looking for where has warren buffet been. we know how much cash he had he got criticized for having that cash in january suddenly he looked brilliant an then he didn't deploy it i think that does surprise me. i'm surprised he couldn't find something out there. the other thing that surprised me is this the fact he's got such a large percentage and we talk about the big five all the time here in terms of the technology names. we talk about it every single day on cnbc. how about the fact that warren buffet presently has a dominated portfolio of five stocks you have 69% of what he's got right now. he's got american express, wells fargo, bank of america and then you had a couple others. apple. those five, those are his big five it shows you that we've got this narrowness in the market itself in the broad market in terms of some of these nasdaq names and you have warren buffet with this very narrow group of five stocks i'm amazed that he wasn't able to find something out there where he said this is time this is the time to own this

but even that has limitations like a fed really denied warren buffet you know he was trying to shake down the airline industry during the crisis of the past couple of months and get sweetheart deals and freebies and guarantee profits and the fed stepped in and said no we're going to be buying airline shares and in front of warren buffet they front run warren buffet the ultimate front runner give you an idea because the fed is now much bigger than berkshire hathaway it's much bigger than any of these private equity groups and that's the purpose is to take everything private for the people who own the federal reserve bank of america. which are about 20 or 25 families. so importantly you know with ken telling our class with can tell in effect what happens as you know basically bost yet would have warned you about this corruption spreads right the corrupt class consolidates its wealth and and basically feeds each other the free money and one thing i was told in confidence i can't give the source but in the past week somebody has told me that they used to work with it basically with

crew as the latest victim and warren buffet cashing out of airline stocks. our breaking news coverage is back after this. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. >>> welcome back dow is trimming its losses the nasdaq is now positive by half a percent s&p still down about quarter of a percent. you probably heard barry banister saying he doesn't think it is breach 2950 again for the rest of this year. oil market is closing up it's been the story of the year. practically. one of them. dom is at the commodity desk with more. >> crude prices are mildly constructive u.s. benchmark west texas interme

scott gottleib on all the fast-moving kroft developments. >>> beck sure hathaway ceo warren buffet making lot of news over the weekend. >> i will bet on america the rest of my life and i want my successors to. >> we have all of the highlights of buffet's message to investors as the final hour of "squawk box" begins right now. >>> good morning, i'm joe kernen along with andrew ross sorkin and becky quick. hard to do that, isn't it? because it's not a mirror. >> to say that >> what's that >> no, he was pointing >> so like -- see, you're -- so becky's this way you went the wrong way, too. >> becky's this way. >> who's that way? nobody >> is there? just your coach. >> it's brady bunch. >> this way? your life coach? >> it's the closs scity closet. >> u.s. equity futures, they're really not worth talking about after 600 points on friday, down another 250 points those aren't the worst numbers s&p is down 24, 23 and change. the nasdaq is indicated down 51.5 points. it's may, i think. >> i guess cinco de mayo is depressing i can guarantee you margaritas might make sense i will tell you one thing i

i want to start with the markets in general and warren buffet's comments his comments appeared to go against popular wisdom i think in how to manage investments he sold airlines low, didn't buy anything during the historic sell-off i wonder what you think from a research perspective how investors playing at home should -- what they should take away from that >> after having one of the worst months ever in march april has ended with one of the strongest rallies in about 30 years across a number of benchmarks the s&p 500, the nasdaq, and u.s. high grade. so i think that you should expect some consolidation this month. now there is just so much liquidity in the system. we estimate the central bank balance sheets will expand 17% this year. you don't bet against that we still think you should be, you know, constructive, but consolidation is in order. the markets responded the fastest, the virus and the economy last and the data prints we see coming out are going to be pretty negative here. i would look for consolidation, although i think there's a strong level of support just from the mea

they front run warren buffet the ultimate front runner give you an idea because the fed is now much bigger than berkshire hathaway it's much bigger than any of these private equity groups and that's the purpose is to take everything private for the people who own the federal reserve bank of america. which are about 20 or 25 families. so importantly you know with ken telling our class with can tell in effect what happens as you know basically boston that would have warned you about this corruption spreads right the corrupt class consolidates its wealth and and basically feeds each other the free money and one thing i was told in confidence i can't give the source but in the past week somebody has told me that they used to work with it basically with somebody within the new york fed and any time there was a crisis like this like the government was about to tell airlines that they couldn't fly at all and they were going to shut down all airline flights normally what would happen is how they get around that insider trading is they're saying we're calling you know where the new york

