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WEB on CNBC 26 Feb 2018


kiwing100
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On the topic of buyback threshold going up to say, 125 to 127%, Buffett slipped in “of course, we built in a margin of safety”. Just sayin.

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My favorite part was when Joe K was needling him about Android versus IPhone etc. Subject moved to Samsung, Buffett chirping that Samsung’s earnings was an impressive $45 billion, not too many companies with those kind of earnings. Which lead to Betty Q asking if he had ever owned Samsung stock. Buffett chimed in, yes, they did indeed. It was not included in the 13f because it was a small position. Betty pressed him asking when it was. Buffett was struggling to remember, Betty helped asking if it was during the Asia trip that she accompanied him? Buffett confirmed that. Betty asked how big that position was? Don’t remember. All he remembered was that the price paid was 1 million and sold at 2 million. But we made “several 100 million”.

 

No shite, only at Berkshire and Buffett. What if Buffett motors on and doesn’t remember billions made?

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My favorite part was when Joe K was needling him about Android versus IPhone etc. Subject moved to Samsung, Buffett chirping that Samsung’s earnings was an impressive $45 billion, not too many companies with those kind of earnings. Which lead to Betty Q asking if he had ever owned Samsung stock. Buffett chimed in, yes, they did indeed. It was not included in the 13f because it was a small position. Betty pressed him asking when it was. Buffett was struggling to remember, Betty helped asking if it was during the Asia trip that she accompanied him? Buffett confirmed that. Betty asked how big that position was? Don’t remember. All he remembered was that the price paid was 1 million and sold at 2 million. But we made “several 100 million”.

 

No shite, only at Berkshire and Buffett. What if Buffett motors on and doesn’t remember billions?

 

You misunderstood that exchange quite a lot.

 

1. It was not included because it is foreign, size is irrelevant

2. He was probably reluctant to say exact size, rather than not remembering

3. She asked about him owning OTHER Korean stocks when they traveled together (Buffett traveled to South Korea in '06, I'm guessing this was the same occasion). The stocks Buffett bought at that time include the "famous" Daehan Flour. I don't know what retail company Becky Quick was referring to.

4. This couldn't have that far back since the stock traded far lower then. At 1m level would have been 2-3 years ago (maybe preferred since that traded at that level for a far longer time)

 

You can refer back to this clip in case you don't believe me:

 

https://www.cnbc.com/video/2018/02/26/buffett-we-bought-samsung-in-the-past.html

 

An interesting follow-up question would have been if they have owned or own Hyundai pref, since Munger owns it in DJCO. Or why they sold a not obviously overvalued stock with unrealized gains when they have $100b in cash to throw around.

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I went back and watched the video, yes, I missed that he was talking about Samsung and other Korean stocks. I was on the treadmill for an extra long time watching the show live and the above post was from memory recall.....that said, it does not change what I took from it.

 

That Buffett reads all kinds of shite (wtf does he not know) and remembers them on the spot during an interview years later. Also the memory of making "several hundreds of millions"...Mere mortals like myself remember a $700 gain on PCLN between 1999 and 2000. I bought at $3 sold at $10 and did not look at the stock until 5 years ago,  it is in this context that I find so much mirth in Buffett's words. He's unbelievable.

 

 

 

My favorite part was when Joe K was needling him about Android versus IPhone etc. Subject moved to Samsung, Buffett chirping that Samsung’s earnings was an impressive $45 billion, not too many companies with those kind of earnings. Which lead to Betty Q asking if he had ever owned Samsung stock. Buffett chimed in, yes, they did indeed. It was not included in the 13f because it was a small position. Betty pressed him asking when it was. Buffett was struggling to remember, Betty helped asking if it was during the Asia trip that she accompanied him? Buffett confirmed that. Betty asked how big that position was? Don’t remember. All he remembered was that the price paid was 1 million and sold at 2 million. But we made “several 100 million”.

 

No shite, only at Berkshire and Buffett. What if Buffett motors on and doesn’t remember billions?

 

You misunderstood that exchange quite a lot.

 

1. It was not included because it is foreign, size is irrelevant

2. He was probably reluctant to say exact size, rather than not remembering

3. She asked about him owning OTHER Korean stocks when they traveled together (Buffett traveled to South Korea in '06, I'm guessing this was the same occasion). The stocks Buffett bought at that time include the "famous" Daehan Flour. I don't know what retail company Becky Quick was referring to.

4. This couldn't have that far back since the stock traded far lower then. At 1m level would have been 2-3 years ago (maybe preferred since that traded at that level for a far longer time)

 

You can refer back to this clip in case you don't believe me:

 

https://www.cnbc.com/video/2018/02/26/buffett-we-bought-samsung-in-the-past.html

 

An interesting follow-up question would have been if they have owned or own Hyundai pref, since Munger owns it in DJCO. Or why they sold a not obviously overvalued stock with unrealized gains when they have $100b in cash to throw around.

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Yeah, that guy Joe always really annoys me!!! You could tell Becky was thinking "WTF?!" too when he was dribbling on about Twitter and tweets etc.

 

You've got an opportunity to ask one of the cleverest, most experienced, knowledgeable and interesting people you'll ever meet about almost anything, and he wastes it trying to make jokes and drone on about things that aren't even funny or relevant to the man in question. Ask your 15 year-old nephew about Twitter ...ask W.E.B. about companies, the economy, investing, philanthropy etc.

 

Please!

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I get Joe wants to be a bit of a comedy break, but it is just nonsense.  He doesn't even clearly communicate his joke/question.  Joe to WEB-"Warren, Taco Bell or Chipolte?  Fast, pick one."

 

WEB is wondering what the hell is Joe even asking, and what the hell am I answering.  Becky had to decipher Joe's stupid question.  Joe is not a total idiot either.

 

Joe, slow down and say something funny, say something meaningful, or shut it.  :-X

 

 

I wonder if before they go live Becky says "Now Warren, Joe is going to ask a bunch of stupid questions just to get sound bites for Main Street America..  I mean some of them are going to be dead, dumb, stupid remarks/questions by Joe.  Just smile and I will help you through them. "

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Joe Kernan is not looking stupid by accident. His job is to take jabs at Buffett, arch enemy of WS.

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@John H, just venting... frustrating to me to see someone get an opportunity like that (multi hour interview) and use it so poorly.

 

I read the whole thing...

 

Bizaro,

 

Yes somehow it's kind of a parody of a professional interview. Personally, I don't get annoyed by it any longer. Because it's evident, that Mr. Buffett isen't annoyed by it. I speculate, that he considers it some kind of sport to tear down the questions in stead of trying to answer them. Nate [oddballstocks] once called Mr. Buffett a marketing machine. I think that's the plain truth in one line. And he's going global. Just a few years back basically nobody wrote about the letters and Berkshire here in Denmark. Now he has active coverage here, too.

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