CNBC SQUAWK BOX TRANSCRIPT: MARCH 2, 2011PAGE 2
bit. First, though, Carl's going to bring us up to speed on what's been happening. He'sgot the morning's top headlines.And, Carl, good morning.
, co-host: All right. Good morning to you, Beck. It's going to begreat.***
: But we've got a lot going on this morning, Becky, as you know, andwe'll send it back to you in Omaha. Gorgeous live shot this morning, by the way.
Oh, thank you very much, Carl. We are again here spending the morning withWarren Buffett and, as we mentioned, we're at the Durham Museum here in Omaha.We're in front of a mock-up of the Ernest Buffett grocery store, which is a store Mr.Buffett knows well. He worked there himself as a youngster. And, Warren, thank youagain for being with us this morning.
: Oh, thank you. That was the last time I did any real work, actually.
Since then it's gotten a little easier?
: It's much easier. I—the only thing I learned from that store was I didn't likehard work.
Well, that's a good way to grow up and a good way to figure things out.
You know, I don't know if you just heard Carl and Joe talking a little bit aboutthe markets and the situation yesterday. Oil prices seemed to have been dictating wherethe market's been headed for the last week and a half or so. Do you worry about oilprices? Do you worry about what's happening in the Middle East?
: Well, you may worry as a citizen about what's happening, but in terms of ourinvestments, it—no. It doesn't have anything to do with where or Coca-Cola are going tobe in five years from now. But I am just no good on day-to-day or week-to-week, month-to-month stock prices and, fortunately, I don't have to be.
Yeah. Joe just mentioned that we spoke with someone yesterday who said theoil market's doing exactly what it should be, which is overreacting. He used to run SaudiAramco, and it's an interesting position. Even though you look at these prices, we'veheard from Ben Bernanke and others that this is not something we need to be concernedabout yet. Is that where you come in on this?
: Well, I just don't know the answer on that. I mean, that would depend onevents in the future. Six months or eight months ago, we weren't worried about cottonprices at Fruit of the Loom and, you know, they've gone from 80, 90 cents to $1.90. Soit's—you just don't know about commodities. If they get short and people need them, Imean, we have to make T-shirts and briefs and that sort of thing, and if there isn't