back to you. >> thank you >>> e lon musk talking about warren buffet. let's bring in phil to tell us exactly what he said he wasn't smoking pot or drinking whiskey at this time around he's still making headlines. >> any time he talks, he makes headlines. this was a two hour podcast with joe roggin i think they taped it in the last couple of days ar last night. it was dropped this morning. over the course of two hours they talked about a lot of stuff. we'll talk about the buffet stuff in a bit he thinks they are going way too far. here he is during the podcast. >> civil liberties in this picture. what can the government make you do what can make you not do and what's okay. >> right >> i think we went too far >> this podcast comes just a couple of days after elon musk reached a plateau that should unlock a big payday. it could pay him more than $700 million on paper and he's already a billionaire. we know how he feels about wealth high pressure he's tacked about the fact he thinks billionaires are targets he had this to say about warren buffet and the typ

so far, no injuries reported. >>> billionaire warren buffet with an optimistic outlook amid the coronavirus outbreak. buffet spoke at his company's first ever virtual shareholders meeting. the 89-year-old saying the u.s. economy faces a, quote, extraordinary range of outcomes following the pandemic. but he said he believes the company will overcome even the most significant challenges. >>> when we come back, the school deputy with the final lesson for his high school seniors. stay with us. and take. it. on... ...with rinvoq. rinvoq a once-daily pill... ...can dramatically improve symptoms... rinvoq helps tame pain, stiffness, swelling. and for some-rinvoq can even significantly reduce ra fatigue. that's rinvoq relief. with ra, your overactive immune system... ...attacks your joints. rinvoq regulates it to help stop the attack. rinvoq can lower your ability to fight infections, including tuberculosis. serious infections and blood clots, sometimes fatal, have occurred... ...as have certain cancers, including lymphoma, tears in the stomach or intestines, and changes in lab results. your doctor

. >> reporter: today airline stocks slit further after billionaire investor warren buffet sold his airline holdings. >> the future is much less clear to me, how the business will turn out. >> reporter: at tampa international airport, passenger volume down a staggering 97% the airport now encouraging face masks, more cleaning, more hand sanitizer, plastic shields at ticket counters and floor markings to keep everyone separate. >> i would say somewhere between two to four years before we get back to precovid levels that's what forecasters are telling us. >> reporter: meanwhile, carnival cruise line in dire straights says it hopes to sail on august 1st despite cdc concerns that cruise ships exacerbate the virus' spread and uber asking drivers and passengers to wear masks. back here at the nation's deserted airports, the numbers are alarming on sunday, just 170,000 people flew nationwide. a year ago on the same day, 2.5 million people flew. lester >> tom costello, thanks. >>> in 60 seconds, the new alert about coronavirus and kids mysterious symptoms being reported what every parent should hea

yes doing dong the witch is dead warren buffet de extortionist private equity nut job there's a reported game changing record breaking losses as berkshire hathaway is holding company goes belly up more of. the world is driven by shaped by one person. no dairy thinks. we dare to ask. it stays headlines from the international the european union says it's heading for the worst recession in its history with any fragile recovery period threatened by a potential 2nd wave of infections. in the hunt for how the virus took hold in france we speak to one man whose dog knows with corona virus a month before the 1st official cases were registered. i learned i had coronavirus only 10 days after i left the hospital the doctor called me and said mr amar you were lucky that's true because today this virus has spread everywhere. president putin approves this 3 step plan to relax russia's law but new in tougher restrictions will.

