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2012-10-24 Warren Buffett Squawk Box Transcript

2012-10-24 Warren Buffett Squawk Box Transcript

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Published by: bacteriaaa on Oct 25, 2012
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CNBC SQUAWK BOX TRANSCRIPT: Wednesday, October 24, 2012PAGE 1 OF 52
 
Warren Buffett appeared liveon CNBC's Squawk Box for atwo-hour interview withBecky Quick. During their conversation, Buffett said there's " no question" the global economy is slowingand he's "  salivating" for Berkshire Hathaway to makea "big acquisition." 
 
He also offered some timeless advice on investing in stocks.
 
 In addition, they covered many other topics, including the"fiscal cliff," adding to Berkshire's Wells Fargo spacer stake,and his prostate cancer treatments this summer.
 
Here's a transcript of their complete conversation.
 
ANNOUNCER 
:
 “Squawk Box” 
is on Buffett watch. The "Oracle of Omaha" joins Becky Quick to talk about the issues that matter most toyour money
earnings, the economy, and the election. It's a specialtwo-hour event with Warren Buffett as the second hour of 
 “
Squawk
Box” 
begins right now.
ANDREW ROSS SORKIN
, co-host: Good morning and welcome to
 “Squawk Box” 
here on CNBC. I'm Andrew Ross Sorkin along with JoeKernen. We're going to be getting to Becky and Warren Buffett in justa moment, but first let's get a quick check on the markets.* * *
ANDREW:
Mr. Kernen.
JOE KERNEN
, co-host: Thanks, Andrew. Let's get to Becky, who is inColumbus, Ohio, this morning with Berkshire Hathaway chairman andCEO Warren Buffett. Is he there, Becky? I saw him. I heard him.
BECKY QUICK
, co-host: He is here.
JOE:
Good, with the
 
BECKY:
He is, he's ready to go.
 
 
CNBC SQUAWK BOX TRANSCRIPT: Wednesday, October 24, 2012PAGE 2 OF 52
 
JOE:
 
with the
a spanking new NetJets tie on, I see, huh?
ANDREW:
Is that what that is?
JOE:
Yeah.
BECKY:
He does. You like that?
JOE:
You said he had a nice...
BECKY:
Yeah.
JOE:
...NetJets tie, and I asked you did he also bring a nice NetJetscard, and I'm sure he didn't.
BECKY:
And what did I tell you? What did I tell you?
JOE:
That I can ask him myself.
BECKY:
I said you'd have to ask him. Yes.
JOE:
Yeah, and did you bring one, Warren, or am I getting anotherbrick?
WARREN BUFFETT
(Berkshire Hathaway Chairman and CEO): Justbeg a little, Joe. We'll get to it later.
BECKY:
He wants to hear you beg for two hours first, Joe.
JOE:
I know, and then he doesn't do anything. And I'll
you know,I'm going to try.
BUFFETT:
Oh no, I got
I'll come up with something for you.
JOE:
I'm going to try.
BECKY:
All right, well, you know, Joe, we are very fortunate to haveWarren with us here this morning. And, Warren, this is the first timewe've gotten a chance to sit down and talk with you since the prostatecancer treatment.
BUFFETT:
Right.
 
 
CNBC SQUAWK BOX TRANSCRIPT: Wednesday, October 24, 2012PAGE 3 OF 52
 
BECKY:
How are you feeling?
BUFFETT:
I feel fine. I feel great. I
you know, they gave me somehormones, too, so occasionally I get some hot flashes, which I
wemales call those power surges actually. And
no, it was
it got tiringafter a while. The radiation does. You don't feel anything, but...
BECKY:
Of course.
BUFFETT:
...I felt it was time to quit when I started getting the urgeto pee sitting down.
BECKY:
But you're feeling good.
BUFFETT:
I feel great.
BECKY:
Well, you look great, and we are very happy to have you withus today. Thank you for joining us. You know, this is one of the besttimes that we've gotten to talk to you because there have been somany questions lately about what's happening in the economy. We'veheard from major companies like 3M, Caterpillar, DuPont, all of thesecompanies, UPS, who have all come out and said that the globaleconomy is very uncertain, it's slowing down a little bit. They're notsure about what they see in the future. And it's raised a lot of questions in the market, too. The market's been selling off over thelast week or so. Real concerns. People sitting up and saying, `Oh oh,maybe there's something really happening here.' Do you think themarket's overselling the situation, or do you think it's catching up withreality? What do you see?
BUFFETT:
Well, I think
I think the stock market generally is the bestplace to have money, and
but I think that there's no question thatworldwide there is some slowing down going on. And in the UnitedStates, actually, residential housing is picking up, and we've beenwaiting for that a long time, and that will have a significant impact. Ithasn't gotten to any big level yet, but our carpet businesses and brickbusinesses and all of that will come on with residential construction,and that has turned. But the general economy, I think it's a little bitbetter in the U.S., certainly better in the U.S. than it is in Europe. Andin terms of the rate of decline in Asia, it's reasonably steep and we'restill inching ahead. But it's inching.

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