt. >> this is the man who'll become the next chairman of the company-acquiring, investment-picking, moneymaking machine berkshire hathaway if warren buffett has his way. howard is a farmer who would rather dig up the ground and drive big machines than sit in a boardroom. were you stunned? were you surprised? >> i was surprised. >> but no sign that he's about to leave? >> he won't leave until he's buried in the ground. i hate to put it that way. >> this is no gentleman farmer. howard buffett works his 1,500 acres in pana, illinois, himself. we're gonna

he has a very famous father, warren buffett. had you ever heard of him?ressed. >> as we reported, howard buffett doesn't always agree with bill gates on the best ways to help farm development in africa. but that doesn't mean they can't work together. towards the end of 2011, the howard buffett foundation announced it was joining with the gates foundation to support the work of n2africa, a dutch-led initiative to improve soil quality and increase agricultural productivity in eight african countries. the $2 million donation from the buffett foundation will support work in sierra leone and liberia. [ticking] coming up: making money faster than you can blink... are humans ever involved in the trading? >> humans are not involved in the trading because humans are way too slow. >> when 60 minutes on cnbc returns. it's a new day. if your a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. axiron can transf

warren. i would like to introduce barbara garcia the director of public health who has been counseling us through this process and answering questions and providing us with staff and expertise and help us understand what we were learning. barbara garcia. >> good morning. this is a very exciting time for the department of public health. i want to give thank yous to mayor lee and i also want to thank our health commission in 2008 they laid out a policy and became the foundation today. in fact my second week on-the-job campaign to us came to work on this issue and the last two years, our staff and our policy director, mark who is our capital consultant along with our cfo has provided a lot to the team. it does take a large community effort to do this. i worked closely with the community as well. i want to acknowledge bob through this crowd here and as well as paul kumar. they led that charge for us and i really appreciate the work. we are having an incredible agreement today. two seismically saf

elizabeth warren came out of academia. have had real world experience in regulatory issues. there is william black, a federal reserve board chairman. my point is if the only people qualified to do law enforcement jobs in the financial industry are not only people from the financial industry. people who have connections to the financial industry. there are people with expertise outside of the regulators. but the paradigm in washington seem to be the only people who can guard the hen house is the fox. that's the wrong pair time especiallytime--paradigm especially at this point. >> michael: let's go on to elizabeth warren. this is elizabeth warren speaking about senate republicans trying to filibuster the nomination of cordray. >> brocking rich cordray is about keeping the game rigged. keeping the game rigged so that consumers stay in the dark and a few can rake in billions in profit. >> michael: is elizabeth warren proving she is the great hope of progressives? >> i think so far absolutely. elizabeth warren has refused to pl

we have breaking news on warren buffett shareholder letter.hibani go ahead. >> we'll filing through everything. we have earnings per share, $1704 per share. the street estimate was for $1755 and some change. obviously the meat at thiser sttff everybody cares about the context of the deals and the quarter. a couple of highlights from the shareholder letter. warren buffett describing berkshire hathaway's performance in 2012 as subpar, saying the percentage increase in book value, which i think was somewhere around 14%, was less than the s&p percentage gain. this in a shareholder letter. also saying that he is disappointed by the lack of major deals, saying as a quote, i pursued a couple of elephants but came up empty-handed. just digging through the notes, shareholder letter talking about america and i know that, we often listen to him for his gauge on the macro environment. talking about american business saying that american businesses will do fine over time. just as some of the highlights. he does cover a broad array of subject matters in thi

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as you know, warren buffett is a value investor. to the right where it says deviation. that has nothing to do with his sexual preferences or anything like that, that is a measure of risk. if you look at that, he takes a lot of risk. his standard deviation is fairly high. producing those kind of returns taking a lot of risks. warren buffett puts his money in companies that he thinks are undervaluedd he rolls the dice. he is a stock picker. he is a brilliant investor, but he is one of these guys from the midwest, very low-key, which he kind of is although he is on tv a lot. this guy is a stock picker and takes a lot of risk. but is berkshire hathaway worth the risk? based on those numbers, but i would say no, his investment returns are starting to lag. this is where i deviate into opinion. why don't we hear this guy is not as great as his reputation? some of it is political. he is the one fatcat the media loves articularly for his political views, big supporter of president obama. take it for what it is worth. the numbers kind of don'