airlines tumbled on monday following warren buffet's comments american delta and united dropped 12 percent while southwest dropped 8 percent this comes after his comments warren buffett after he sold their entire state did this move surprise you . didn't surprise me too much i think it caught some people by surprise in that you know warren buffett's been been down on airlines for years he's been down on the airlines since 2007 it was only until kind of around 2015 that he started to buy up some of those stocks again so the fact that he did this i think is not terribly surprising knowing its history what is surprising is he did it after the government came in with bailout money for the airlines and he made the comment that he said i think most c.e.o.'s have done their jobs pretty well if you think most them have done their jobs pretty well why are you jumping out now and i think part of the reason for it is because buffett may have expected as some of the c.e.o.'s had hoped for that the government was not going to build them out with loans but was going to give them gifts was going to grant

tell the ordinary person the investors out there i hope i've convinced you to bet on america warren buffet's he's a guy who of course has no bet on america because he he's now piled up $137000000000.00 this whole buffett thing with his dumping of the airlines you know let's contrast this with 20082008 when the banks were having financial difficulty because they committed massive fraud or when a bank like wells fargo which is a big buffett holding commits a massive fraud that he condones by ripping people off in their millions of retail banking accounts he rushes to the rescue like florence nightingale how can i restructure i'll take over as c.e.o. as he did with solomon brothers you know way back when i'll write checks i'll be a crony capitalist i'll go to washington i'll help you because they you're going to buy my 0 percent coupon bonds you're going to give me inside information you're going to goose up my performance and then 2020 when the airlines are in trouble with you has a big percentage ownership been made up of blue collar workers minimum wage workers hardworking americans. drop de

david: you created the foundation from the wealth created from microsoft, and then one day, warren buffetled you and bill and said, guess what, i don't know what to do with my wealth. but i want to give it to you because i like what you are doing. is that essentially it? melinda: that is essentially it. warren's plan was his wife was very involved in philanthropy. his plan had been to give it away through the foundation that he and she had, but she passed away early, unexpectedly. so then yes, he came and surprised bill and i and said, the vast majority would go through our foundation and then three that his children had and the susan t buffett foundation. david: so when somebody called you and said guess what, i am giving you $50 billion you did not expect, what did you say? thank you, i cannot believe this? melinda: i can honestly tell you that bill and i took a walk after that discussion and we were alone and we both cried. and i think we cried, both of us, because to know warren's generosity and that we would be able to do even so much more than we were already doing for people around

look, we saw what warren buffet announced over the weekend in his sale of the position in the airlines. clearly if warren thought this was going to be a three, six month recovery, i have to assume he would have left his position alone and looked into next year and said okay, we're going to have substantial growth. i don't see that. you really have to think about the consumer, two-thirds of our economy, how quickly are they going to go back to the new normal and i do think things get better in the third and fourth quarter, 2021 should be better still, but back to the new normal, back to where restaurants are full and the disney parks of the world are full, kind of hard to believe right now. maria: yeah, i mean, that could happen in 2021. here's larry kudlow yesterday with me on sunday morning futures. watch what he said. we've all seen the numbers in terms of the second quarter, we're looking at a contraction of up to 30% for the second quarter. are you saying you're expecting growth in the third quarter, larry? >> maria, they're looking for a substantial rebound of, say, 17 to 20% in

now the masks are coming from chinese electric car manufacturer byd a company backed by warren buffeteven democratic lawmakers in the state have questions like quality standards and price per mask. this discussion is making its way on to social media. jen on twitter says no reason to not disclose details of a 1 billion-dollar contract. it's taxpayer money. a little bit of sarcasm. under the circumstances he deserves the benefit of the doubt. security concerns are legit. major success saying it solves a serious problem in the state. rob: masks is the hardest thing to come by. if you are an nfl season ticket holder this is a story for you. carley: a lot of questions what the fall is going to look like including what the football season is going to look like. nfl commissioner roger goodell sent a letter to all 32 teams detailing their ticket refund policy. it's about as good as it gets. they say if a game is can cold or under conditions that predict fans from attending. anyone purchasing a ticket will have the option of receiving a full refund or applying the amount paid toward a future

