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Buffett CNBC transcript

CFA Omaha

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Not that it has anything to do with picking stocks, or that his macro economic forecast is better than anyone else's, but his quote: "I would guess that that by the—by close to the election of 2012 that unemployment would be probably in the low 7s." is a pretty bold statement...


And those gold fondling comments are priceless...


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BRK in India. Interesting.


BECKY: Warren, I want to ask real quickly, we just put up the picture of Dave Sokol. He's one of the managers who is repeatedly mentioned as a potential successor. You said in your annual letter that there's a manager you talk to every single day. Is that Dave Sokol? Is that a Ajit?


BUFFETT: It's Ajit. I try--I talk to Dave very frequently, but I talk to Ajit every day. We have a lot of fun talking every day. I forget what the deal was he was--we were talking about yesterday, but it was--it was some insurance over--as you know, they've had two earthquakes in New Zealand and then floods in Australia, so that part of the world has been hit very hard by catastrophe. So there's a demand for more catastrophe insurance, for example, over there. And so Ajit and I just sit down and try and figure out what the chances are of another earthquake in New Zealand. And who better than us?


BECKY: You also just saw--we saw some headlines crossing about how Berkshire's going to be getting into the India insurance sector. That's a new move. Is that what this is...


BUFFETT: Yeah, that just happened. And I think we just got approved within maybe the last 48 hours. And we are going to have an agency over there that will be selling--I think it's going to be called Berkshire Direct.


BECKY: Mm-hmm.


BUFFETT: And I'll be over there in about three weeks, and I think by then we will be up and running. We just got the permit the other day, and so we're hiring people for the phones and all of that. So that should be fun.

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