challenge. >> professor warren. >> can you imagine 100 professor warrens down there?tts voters only had to imagine one professor warren down there. and they made that dream a reality. now getting reelected in massachusetts shouldn't have been so hard for scott brown. all he had to do was distance himself from mitch mcconnell and crazy republicans on things massachusetts voters obviously wouldn't like, but scott brown wasn't smart enough to do that, and so elizabeth warren beat him and beat him badly. when it was clear john kerry was on his way to secretary of state, opening another massachusetts senate seat for another special election, democratic congressman ed markey was the first to announce he would run for the kerry seat, and everyone, but i mean everyone assumed scott brown would not only run for that seat but be the front runner for that seat. everyone except one lonely television voice. and you heard it here first, which is to say you're hearing it right now. scott brown probably won't even run against ed markey. but i didn't know the half of it. i was pretty

. >> this is such a wonderful segue, but i promised warren i'm going to get him in here, and susanna, before we do the roll-ins. but you've just given me another one of those terrific segues, because of course, we're going to talk about judaism and jewish myth and the creation myth, which would include what we'll call an alienation myth, which is the garden of eden. but i'm with you on that. i mean, if there's one thing in judaism, with judaism, you sense a god that wanted to relate to creation. and while there's the - the negative, the traditional way of reading the theology of the apple and the serpent is in a negative way; in fact, some people even see it as being, the serpent as satan - but in many ways, it's god saying, "you know, these people walking around the garden are boring. i want to get into some conversation!" "well, i'm going to kick them out and see what they do when they're having a little pain." and from there on, you get the wonderful thing coming through the torah, and then the talmud, which is the continuing, very rich commentary on all the actions in the earlier

before we let you go patrick i want to talk about elizabeth warren.h of an impact is senator ratherwarren having just two months in her tenure. >> so far she has had success bringing attention to issues that she cares about. she went off on banking regulators and demanded answers. she went to the ted cruz style of questioning where she drilled again and again. it became a youtube sensation and people have been locked in on that. in terms of legislative success it's too early to tell. we're just two months into the senate that may be enough time to hang up your coat and clear your throat. >> michael: warren and cruz, where will the similarities end. patrick reis, thank you so much for coming into "the war room." let's turn to another lobby backing republicans. the gun industry. the gun safety measures that congress is debating has the overwhelming support of the american people. 91 the percent want universal background checks. 91%. 86% want to prevent mentally ill people from christianing guns. and 57% support an assault weapons ban and 47% support dat

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elizabeth warren takes a stand for working class americans. michele bachmann has seen the light on infrastructure and might be getting off the appalachain trail and heading back to washington and a southern pastor makes a radical stand for justice. but tonight, we start with the tenth anniversary of the ed show. let's get to work. the shock and awe campaign was launched against -- a decade later, the forces behind with trying to revise that history. today, donald rumsfeld tweeted ten years ago, the long, difficult work of liberating 25 million iraqis deserve our respect and appreciation. put aside for the moment the evolution in rumsfeld's justification for war. take a moment to offer some appreciation to those who actually deserve our respect. we can start with the lawmakers who voted no on the iraq war resolution and 133 in the house. some argued passionately against the war inside the u.s. capital. >> i weep for my country. i want to events of recent months and the -- no more is the image of america one of strong yet benevolent peace keeper

(calling names) >> my name is herbie live at 435 warren drive. i'm not directly near the project but i'm in the neighborhood. my purpose is to support the neighborhoods their quality of life is the issue. i don't think they bought their homes with the anticipation that this would occur to them. i'd like to alert the commissioners through a bit of history. i live across the street on warren drive from where the house flew down the hillside in 1979. i was one of the first neighbors to wit it. the fire marshall couldn't believe what was happening to that house. that was quite an evening. it was a year later that the city sent a notice out to the homeowners rigging paying for the quarter of a million dollars for the construction of a retaining wall. let me just say there was a lot of neighbors there. suddenly the city attorney postponed the meeting and we didn't hear another word of it. if this project precedes i alert you to the fact that we the neighbors don't intend to get a notice from the city to pay for any retaining wall that might occur as a