warren buffet brookshire hathaway lost and he decided to sell all of $7 billion worth of stock.ade a mistake in valuing even with the airlines receiving 25 billion-dollar federal bailout. boeing announced this week that it would cut workforce by 10% across the board and by 15% in the commercial airplane division. that would mean 10,000 jobs lost. ceo dave calhoun said, quote, we expect it would take 2 to 3 years for travel to return to 2019 levels and an additional few years beyond that for the industry's long term trend growth to return. as for the mask requirement. many on capitol hill are applauding it and some debts cant want a federal mandate, peter said in statement, we all have a role to play to stop the spread of the vicious virus and reckless and wrong for the federal government to shirk its responsibility. the big question now with airlines taking a lead, would more people feel comfortable flying, back to eric. eric: as long as they don't scrap the drink cart. daniel: they may. eric: no. after weeks of rumorses about his health. kim jong un maybe he's not dead, he's al

you know, even a long that, warren buffet and have been the spiritual leaders of investing over the years. annual letter, he seems to be looking forward to passing that baton and i it's their vision to their e that role within company. and that is the bizarre all mstance here, we're looking for that spiritual is doingp from what he and we're not getting it and it's a source of frustration. anxious for him to come out and say, wow, this is a bargain and oh, is this a great to buy and he might think at , but also, if you look the breakdown in the market, the concentration in the five or six largest companies in the s&p is the highest it's been other than 1999.e end of it's higher than the end of 1999. likes to buy a very large company that is way a of favor, which means broken growth stock of some kind and the growth stocks are not broken right now. 30 and 40l trading at and 50 and netflix and amazon's 80 or 100 times earnings. he didn't buy times or coca cola at 60 earnings in 1972. he waited until the stock was 1989 more out of favor in on coca cola. romaine: bill, real quickly, 30 second

you know, very often you have a billionaire like warren buffet who actually said he was paying a lower because many billionaire have relatively small income, because most of the income to hir wealth is from a family or corporation. so taxing wealth can make them contribute more in line with the ability to contribute. so the point is not to punish wealth. it's just to make people contribute, you know, in proportion to their ability to contribute. >> trevor: now, whenever-- whenever people bring up that idea, whenever it's bernie or elizabeth warren, or anyone, for that matter, who says, "we need a wealth tax. we need to look at different ways to tax the wealthiest of the wealth ethe billionaires and corporations that have endless amounts of money and don't pay any taxes and find loopholes to not pay taxes. the push-back inevitably becomes you're discouraging innovation. you're discouraging the creation of wealth. and they say all the money will move elsewhere. if you were trying to convince a billionaire, or you were trying to convince a megacorporation to be contributing more and payin

warren buffet doesn't do many buy backs either he only does it when he can't see something cheaper out there. jeff bezos is a visionary. it it took me a long time to get there. >> all right >> can i make a comment? >> quick, please >> quickly, amazon has so much available cash and so much availability to move in directions they want when they made the whole food acquisition, a lot of people said they over paid and it turned out to be an unbelievably clever move. you get a monopoly affect that extends into other different realms that whoever would have thought this was turning out to be a clever move i hadn't expected this to work out. >> twitch. twitch could be as big as youtube. nobody says the word twitch that's over the age of 40 years old. if you're under the age of 20, you spend more time on twitch than you spend worrying about hbo or netflix there's so many aspects of this company that we're not picturing that have yet to be truly monotized which is another leg of story >> i was thinking along the line of stock split as the stock price continue gos up and up, it's harder for a ne

the airline stocks today boeing not really an airline stock but dependdent on the airlines in as warren buffet

warren buffet was selling the airlines >> i think our retail investors are taking dvantage.m the trades they are making our client calls we're having each and every week. they are looking for our perspective on the markets and help guide them through this time >> fascinating thank you so much. we appreciate it >> thanks for having me. >>> don't go anywhere. still ahead, top of the hour we'll have much more on today's rally including the surge in kru crude oil. we'll talk to the ceo of parsley energy >>> thanks to the fine print in some ppp loans small businesses could be left with big tax bills veme athat's brewing over the gornntid we'll have the latest. we'll be right back. quadrupled their money by 2012? and even now, many experts predict the next gold rush is just beginning. so call u.s. money reserve, the only precious metals organization, led by a former director of the united states mint. as one of the largest u.s. gold coin distributors in the country, u.s. money reserve has proudly served hundreds of thousands of clients world-wide. there may have never been a bette