ok warren warren pollack market analyst and financial advisor or and thank you very much indeed for sharing your lease with us thank you. police say there is no evidence of any third party involvement in the death of self exiled russian tycoon and vocal kremlin critic baris bears all ski biohazard experts went to his home near london where he was found dead but have given it the all clear correspondence all set the scene. police continuing to investigate the unexplained death of boris berezovsky now in a statement they said the post-mortem movie carried out there had been a two mile police cordon. after the c.v.r. and the investigators trained in handling radioactive material had given the scene the all clear police have described taking a statement from the employee he found mr birdsall ski's body after forcing a plane passing door having become concerned for his welfare about employee was the only other person in the house at the time the body was discovered another senior investigating officer hit his side they are keeping an open mind in the early stages of the investigation and that it

because warren buffett endorsed it this morning. best way to play that market is chart industries. the other names will deal with short-term issues, but gtls, real revenues, real growth and real earnings. after the break, i'll try to make you more money. >>> coming up, power shortage, investors have favored utilities for their steady charge of income from dividends. but what happens when a company pulls the plug? tonight, cramer's got the warning signs that could help you keep the lights on. i know what you're thinking... transit fares! as in the 37 billion transit fares we help collect each year. no? oh, right. you're thinking of the 1.6 million daily customer care interactions xerox handles. or the 900 million health insurance claims we process. so, it's no surprise to you that companies depend on today's xerox for services that simplify how work gets done. which is...pretty much what we've always stood for. with xerox, you're ready for real business. i started playing football when i was 7 years old. following my junior season in

warren, and becky, great job. warren, thanks so much for all your time. phenomenal as usual. we appreciate it. becky, get home safe. we'll see you tomorrow. make sure you join us tomorrow. but for now, "squawk on the street" is next. >>> good montds morning. welcome to "squawk on the street." i'm carl quintanilla, with melissa lee, jim cramer and david faber at the new york stock exchange. ism services tomorrow. nonfarm payroll on friday. got some selling in europe. general softness. some of that fed by shanghai overnight down 3.7%. the worst session in the year and a half as the chinese government announces new restrictions in taxes to clamp down on real estate prices over there. in asia, the hang sang, look at the nikkei, pretty nice day. >>> road map for this monday morning starts off with warren buffett. three hours of conversation with our own becky quick. the oracle weighs in on stocks. sequester, housing, and what apple should do with the cash. >>> more signals of slowing growth. two big stories in the newspapers about how companies aren't adding jobs, and the rich are

welcome back to the big picture politics panel joining me tonight are michael warren richard hedger let's get back to it so rush limbaugh says the g.o.p. isn't conservative enough and that's why they lost the general election basically you know the republicans they lost the senate they they don't have control the senate they lost the white house and in the house of representatives although they control the house of representatives they got they know the democrats got a million and a half more votes so the only reason they hold they hold it is because of gerrymandering arguably. more conservative candidates people like todd akin were more likely to lose elections so what does rush limbaugh not see here michel i don't well i think his comments if you look at the comments in context he's referring to the r. and cs sort of review of the twenty twelve election and it's sort of navel gazing you know what do we do wrong a day's autopsy exactly is that i don't know the answer to all of the exactly it was and i think his point actually worse limbaugh's point is sound which is that look republicans

elizabeth warren as came out and pointed out that from george washington until. ronald reagan's administration productivity went up and wages went up brought along with it literally from george washington to ronald reagan from ronald reagan's administration to today productivity is continue to go up wages have been flat course the billionaires took everything in between and had those wages in fact there's the there's the chart right on the screen had those wages followed productivity right now the minimum wage would be over twenty dollars the person that she was asking the expert witness of the economist in fact here's a here's the clip let's take a look at. if we started in one thousand nine hundred sixty and we said that as productivity does that is as workers are producing more then the minimum wage is going to go up the same and if that were the case the minimum wage today would be about twenty two dollars an hour so my question mr dewberry it with a minimum wage of seven dollars twenty five cents an hour is what happened to the other fourteen dollars and sev

you know, most people never even challenge the great warren buffet because, well, is he warren buffetone idolizes him. is he treated like, you know, the second coming. then there is our charlie gasparino who does not. he is with us right now. a mess, you say? >> this wasn't -- didn't take woodward and bernstein type of investigation to check this out. i just looked at his record vs. the s&p 500, which is a basket of large company stocks. 500 biggest stocks in america. >> neil: he admits by the way he doesn't perform up to that of late. >> that is a problem. i will tell you this. here is the reason why it's a problem. it's not just as of late. 5 year period. three year period. >> neil: five year period in his letter. >> he says he is probably not going to beat it in the five year. he uses a metric. >> neil: was he honest about that. >> not a lot of people notice. here is the thing about warren buffet. nice, folksy guy from the midwest. it doesn't take much risk. berkshire hathaway takes tremendous amounts of risk. if you look at the standard deviation the measurement of risk, it's bigg

neil: john hutchens sr., i think your friend warren bes warren bd their goal is to essentially die broke, give it all away, i wonder, with your these -- your children, that is your goal too. >> we have talked to kids that vast majority of wealth is going to the foundation, in warn's case all of his money is spent within 10 years after his death, it will be in foundations, but even there off to spend it down, our foundation and his children's foundations, our fun doing ifoundation, after melindi are gone our foundation will spend its money within 20 years, and our kids are excited about the foundation, they get a great college e education and some support, they are lucky. neil: they are set for life, do they have to worry? >> not at all, i think if you get up to gigantic levels, you know giving a kid hundreds of millions or billions that is not good for the kid or society. neil: i always wonder, the kids might disagree. anyway, listen up, did the guy with the nation's thickest -- signal he wants washington to go into your wallet? the spending push that has one ron appalled. rify and lock.

they also welcomed warren -- hollywood giant warren beatty and the co-founder dolores juerta. very good. >>> sandhya patel is here with the forecast. sounds like the rain is gone. >> it is, dan. you can hang up the umbrellas and get ready to pull out shades. the weather will be changing as we head into tomorrow. live doppler 7hd right now is watching the cloud cover and the dridz swrel is long gone -- and the -- and is long gone. until try day morning at 9:00 a.m., certainly will get gusty out there tomorrow afternoon. from our high definition emeryville camera, we are looking toward emeryville. you can notice the high clouds around. as ceiling the ceiling lowers is been foggy at times and we do have fog around parts of the bay area right now. the temperatures are 51 in san francisco and 55 degrees in san jose. golden gate bridge, not looking so bad at this hour, but tomorrow morning could be a different story. livermore is 54 degrees. watch out for foggy areas in the morning 6789 -- morning. mild inland and cool at the coast. it is the first full weekend of spring. the satell

. >> warren buffett, china and the markets trying to make a come back, oh, my. that kind of a day here on "street signs." we will tell what you the chinese government did that has some investors spooked. >>> warren buffett says some stocks are still a bargain and he is a buyer of a buffet of names that he likes, ahead. >>> why some mortgages will look like sub prime mortgages and one trade in commodities you must make right now. how is that for a tease. >> that is a good tease. good morning ppg dow is less than 1% away from all time closing high. it is, however, held back today by global economic worries. which ironically comes as over $55 million for global equity funds and etfs in january and february. that, is the biggest two-month inflow on record. even trim tab says concerned, seeing extreme enthusiasm for stocks, particularly emerging markets and china should worry bulls. bob pisani, do you agree, the big inflow from fund investors off tern can occur in market thoughts. >> that's all own wall street chestnut. i think today we are having a growth scare arou

they also welcomed warren -- hollywood giant warren beatty and the co-founder dolores juerta.good. >>> sandhya patel is here with the forecast. sounds like the rain is gone. >> it is, dan. you can hang up the umbrellas and get ready to pull out the shades. the weather will be changing as we head into tomorrow. live doppler 7hd right now is watching the cloud cover and the dridz swrel is long gone -- and the drizzle is long gone. until try day morning at 9:00 a.m., certainly will get gusty out there tomorrow afternoon. from our high definition emeryville camera, we are looking toward emeryville. you can notice the high clouds around. as the ceiling lowers it has been foggy at times and we do have fog around parts of the bay area right now. the temperatures are 51 in san francisco and 55 degrees in san jose. golden gate bridge, not looking so bad at this hour, but tomorrow morning could be a different story. livermore is 54 degrees. watch out for foggy areas in the morning 6789 -- morning. mild inland and cool at the coast. it is the first full weekend of spring. the satellite r

warren buffett is not one of them.to what he said today on "squawk box." >> i think bernanke has sort of carried the load himself during this period. there's no question that stocks are higher because interest rates are essentially zero than they would be otherwise. everybody that's involved in managing money is waiting for the moment when they think he's going to go the other direction. i'm sure he's going to try to do various things to sort of ease that in and be a little confusing maybe as to whether he has done it. but there are all kinds of people are portfolios. who will take a signal from him to do things with bonds and stocks. >> jeff cox take z his view. but edward bernstein says it's not just all about the fed. some say it's overstated but you doubt the validity of that argument. i've got to agree with you because there are not any alternatives to companies that pay dividends. >> i stand with you and warren buffet. i'm good here. but take a look at this thing. when you look at it on his face, the amount that