until after the quarter as for occidental, i think you've got to take advantage of the fact that warren buffet has his annual meeting and sell it on monday. that meeting should be somber. monday may be your best chance to get out of what i think was a once great oil company that paid way too much,. cvs is a higher yielding stock that's down 20% for the year it might be worth buying ahead of the quarter it's been okay, not bad. now with this, remember gm, right now autos are the weakest part of the economy aside from travel and leisure i know some people itching to buy a car company because public transit has gotten more risky. don't do it. this is not the time for auto exposure here is one i like, waste management 18 points from its high it does need more construction to make its numbers. little wary. and now that elon musk has slapped a sell rating on tesla, someone please delete his account. the hottest stock is shopify given what we know, i'm meeting they have an incredible quarter. i think it's worth the risk. we all want to know how moderna's coronavirus vaccine is coming along hopefully

when you hear someone like warren buffet who is sitting on a pile of cash saying he's not putting anything to work now that he doesn't see anything that looks all of that attra attracti attractive, how do you react to that >> he's entightstled to his opi. i'm entitled to ours i'm not buying the market. i'm buying specific companies. in this case two companies i like very much >> two new positions >> that said it. two new positions. when they get to the price ie like then we buy >> about positions that you already have and you mentioned you spoke to somebody with ge aviation, how do you think about ge getting through this crisis there still are considerable concerns about the company and its future i know you probably read the notes from stephen, the analyst who follows the company closer than anybody how do you think about ge getting through this crisis and making it to tohe other side? >> i think larry is one of the best industrial managers i've ever met i've been around a long time larry has been dealt an awful hand almost everything has fwogone te wrong way for him. he's got a lot of ca

billionaire investor warren buffet says his company has sold all of its shares in the four largest usnual meeting, which was held virtually for the first time because of the pandemic. employers will not be required to maintain social distancing of two metres between workers under government proposals to reopen the uk's workplaces. in a first draft of the government's strategy seen by the bbc, employers are encouraged to do so where possible, but where it's not, additional measures should be considered. these should include additional hygiene procedures, physical screens, and the use of protective equipment. japan's prime minister shinzo abe is expected to extend its state of emergency until the end of the month later today. let's go to our asia business hub where mariko oi is following the story. what more details can you give us? the prime minister and his ministers are going through the details as we speak but it is pretty much confirmed that the prime minister will be holding a press co nfe re nce prime minister will be holding a press conference later this evening to announce the

according to a new report, billionaire investor warren buffet and microsoft founder bill gates are stillying their regular bridge game during the coronavirus pandemic said buffet, "okay, i see your golden gate and i raise you the brooklyn." according to a new poll 44% of americans say that their favorite way to relax is visiting the beach the rest said it's agreeing to a zoom happy hour and then getting out of it five minutes beforehand and finally, grand canyon national park will reopen to the public tomorrow for memorial day weekend. said guests, "i don't feel good. i don't feel good. i don't feel good. i don't feel good. this has been a monologue. we've got a great show for you tonight. musician and actor janelle monae is here. and you know patton oswalt from "king of queens," "ratatouille," and "a.p. bio. he's one of the greats and has a fantastic new stand-up special so, i'm excited to talk to patton, but first, "a closer look." >> seth: hello everyone, and welcome back to another attic show without tacos and i say without tacos, because that's an anagram for attic show and personal

bush investigation spoke with warren buffet about the actions taken in response to 2008 economic collapse. >> i read various economists, adam smith, david ricardo, all of that, but i really have never heard a more eloquent statement that succinctly summed up the economic world than george bush made in september, i think, of 2008 when he said in a memorable ten words, he said if money doesn't loosen up this sucker can go down. [laughter] >> it was like a gettysburg address, short but to the point. [laughter] >> as i read the book an appreciation for the fact that he understood what was going on and understood what needed to be done. was there ever time with proposals? >> no, he was only surprised when i was surprised. i was surprised more than once. [laughter] >> then i would say that i felt -- spoke to him, one of the things i learned, warren, from my previous career is no matter what you negotiate, i could have all kinds of understandings about the relationship we would have but if i didn't have the right relationship with a president, it wasn't his fault, it was going to be my fault. i

warren buffet sold every share of airline stock, more than $7 billion worth.e in his valuing. his bicke fund dropped in the ft quarter. airlines won't buy planes anytime soon. boeing and airbus announced massive layoffs. boeing will cut 10% of its workforce, costing the puget sound about 10,000 jobs. to try to ease the fears of people flying, payne field airport has begun taking the temperature of people before they head through security. it's the first airport in the country to do it. some in congress want a federal mandate on face covering. peter d difazio says we all hava role to play to stop the spread of this vicious virus and it's reckless and wrong for the federal government to shirk its responsibility. time will tell if the new airline rules and fever checks lead to more fliers or if they're just another reason not to fly. we talked to some people as they were moving into the airport today, flying today, and they said you know what, you've got to do what you've got to do, if you're motivated to fly you will put on a mask or some other covering. a eric.

just to push back a little on the airlines this week actually started which the disclosure from warren buffetine positions and took a loss because he doesn't see it coming back any time soon these companies are going to be left in worse financial shape, they're going to be heavily indebtds and they're going to be facing less capacity when it comes to flying. how can they hire back all their workers? >> well, first of all, mr. buffet is a very smart investor and i would never try to make that he knows -- that i know better than him about how to trade his stocks and that's his job. my job is to make sure we helps the industry come back and make sure we put a lot of people in demand yes, times are bad, yes people have lost a lot of money so far, but the planes didn't disappear. they're parked the pilots, it's not like they're no longer around they are waiting to be called back as are the flight attendants and everybody else. once the demand comes this is the first time that the airlines industry has had some significant problems we've been through a lot of that in the past. the great recession i

pollan recently wrote this in the sickness in our food supplies quote, only when the tide goes out, warren buffetdo you discover who's been swimming faked. for our society, the covid-19 pandemic represents an ebb tide of the historic proportions one that is laying bare. no more is this more evident than in the american food system. michael pollan joins me and is the author of "the omnivore's dilemma." i appreciate you being here. let's start with how we got here the structural systems that set it up so that if a single processing plant across our country suddenly has to close because of this kind of emergency or another, it represents a major threat to our entire food supply. how did that happen? >> concentration, basically. over the last -- since the reagan administration, we essentially allowed meat companies to american in the name of efficiency. we found that bigger meat companies could slaughter more animals and produce meat more cheaply. and that seemed like a good thing for consumers. it was devastating for pigers, ranchers and pick farmers. as the market consolidated, you got to this poin

i think people -- warren buffet says it, i mean t americans are very resilient and flexible and people'm not -- believe me, my job didn't allow me to be poly annish you ignore history if you don't see that we're quite adaptive. that said, fls undoubtedly damage being done and on a macro gdp level and also a personal level. my heart goes out to restauranteurs who built businesses and some of those businesses won't open again. >> you obviously were right in the trenches in 2008 you understand fed action. you understand fiscal action i'm going to read verbatim one of your tweets from april 9th to set this up. not all of the bold actions in support of jobs in the economy will go smoothly and of course public health will determine outcomes, but monday morning quarterbacks are going to have a field day but in mnuchin and powell we have the right folks on our eke home in miconomic iss point you feel the fed is in shaw and a"shock and awe"? you think there's merit in both of those programs? >> i think they acted terrifically undoubtedly there's going to be 1,000 ph.d. dissertations that will b

they can email questions to berkshirequestions @cnbc.com we'll be asking hours of questions to warren buffetthere will only be warren and greg on stage. that will stream on yahoo! live. we'll stream it at 6 a.m. monday morning. we'll get all of those questions and answers coming up. joe? >> look forward to that, becky coming up, exxon set to post quarterly results. the numbers in the analysis next and then two of the major players, two really some of the most major, first moderna's ceo. it's the coronavirus first moderna's ceo and the company's plan to ramp up vaccine production and gilead's ceo daniel o'day on the remdesir stay tuned "squawk box" will be right back. >>> the two companies are teaming up to find a large scale cure for covid-19. it will be great to scale this up the way that you do it, platform, using messenger rna to generate an immune response has a lot of advantages. it scales up quickly first tell us about the numbers you think that you could deliver you are talking about a billion doz doses with vaccine development with lanza. >> yes, good morning, joe. thank you for havi