they also welcomed warren -- hollywood giant warren beatty and the co-founder dolores juerta. very good. >>> sandhya patel is here with the forecast. sounds like the rain is gone. >> it is, dan. you can hang up the umbrellas and get ready to pull out the shades. the weather will be changing as we head into tomorrow. live doppler 7hd right now is watching the cloud cover and the dridz swrel is long gone -- and the drizzle is long gone. until try day morning at 9:00 a.m., certainly will get gusty out there tomorrow afternoon. from our high definition emeryville camera, we are looking toward emeryville. you can notice the high clouds around. as the ceiling lowers it has been foggy at times and we do have fog around parts of the bay area right now. the temperatures are 51 in san francisco and 55 degrees in san jose. golden gate bridge, not looking so bad at this hour, but tomorrow morning could be a different story. livermore is 54 degrees. watch out for foggy areas in the morning 6789 -- morning. mild inland and cool at the coast. it is the first full weekend of spring. the satel

because warren buffett endorsed it this morning. the best way to play that market is chart industries. the other names will deal with short-term issues, but gtls, real revenues, real growth and real earnings. after the break, i'll try to make you more money. >>> coming up, power shortage, investors have favored utilities for their steady charge of income from dividends. but what happens when a company pulls the plug? tonight, cramer's got the warning signs that could help you keep the lights on. i remember the day my doctor said i had diabetes. there's a lot i had to do... watch my diet. stay active. start insulin... today, i learned there's something i don't have to do anymore. my doctor said that with novolog® flexpen, i don't have to use a syringe and a vial or carry a cooler. flexpen® comes prefilled with fast-acting insulin used to help control high blood sugar when you eat. dial the exact dose. inject by pushing a button. no drawing from a vial. you should eat a meal within 5 to 10 minutes after injecting novolog® (insulin asp

♪ >> countdown to the countdown, waiting on warren and is required reading.he shareholder letter will be released after the bell. will it reveal another monster purchase? top profit watchers shareholder. there is a major dinero in learning the languages. rosetta stone with better than expected and earnings. the stock jumping in the ceo joins us this cozily to talk about the drivers of 2013. and you were sequestered protection plan. what to do with your money of the government cannot give it back together. helping you find the profit. the countdown starts right now. ♪ liz: live from the floor of the new york stock exchange in lower manhattan on a day were the big question was earlier will we hit the all-time high? right now talking to everybody, asking that traders. everyone sang probably won't happen today. what can we tell you? let the markets right now. we did have a move to the downside earlier today. take a look. about 24 points. considerably higher. looking at the industrials up about 25 points. looking at what has been happening. we get some early data

yeah, warren? >> i was thinking of a psychologist, jung, and his idea of the collective unconsciousness. i think in the west, we have been so heady - think, you've got to think, you better - all this kind of thing. my wife and i both have studied it, and it seems like there's dimensions. being raised in this culture, i wasn't even aware, and this kind of thing, this ritual we went through, just kind of - like i actually kind of experienced that, rather than just reading about it. maybe not real deep, but it kind of like was really a little door opening. there was another aspect of it, though, that all four of these elements, i think we took them as very positive things, but each one does have its negativity also. but it's like balance - the balance between a fire, we derive much, our food is cooked on it, we stay warm; it gets out of control, well, then... we don't have to belabor the point, but all four of them - earthquakes, where the ground under you, >> i see what you're saying, warren. that's

fair enough. >> you take that case up with warren buffett. that's what he is saying.look at sort of where corporate america is sort of profiting and american middle class wages are stagnant, you can't look at this and say that's fair. >> i agree. high corporate profits are a problem. regulation exacerbate that's problem and limits at built of startups to take on the companies. that's why even in mexico taker taking on the version of warren buffett for the very good reason that's the way you get jobs and growth by having more entrepreneurship and more growth and high corporate tax that are biassed towards the ges and buffets of the world is a burden. >> it's a weird argument to say we need more regulation when corporations are sitting on record profits. >> that happens to be true. >> gentlemen, thank you both very much. still "out front," new revelations about the teenage >> i'm willing to, you know, break the jewel of my own creation to try to do something for her. like i'm not worried about what it would do to me or my show to try to help her as myself, not as my cha