buybacks you have been a critic of buybacks recently and yet warren buffet made an interesting commenteek ago to becky i believe where he said there is nothing immoral about buybacks sometimes buybacks are stupid, sometimes ceos make really bad decisions about pursuing buybacks but there's nothing immoral about it do you disagree with warren? >> it is a fundamentally idiot particular business practice and i agree with that. it is for the ceo who is unimaginative and has no idea what to do and is largely held hostage by hedge funds or their board. 1/3 of s&p companies spend on r&d, only 1/3. that means 66 out of 100 companies don't even bother to think about tomorrow they just take all the money they have, they just send it right out the door and that kind of behavior is fundamentally dumb because when you go through a pandemic like this, what you realize is you should have been building for some resiliency so that you would have savings, so that you can actually keep your employees through a drought, so that you can actually have business models that keep you in business that can still

historically and close close some of the most egregious loopholes like the buffet rule which enables billionaire investors like warren buffett to pay a lower tax rate than his executive assistant. if we do those two things, then i think that would bring not only balance back into the tax system overhaul, but it would raise enough revenue for people to live 20 million out of poverty overnight. the tax rates of roughly that level or what we had for the decades following the second world war when we had an immense economic growth and that economic growth was broadly shared. we have broad-based prosperity. so, this for me is not about pitchforks coming for the rich. it's about what we owe one another. we all should invest in an america to provide economic opportunity to all americans and what's happened right now in the economy because the way we structured it is that it is egregiously unfair and they consistently go to the top 1% or .1% rather than to everyone else and this is bringing it back into line. you mentioned the upside down tax code that we have. the cost of what i'm talking about over the next decade is just

warren buffett? dani: comforting tone from buffet. and actions somewhat different.to $173 billion cash pile saying because of the fed's actions, there were less deals to take. penny scott liquidity from the fed so they didn't need to turn to investors like buffet. he sold his stakes in four major airlines, saying the industry has fundamentally changed. matt: thanks very much. a quick one, but we will come back to you a little later in the program. dani burger with a little bit of the news of what came out of the berkshire hathaway shareholder meeting. coming up, the market open, less than five minutes -- four minutes to go. futures are down. ♪ these days staying connected is more important than ever. so we're working 24/7 to maintain a reliable network, to meet your growing internet needs. we're helping customers who are experiencing financial difficulties stay connected. we're increasing internet speeds for low income families in our internet essentials program. and delivering self-install kits to your door. nos comprometemos a mantenerte conectado. we're committed

. >>> warren buffett is striking a positive note about the future. buffetberkshire hathaway's first annual shareholder meeting saturday that america will recover from this pandemic. buffet has been bullish on the u.s. economy and stock market. but buffet also revealed that he had recently sold his company's entire stock investment in four major u.s. airlines. air travel has been hit hard by this virus and there are many questions about how the industry will look in the post pandemic era. richard quest has that story. >> reporter: social distancing and air traveling, contradictions in terms. with long queues, evaporating leg room, air travel is particularly ill suited for our new coronavirus reality. the pandemic has left global travel at a virtual standstill and it's clear the way we fly will need to change before passengers will feel comfortable returning to the friendly skies en masse. before the crisis, there was this massive drive to maximum capacity on board, pushing the flying public ever closer together. now, airlines must embrace the exact opposite.

slumps off to billionaire warren buffett's box a half away dumped its stakes in the sector delta airlines american airlines and united airlines fell more than 8 percent of the buffet told reporters reporters the world has changed for the industry well for more than add to our financial market correspondent dns court to in new york where the sun is out i can see yes is buffett's move the final blow for u.s. carriers. well it's sunny but also a pretty stormy day as you might to tell and you see the skyline all part of the skyline of manhattan in the background and there are no planes flying over the city it's the case so usual so obviously the industry is still in a deep crisis mode and nobody really knows what's going to happen in the near future let's just last week we heard from american airlines for example that they had a quarterly loss of more than $2000000000.00 there's talk that maybe the government might jump in maybe taking a stake in some of the struggling airlines and the reaction on wall street was quite obvious the shares prices already had been under heavy pressure and that selling pressure continued and personally i also wouldn't be super surprised i